Manhattan residential real estate attorney Peter Zinkovetsky (https://www.avenuelawfirm.com/what-to-do-in-an-apartment-lease-buyout/) releases a new article explaining what to do in an apartment lease buyout. The lawyer mentions that being tied down to an apartment lease can be risky. It is important for a renter to go into a lease knowing the terms and abiding by them throughout the duration of the contract.
“If a renter wanted to get out of the lease early, they would have to pay a termination fee, lose their security deposit, or risk being taken to small claims court. On the flip side, landlords who want to end an existing apartment lease early or want a renter to move out before the lease is over can make an offer to buy out the existing lease,” the Manhattan residential real estate attorney says.
Apartment lease buyouts in New York are not unusual but they can still take an inexperienced buyer by surprise. When a landlord offers to pay the renter a lump sum in exchange for them moving out, an apartment lease buyout can occur. These buyouts are usually done by landlords in hopes of getting a higher-paying tenant.
In New York, landlords are prohibited from increasing the rent above a certain threshold annually as long as the same tenant is staying in the apartment. It is also not easy for landlords to evict their tenants once the lease expires because tenants are allowed to renew their leases in perpetuity. As long as the tenants are following the terms and conditions of the lease and pay on time, New York laws allow them to renew their lease until they choose to move out.
Attorney Zinkovetsky further explains that “While this may not always be the case, apartment lease buyouts usually occur more in areas of the city that are seeing more development. Development in terms of more job opportunities or commercial spaces can often mean that rent prices increase but NY laws protecting tenants in rent-controlled or rent-stabilized apartments make it difficult for landlords to evict tenants or impose a higher rent.”
Lastly, attorney Zinkovetsky encourages emphasizes the importance of having an attorney when dealing with real estate transactions in New York City. Having a skilled lawyer can help a client understand their rights and ensure that they are making the best out of their transaction.
About Avenue Law Firm
Peter Zinkovetsky is the founder of Avenue Law Firm. He is an experienced and highly-rated New York attorney who represents local and international clients. Attorney Zinkovetsky teaches continuing education courses, writes a legal blog, has written articles for the New York Real Estate Journal, and is often invited to participate and present at conferences in the US and worldwide. His team of legal professionals at Avenue Law Firm has helped families regarding real estate matters. Call Avenue Law Firm today at (212) 729-4090 for more information on how they can help with real estate transactions.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.