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Landlord selling/foreclosing property, what are our rights?

Rights for non-regulated tenants

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Landlord selling/foreclosing property, what are our rights?

Postby knrentz » Mon Oct 26, 2009 12:57 pm

Hello, Recently our landlord tried to bully us into signing a new lease for no reason. He also had the apartment recently reappraised. We didn't take it all the seriously as our old lease is valid. We just found out that he is possibly facing bankruptcy. The new lease he wanted us to sign included a new "Sale of Unit" clause which says "if landlord decides to sell this unit, the landlord has the right to terminate this lease by giving 30 days notice". After admitting his financial troubles & that the apartment will be up for sale soon, he has casually offered to either pay for moving expenses or a brokers fee. We would prefer a 60 day notice amended to new lease with our deposit & one months free as well as a %15 reduction in rent or to terminate our lease in 60 days with the same guidelines. However, we aren't sure what bargaining tools we have since its a "free market apartment" in a condo building. We need to know our tenant rights in an apartment possibly facing sale or foreclosure? If anyone has any info, I'd really appreciate it!
knrentz
 
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Location: New York City

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