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Has anyone been asked to sign a lease for an affordable housing unit (income-based, won through a lottery) without being able to see it in person first?
The unit I have been offered is still under construction, so I have not been able to view it, but the developers want to me to sign off on it now...Is this a normal procedure? I'm personally quite uncomfortable with this set up, but obviously don't want to pass up an excellent opportunity. Any advice would be appreciated.
Does the lease specifically describe an apt number, floor, location, furnishings, colors, etc? Is there an attachment to the lease with a floor plan showing dimensions. Does it commit to a specific occupancy date and what happens if it's not ready for ANY reason.
Are there other buildings already constructed?
There are a lot of things that would give me a comfort level, but also a lot of potential risk.
Where is the money going that you pay upon signing? An escrow account out of their control would work along with an escrow agreement where you could get it back if owner defaults.
I'm not worried about losing my deposit or anything. This is a huge construction and it is pretty official. I am just weary of taking something I haven't looked at, it seems crazy and goes against all of my instincts. But, getting a new, rent stabilized apartment is enough to overcome some of these trepidations.
Yes, the agent offered to show me another unit that is similar in terms of size, layout, finishes, etc., in another building that is completed...
My unit will not be done for several months, but, again, I would have to sign now to hold it.
I'm not worried about losing my deposit or anything. This is a huge construction and it is pretty official. I am just weary of taking something I haven't looked at, it seems crazy and goes against all of my instincts. But, getting a new, rent stabilized apartment is enough to overcome some of these trepidations.
Yes, the agent offered to show me another unit that is similar in terms of size, layout, finishes, etc., in another building that is completed...
My unit will not be done for several months, but, again, I would have to sign now to hold it.
I'd sign. Yes, its better to actually see the apartment first but even those paying market rate will sign without seeing the exact unit. It's pretty common and you mentioned there are already complete buildings.
This is a rental not a sale, so the risk is a less on your part.
Has anyone been asked to sign a lease for an affordable housing unit (income-based, won through a lottery) without being able to see it in person first?
The unit I have been offered is still under construction, so I have not been able to view it, but the developers want to me to sign off on it now...Is this a normal procedure? I'm personally quite uncomfortable with this set up, but obviously don't want to pass up an excellent opportunity. Any advice would be appreciated.
I don't think this is normal. Even the building managers in NYCHA will give your a tour before you sign the lease.
I agree with your reluctance to take a place before it is finished...I cringe when I see them do that on HGTV to the tune of hundreds of thousands of dollars.
But I did it once myself...I had almost forgotten about it, but it fell through on a technicality. I don't think I even saw a floor plan, the deal was that good.
I was not out any money but I was incredibly disappointed.
As another poster said, if you DON'T take it the next in line will snap it up post haste. I think this is a perfect example of "Don't look a gift horse in the mouth."
Thanks for your input, Kefir King.
I was wondering whether or not backing out would be a possibility, I figured that would mean losing the deposit though and my new apartment is only on the limit of affordable so I would be out a couple thousand bucks...
I will most likely sign off--I am going to see "similar" spaces before my lease signing next week.
I guess my main issue is that I have a nice apartment now that I like and don't want to leave it without a really good reason, I entered the lottery for the possibility of newness, "luxury" and the security of rent-stabilization, but the rent at the affordable place would not be any less, so I feel like it has to fantastic to make it worth my while. To not be able to see the actual place and specifically verify that it is not way smaller than my place is troublesome because I am put in a position in which I can't make a fully informed decision.
Anyway, I'm hoping the other units look amazing and I feel super confident about signing off blind.
I cannot imagine they would demand you put down more than a couple hundred "honest money" on anything that needs the blessing of HPD.
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