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Old 10-04-2011, 02:00 AM
 
1 posts, read 7,562 times
Reputation: 10

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My landlord offered me a buyout on my rent stabilized Manhattan apartment.

I'm wondering if the Agreement is okay (see below). There is no indication for when and how of payment to me. Should I request a bank check when the keys are turned in or is an electronic transfer within 24 hrs okay? Should I ask to have this added to the agreement? Also, should I ask about the security deposit from 30 years ago? Here is the agreement:

WHEREAS, the parties to this agreement wish to have the matters described herein resolved amicably;
DEFINITIONS
A. Subject Building is defined as the building known as and located at XX Xxxx Street, New York, NY.
B. Subject Unit is defined as Unit XX in the subject building.
C. Surrender Date is defined as the date when Respondent surrenders the subject unit to Petitioner. The surrender date is October 7, 2011 on or before 12:00 pm.
D. Landlord is defined as Xxxx Xxxxx
E. Tenant is defined as Xxxx Xxxxx
NOW, THEREFORE IT IS HEREBY STIPULATED, by and between the parties as follows:
1. Tenant agrees that his lease with Landlord in respect of the subject unit has terminated and otherwise expired.
2. Tenant agrees to surrender the subject unit on or before the surrender date free and clear of all tenancies and occupants in a BROOM CLEAN condition, reasonable wear and tear excepted, on or before the surrender date. Tenant shall deliver the keys to the subject unit to the Landlord at the office of Landlord's counsel at XX Xxxx Avenue, Suite XXX, New York, New York XXXXX on or before the surrender date. Delivery of the keys shall evidence Tenant's voluntary surrender of the subject unit pursuant to the terms and conditions set forth herein.
4. Tenant acknowledges that TIME IS OF THE ESSENCE in surrendering the subject unit on or before the surrender date.
5. In consideration of the Tenant's timely and voluntary surrender of the subject unit on or before the surrender date, Landlord agrees to compensate the Tenant as follows:
A. A payment of $XX,000.
B. A waiver of all unpaid rent from the beginning of time through the surrender date.
6. Tenant expressly agrees and acknowledges that he has forever abandoned and surrendered any claim to tenancy of the subject unit (and that his right of possession expires on the surrender date) and acknowledges that he is merely holdling over in the subject unit pursuant to and in accordance with the terms of this stipulation. Tenant acknowledgtes that his lease has expired and that he has no right of renewal or redemption of his expired lease. In the event that the Tenant fails to surrender on or before the surrender date then the Landlord shall be entitled to commence the appropriate lawsuit to enforce the terms of this agreement.
7. Tenant represents that there are no other persons and/or entities in possession of the subject unit and that there are no other persons and/or entities entitled to possession of the subject unit.
8. Tenant withdraws his sublet request dated Xxxxxx XX, 2011.
9. Contingent upon the parties' substantial performance of the obligations required by this stipulation, the parties and their agents, heirs or assigns, hereby release each other, their heirs, executors, administrators, successors and assigns from all actions, causes of action, claims, and demands whatsoever, in law, admiralty or equity, which against the parties, their successors and assigns ever had, now have by reason of any matter, cause or thing whatsoever from the beginning of the world to the date of this stipulation, including whatever rights Tenant might have had to occupy the subject unit.
10. This agreement shall be binding upon and inure to the benefit of Tenant and Landlord and their respective heirs, successors, administrators, executors, representatives, assigns or agents.
11. No modification or waiver of the terms of this agreement shall be effective unless it shall be in writing and executed by the parties to be charged with the same formalities of this agreement. All prior oral representations and negotiations are merged into this document.
12. Tenant expressly acknowledges that it is impossible to surrender the keys to the subject unit unless such surrender is made on a weekday during normal business hours. TIME IS OF THE ESSENCE that Tenant surrenders the subject unit on or before the surrender date during business hours.
13. It is agreed that this agreement can be executed with facsimile signatures and can be signed in counterpart.

 
Old 10-04-2011, 05:39 AM
 
4,502 posts, read 11,656,251 times
Reputation: 4039
Yeah, I would have him add the date you're supposed to get a certified bank check or a funds transfer into your account. Make sure it's stated that it's a one-lump-sum pmt.
 
Old 10-04-2011, 06:32 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9021
I love:
"from the beginning of the world"

You might add that the agreement "remains in force until the extinction of the Earth by the Sun's expansion into an all consuming giant red fireball."


I wonder if your landlord knows that all this STILL doesn not take the apartement out of rent stabilization unless he can legally jack the rent up to $2500 (20% vacancy increase + capital expenses.) I'm sure he knows the law.

I would strike the phrase:
Quote:
in a BROOM CLEAN condition, reasonable wear and tear excepted
because you don't want to leave him possible avenues for attenuating your payment.

Yes, accept only "paid by Bank or Cashier's check."


How much rent are you paying?
 
Old 10-04-2011, 07:08 AM
 
Location: West Harlem
6,886 posts, read 7,822,965 times
Reputation: 3000
Quote:
Originally Posted by Kefir King View Post
I love:
"from the beginning of the world"

You might add that the agreement "remains in force until the extinction of the Earth by the Sun's expansion into an all consuming giant red fireball."


