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Old 04-17-2010, 07:58 PM
 
1 posts, read 2,355 times
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Once you have agreed to a buy out from your landlord - I imagine you sign that lease termination agreement -

1. how does the money change hands (check, cash, escrow?)
and
2. is it reportable as taxable income?
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Old 04-17-2010, 08:55 PM
 
1,016 posts, read 1,924,083 times
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I had a Rent Controlled Apt. 5 room Penthouse and in 2006 my landlord was selling the building and the new landlord offed me A VERY large Sum of money to move.... I took it it was worth it. I used it to purchase apts. Make sure what ever you get its worth it to you to at least buy another dwelling.

As per your legal case I dont think you have a leg to stand on regarding dust and construction making you ill.......thats ALLL OVER NYC and if that were the case you can't sue your landlord for polution or construction he is not promoting.
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Old 04-27-2010, 11:17 AM
 
3 posts, read 6,835 times
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I noticed that this forum is from '07 and therefore before the real estate/economy crash. I was wondering if there's any new information on the topic that can be shared. I have lived in my rent stabilized apartment in the East Village for 16 years (in July). My rent is approx $1700 for a 2 bdrm. I do not think my landlord has any intentions of selling the building and has never tried to "get me out" although I'm sure they would be pleased if I left so they could jack up the rent. (Although they would need to renovate).

I would love to buy an apartment considering the current climate, but do not have enough $ for a down payment. I was considering asking my landlord if they would offer any sort of incentive to leave, but I'm afraid to ask (and not ready to leave immediately) Not sure what to do, b/c my lease renewal is due for July. Any suggestions? Thanks.
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Old 04-27-2010, 12:54 PM
 
461 posts, read 1,995,529 times
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Quote:
Originally Posted by wattsrocks View Post
I noticed that this forum is from '07 and therefore before the real estate/economy crash. I was wondering if there's any new information on the topic that can be shared. I have lived in my rent stabilized apartment in the East Village for 16 years (in July). My rent is approx $1700 for a 2 bdrm. I do not think my landlord has any intentions of selling the building and has never tried to "get me out" although I'm sure they would be pleased if I left so they could jack up the rent. (Although they would need to renovate).

I would love to buy an apartment considering the current climate, but do not have enough $ for a down payment. I was considering asking my landlord if they would offer any sort of incentive to leave, but I'm afraid to ask (and not ready to leave immediately) Not sure what to do, b/c my lease renewal is due for July. Any suggestions? Thanks.
Wattsrock, there seems to be a big misconception with Rent Stabilized tenants thinking that they are entitled to a buyout from the LL. Remember that you do not own the apartment, you just rent it. The LL owns the apartment. If the LL initiates a buyout offer to you then fine so be it, it's under his terms not yours. But I find something morally wrong when a Rent Stabilized tenant knowingly hoars their apartment or holds it hostage and treats it as an asset (as if they owned it) with an intent to cash-in at a future date by ways of a buyout. You already have intentions of moving, you asking for a buyout despite you wanting to move is morally wrong and yet another good reason how the Rent Stabilization system is a broken system that mainly favors tenants over LLs. It's not played on an equal playing field.

I'd recommend that you wait for the LL to appraoch you for a buyout. If he doesn't, I suggest you move on and continue with your plans of moving. If I was your LL and you approached me for a buyout, a red flag would of automatically gone up hinting that you have plans of moving. Knowing so, I wouldn't buy you out especially since your rent is a decent $1,700 a month which is probably only $700 - $1,000 below market. It's more economically for me as a LL to have you pay $1,700 a month with rent increases inbetween than to buy you out as a lump sum for 50K-75K. My 2 cents on the subject.

Last edited by victorfox; 04-27-2010 at 01:05 PM..
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Old 04-27-2010, 02:27 PM
 
3 posts, read 6,835 times
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When I posted that question, I hadn't been able to find much info on this topic on the forums. After I posted it, I found the numerous postings on here with people's very strong opinions. I would have deleted my posting if I knew how. The reason I asked is b/c a colleague of mine did indeed get bought out by her previous LL who was more than happy to do so. She received $45,000 for her 1 bedroom apt. However this was 5 years ago, plus she had a good relationship with her LL and felt comfortable approaching him. It sounded like a very smooth transaction that left both parties quite pleased. Win/Win.

Clearly this topic is case specific and I do not believe it applies to me.
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Old 04-27-2010, 04:18 PM
 
979 posts, read 4,440,543 times
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wattsrocks, don't be afraid to approach the LL. It's a business deal. All LLs have a number in mind for any RS tenant. All he can do is refuse you. You are nearing the threshold of 2K which means the apartment can go free market once it vacates. RS is off. The LL, if he is smart will buy you out, renovate, apply the renovations to the monthly rent (putting it over the 2K mark) and bring it to free market. What you need to do is research the neighborhood and find out what an equivalent apartment goes for on the free market. Once knowing that multiply it by 10 or 20 times, somewhat arbitrary. He will counter with his number. Be prepared to negotiate. It's still a good deal for the LL, betting the market will go up he'll continually raise the rent every 2 years after he evicts the current tenant, something that will make victorfox happy.
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Old 04-29-2010, 04:14 PM
 
3 posts, read 6,835 times
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Thanks modsquad81
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Old 04-30-2010, 04:06 AM
 
105,740 posts, read 107,717,837 times
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Quote:
Originally Posted by George Davis3421 View Post
Once you have agreed to a buy out from your landlord - I imagine you sign that lease termination agreement -

1. how does the money change hands (check, cash, escrow?)
and
2. is it reportable as taxable income?
we do check , its 1099'd by the landlord and reportable by the receiver as income
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