Understanding Tenant Buyout Agreements

If you were a landlord receiving monthly rent from your tenants but knew that you could be getting more money, what would you do? You can’t just kick tenants out because you want to make more money, even if the market conditions have changed dramatically since the lease was originally drawn up. However, there is one option that landlords can pursue legally known as a tenant buyout agreement. A landlord will offer to pay tenants a lump sum so that they will move out of their space. The goal from the landlord’s perspective is to replace the current tenant with a new tenant that pays a higher rent price. If you are a tenant dealing with a tenant buyout proposition, it can help to have a solid tenant buyout attorney to answer all of your questions.

As a tenant, a tenant buyout might seem unfair or unjust. There are certain scenarios where a landlord will try to make life as uncomfortable as possible so that the tenant will be more inclined to accept the buyout agreement. This is illegal in most cases. As a tenant, you have rights, and it’s important that you understand them. If you need a tenant buyout attorney to discuss potential instances of harassment, contact the offices of Gary J. Wachtel today.

There are many scenarios that can be considered harassment from a landlord due to a potential tenant buyout. In fact, the New York City Housing Maintenance Code was amended in 2015 so that tenants are protected from harassment during buyout situations. A landlord can’t use threats of force or interruptions of essential services to make a tenant accept a buyout. They also can’t tamper with an entrance or lock, use intimidating language, or use verbal abuse to get a tenant to accept a buyout. Basically, if it seems like your landlord is using shady methods to get you to accept a tenant buyout agreement, you could be entitled to cash in court.

If the landlord does want to pursue a tenant buyout agreement, they must disclose in writing the purpose, option for rejecting the offer, and opportunity for legal guidance from an attorney, prior to the tenant accepting the buyout. Additionally, the tenant can refuse any contact for 180 days. Tenant buyout agreements are becoming increasingly common in New York’s ever-changing real estate market. If you have any questions about landlord-tenant law in NYC or would like to talk with a great New York real estate attorney, reach out to Gary J. Wachtel today.

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