My lease expires in May 31. Im in the process of buying an apartment in a new development. My move in date is contingent to the effectivity of the offering plan. And who knows how long it will take before I can move in. I already have told my landlord about this. And the response I got was I need to sign a 1 year lease and deposit a year's worth of rent payment to be deposited into an account. And... [more]
My lease expires in May 31. Im in the process of buying an apartment in a new development. My move in date is contingent to the effectivity of the offering plan. And who knows how long it will take before I can move in. I already have told my landlord about this. And the response I got was I need to sign a 1 year lease and deposit a year's worth of rent payment to be deposited into an account. And will have a rider that if I move out before the 12 months are up, the landlord will hold the balance until such time the landlord find a new tenant then will refund to me the remaining funds. Is this legal? Needless to say, this requires a lot of money, which I need to have in my account to support my mortgage application and my coop purchase. Im in such a bind, Im getting worried and really do not know what options I have. Any information you guys can share will definitely help. Thanks.
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Response by jasieg16
almost 16 years ago
Posts: 123
Member since: Oct 2009
go month to month. This is not a difficult situation. It that is not an option look at extended stay hotels, or short term apts. This city knows how to handle people traveling for business or what not that need extended options. Try furnished rentals. There are so many options. Your landlord is a joke and if he wont take you month to month then let him market the unit.
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Response by NYRENewbie
almost 16 years ago
Posts: 591
Member since: Mar 2008
What incentive would your landlord have to find a new tenant if he has your rent money for the year? That sounds crazy to me.
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Response by inonada
almost 16 years ago
Posts: 7952
Member since: Oct 2008
If only you'd been reading the site two weeks ago, you'd be all set:
The only downside is that you'd be depressed moving from a 3000 sq ft loft in Soho for $5000 into your new place. Seriously, though, look for such a place.
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Response by wanderer
almost 16 years ago
Posts: 286
Member since: Jan 2009
option 1, tell him you are going month to month and send him the check, if he accepts then all is good for that month.
option 2, don't tell him and just send the check for a month, he cashes and you are good for month to month on 1 months notice from you or him
option 2, stop paying, it will take him 8 moths to go to court and get you out.
go month to month. This is not a difficult situation. It that is not an option look at extended stay hotels, or short term apts. This city knows how to handle people traveling for business or what not that need extended options. Try furnished rentals. There are so many options. Your landlord is a joke and if he wont take you month to month then let him market the unit.
What incentive would your landlord have to find a new tenant if he has your rent money for the year? That sounds crazy to me.
If only you'd been reading the site two weeks ago, you'd be all set:
http://streeteasy.com/nyc/talk/discussion/19400-rental-at-458-broadway?comment_id=294323
The only downside is that you'd be depressed moving from a 3000 sq ft loft in Soho for $5000 into your new place. Seriously, though, look for such a place.
option 1, tell him you are going month to month and send him the check, if he accepts then all is good for that month.
option 2, don't tell him and just send the check for a month, he cashes and you are good for month to month on 1 months notice from you or him
option 2, stop paying, it will take him 8 moths to go to court and get you out.