I wonder if your landlord knows that all this STILL doesn not take the apartement out of rent stabilization unless he can legally jack the rent up to $2500 (20% vacancy increase + capital expenses.) I'm sure he knows the law.
They do know, of course, but exploit a part of the law that says, if the "new" (i.e., set by the landlord) rent is paid for a period, that becomes the legal rent. They search for tenants who do not have a clue and who, even should they figure it out, would not launch a rent overcharge inquiry.

Around here, this is African immigrants and young hipster-types. The implied statute of limitations either expires before they realize, or they do realize and do not care. For the former group it is fear, for the latter it is selfishness and indifference. Also ignorance I suppose about the function of the regulations.
 
Old 10-04-2011, 07:52 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9021
Quote:
Originally Posted by Harlem resident View Post
They do know, of course, but exploit a part of the law that says, if the "new" (i.e., set by the landlord) rent is paid for a period, that becomes the legal rent.
.
Are you sure? Have they changed the law then?
It used to be that they would go back to "the beginning of the world" and credit the amount of overage due the tenant for many years either as a rent reduction or a single payment. Sometimes the amounts were IMMENSE.

So what is the period they consider now as the illegal rent being "accepted"?

(Any tenant moving into an apartment who does not immediately file for a legal rent verification is NUTS!)

Here's a good blurb about how the system works:

http://www.tenant.net/alerts/articles/complaining.html

(Interesting that the DHCR is descrtibed as being exceedingly "landlord friendly.")
 
Old 10-04-2011, 08:21 AM
 
2,503 posts, read 3,519,513 times
Reputation: 1906
All you pro-rent stabilization people can go to (you know where)!!!

The simple fact that a LL has to "buyout" a tenant in HIS property because the tenant pays cheap rent and is unable to raise the rent to the FAIR market value just like the LL's expenses are at a FAIR market value is quite alarming! And then you wonder why buildings are in disrepair and why you cheap apartment is falling apart.

Here's an idea...why not allow Landlords in NY to charge FAIR MARKET rents for THEIR properties like rest of the 99.9% of the country?

Why should NY be excluded? Other big cities don't have rent control/stabilization and they're doing just fine.

Oh wait...I forgot that the SOCIALIST, MARXIST and LIBERAL politicians aka the DEMOCRATS run and have a STRONG-HOLD on NYC and pass these anti-capitalist laws even though capitalism is the FOUNDATION this country was built on.

But hey NY... why stop at SOCIALISM? Why not go full blown COMMUNIST? You might as well. We're practically there.

Reward the lazy and underachievers and punish the successful people who take the initiative and get off their a$$es to become someone. Yeah thats the way to go. We're almost there.
 
Old 10-05-2011, 08:47 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9021
Because renting tenants are in the huge majority in NYC, they get to make the laws.

Landlords who don't like the laws are free to go elsewhere. It should not be hard for them because the "rest of the 99.9% of the country" is callling to them.
Sell their buildings, which according to them are worth NOTHING in profits, to their tenants.

Why do they STAY?
Becasue they make more profits in NYC than in any other city oin the country. Period.

A whiny landlord, "forced" into criminality becasue the system hates him is the most tedious creature on Earth. How do they live in their own skin? Why don't they all go out and get REAL jobs instead of sucking in wages of actual workers and then moaning about it ad infinitum.
 
Old 10-05-2011, 08:59 AM
 
4,891 posts, read 8,976,550 times
Reputation: 8366
Quote:
Originally Posted by omigawd View Post
Make sure it's stated that it's a one-lump-sum pmt.
No.
Not at all.
After 10k they HAVE to report it.
Get NUMEROUS checks in SMALLER AMOUNTS.
Here is a thread my wife started when we were doing the same thing.
Remington is my wife.
Getting my landlord to buy me out

READ IT!
 
Old 10-05-2011, 09:33 AM
 
Location: West Harlem
6,886 posts, read 7,822,965 times
Reputation: 3000
Quote:
Originally Posted by hilltopjay View Post

Reward the lazy and underachievers and punish the successful people who take the initiative and get off their a$$es to become someone. Yeah thats the way to go. We're almost there.
Umm.... the rent-regulated people I know are not paying such low rents, and they are scarcely "lazy." All are working in vastly underpaid but contribution-heavy professions, which means just about anything other than landlord, wall streeter, investment banker, or trustfunder.

Do exercise caution when wishing that this fictional entity termed "the free market" would, finally, "regulate" employment choices. I doubt very much that you would like your offspring to be educated by a person who simply cannot obtain a better job (for example). Actually, this is already happening, and I assure you that the coincidences between "Yahoo ! I can afford to do this job !" and actual vocational ability are few and far-between.

Period. But you would already know this.
 
Old 10-05-2011, 02:21 PM
 
25 posts, read 39,084 times
Reputation: 28
If I were you, I would seek an attorney's opinion ASAP before you agree or sign any documents, you may be getting screwed as fas as the buyout amount. Consult with a lawyer first and foremose,,Good Luck and ignore all the negative comments above. People who have low incomes are entitled to rent stabalized apartments...!!!
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