David Moss & Associates can help clients handle and negotiate buyouts of leased properties. A lease buyout takes place when a landlord or a tenant wants to break the lease on an apartment before the terms written in the lease have expired. Landlords may initiate a lease buyout when he/she needs the apartment for his/her own use or use of another tenant, or wants to renovate the building which requires all tenants to vacate. When the landlord initiates the lease buyout, the amount may vary; the landlord may have to pay extra expenses if the building is rent-stabilized or rent-controlled.
Generally, buyouts are conducted after a period of negotiation between the landlord and tenant. The process of negotiating a buyout may vary depending on a variety of factors. If the tenant wants to conduct a buyout of his/her lease, the tenant will offer his/her landlord an amount he/she feels is fair to terminate the lease. The landlord may come back with a counteroffer. Conducting this process, it is often vital to retain an experienced attorney to promote its client’s interests and address any concerns during these negotiations so that an agreement can be reached by both parties to everyone’s satisfaction.