What you should know about purchasing a NYC apartment building with current tenants.
A few days ago I got a call from a Landlord.
She had purchased a six family dwelling with her husband and was having trouble with a tenant.
We scheduled a free consultation and met for about half an hour.
I was surprised to learn that their attorney in representing them in the purchase had not insisted on receiving copies of the leases for the tenants. So the clients did not even know the correct names of the occupants of those apartments who incidentally were not paying the rent.
You see in NYC a tenant gets a lease when he or she rents an apartment in a six or more family building.
The tenant is then entitled to a renewal and may choose either a one or two year renewal.
If the tenant is the same in succeeding years there is never another lease only the renewals.
Why is this important? Because you only get one chance to set the rules in these buildings.
If you are a Landlord you should address issues such as what if the tenant wishes to bring in a dog or cat, or wants to bring a washing machine into the apartment, or what if the tenant pays rent late (late fee) or what about being able to recover your legal fees in case of eviction or whether window guards are needed.
In NYC especially, the lack of a lease can handicap the Landlord when he or she sues for her rent.
At this office we do not charge our clients for preparation of apartment leases, it is part of the service you received once we have completed the eviction of your present tenant. This way you are assured that you have the protection of that lease.
We also are able to do credit checks through an independent agency to check for credit, Landlord Tenant eviction cases and Judgments against the prospective Tenant.
Screening before accepting a Tenant goes a long way towards not having to deal with a Housing Court case in the future
If you have any questions please feel free to email me by completing the contact us form in this website or addressing me directly at email@example.com