Sale closing timing question
Started by dha
almost 13 years ago
Posts: 11
Member since: Mar 2010
Discussion about
Ok, potentially opening a can of worms here, but who better to ask than the collective wisdom of SE? I'm in contract to buy a condo, with an estimated closing date of mid-March. My current rental lease ends at the end of February. My rental building was very recently sold, and the new owners are not renewing any non-stabilized leases and are renovating other apartments as the tenants move out.... [more]
Ok, potentially opening a can of worms here, but who better to ask than the collective wisdom of SE? I'm in contract to buy a condo, with an estimated closing date of mid-March. My current rental lease ends at the end of February. My rental building was very recently sold, and the new owners are not renewing any non-stabilized leases and are renovating other apartments as the tenants move out. (Part of the reason I pulled the trigger on my purchase.) The new owners have so far not been flexible about letting me stay off-lease for an extra month when I've asked. Rather than move my family (including a one-year-old) to a temp sublet, then to our new apartment a few weeks later, I'm considering simply not moving out at the end of Feb and staying another 2-3 weeks. I'm happy to pay any reasonable amount to the new building owners, but I'm sure they won't be happy about that. My question is -- what are my risks if I just stay a few extra weeks? My assumption is that anything they'd do to remove me from the apartment would take longer than 2-3 weeks. I'm certainly not looking to cause trouble or friction with this landlord, but I can't imagine any dust-up with them would be more hassle than doing a double move in less than one month. Thoughts/advice/experience appreciated! [less]
Take a look around here at other threads which involve evictions. It generally takes several months, at least, from start to finish.
be nice and tell them you don't want a lease renewal but will not be able to move at end of Feb. You'll be more than happy to pay for the month of March.
if they bark, you don't pay and the worst thing that will happen is that you will lose your security deposit.
Risk is if landlord files on you in the Housing Court, then you are in the system to be found if ever there is another tenancy application.
Also you may want to consider that you won't close in mid March and that you could be squatting for longer than a few weeks. I guess if you are squatting then it doesn't matter for how long but you should at least consider this could drag out longer than expected.
There is a lot of rigor around a condo loan app and closing. There are many things that can delay your closing weeks or months. I tried to time my move and closing perfectly and I failed miserably.
Good luck!
I just thought of something you can try. If the unit you are buying is empty perhaps you can ask the owner if you can move in and "rent" from them until the closing. I tried this but was denied by the seller's attorney. Perhaps you will have better luck. It doesn't hurt to ask. Even if you have to pay a slight premium to the current owner it will save you a lot of stress.
That's a good point about renting for a month or so, Irice -- I'll definitely try that. And, if my closing dragged on longer than end-of-March I'd move to temp sublet anyway -- I don't want to needlessly put the new owners of my current building out.
dha, this is not a coop, but a condo. the condo board can drag their feet only so long prior to you closing (30 days i think). if you are good with providing all info requested quickly, there's no reason why you wouldn't close by end of march. hope your financing is in place.
My impression is that, while yes, closing can take a little longer than expected, it still won't take as long as the time it would take to actually get an eviction (and the OP having a small child only helps his situation in court). But most likely, it wouldn't come to that, at least, not by the time he's moved. Still, you ARE taking a risk. How much, depends on your taste, and also your specific situation.
Bottom line: don't let your landlord bully you. I am sick and tired of landlords thinking they are God. Some seem to forget that this is a symbiotic relationship. Know what your position is, and know what you are comfortable with.
"The new owners have so far not been flexible about letting me stay off-lease for an extra month when I've asked."
What have they done? If they haven't given you an eviction notice and haven't given you a lease renewal, I think you will be on a month-to-month lease at the existing rent and under the existing lease terms. I would wait until they send you something and hope they do nothing. If they send an eviction or lease renewal, ignore it, and give 1 month notice when you're ready to leave. Good luck.
Sonya, you seem to have a special breed of problem:
>Sonya_D
about 5 hours ago
Posts: 29
Member since: Jan 2013
...I am sick and tired of landlords thinking they are God.
http://streeteasy.com/nyc/talk/discussion/4619-secty-depsit-charge-tenant-for-re-caulking-tub-bc-mold?last_page=true
>Sonya_D
about 22 hours ago
Posts: 29
Member since: Jan 2013
SO glad this thread got revived...
It's scum like qwerty that give BOTH landlords and Jews a bad name. Not because of any supposed "cheapness" or anything, but purely because they are utter low-lives. He is lucky he didn't have me as a tenant.
...
Goldie, your assumptions are incorrect. A landlord can simply not renew your lease, assuming you aren't regulated, which the OP said he or she is not. It's the point at which you refuse and remain in the apartment after the non-renewal that the landlord can go to court and try to get the court to order an eviction.
greensdale: thanks for reiterating what I've written and following me so closely, while saying absolutely nothing.
(and actually, greensdale, the landlord does NOT go to court upon the tenant's staying in the apartment as soon as the lease ends. A pay or quit notice/pay or lease termination letter/notice of termination letter is the first step, with others to follow. Please don't give the OP and others the impression that the landlord has instant/immediate authority to kick someone out once the clock hits 12:01am).
Damn, that was a pretty bad schooling even for you, HB. I hope you don't let it stand, go scour Google for more zingers.
Who's HB?
HB = huntersburg = greensdale = hfscomm1 = …
Our resident troll.
Greensdale, it is you who are wrong. Simply not renewing the lease does not terminate a tenant's rights. In New York City a landlord must serve the tenant a written termination notice 30 days prior to lease expiration. If they don't, the tenant is month to month and the landlord can terminate with 30 days written notice thereafter.
>
inonada
about 7 hours ago
Posts: 4659
Member since: Oct 2008
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HB = huntersburg = greensdale = hfscomm1 = …
Our resident troll.
Inododo is just angry. Other than an ability to do a spreadsheet comparing your real estate purchase to buying stock or bonds (over and over again - it's basically a template at this point requiring no novel thought), he doesn't get much else correct. Ask him for some of his famous "Perry Mason" legal advice.
Or just his simple logical deduction. If the above formula is what he is saying is true, then he's also saying I am rufus and Jim Hones. Nonsense. Add to that columbiacounty's claims of NYCNovice, lucille, Riversider and Brooks2, and you have more false positives than an economist's prediction about a recession.
>
inonada
about 8 hours ago
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>Damn, that was a pretty bad schooling even for you, HB.
What was bad schooling? Are you defending Sonya who said, "It's scum like qwerty that give BOTH landlords and Jews a bad name."
uh oh.
looks a little too close for comfort for our homegrown scumbag.
>
Goldie
about 6 hours ago
Posts: 168
Member since: Apr 2007
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>Greensdale, it is you who are wrong. Simply not renewing the lease does not terminate a tenant's rights. In New York City a landlord must serve the tenant a written termination notice 30 days prior to lease expiration. If they don't, the tenant is month to month and the landlord can terminate with 30 days written notice thereafter.
Alright Goldie, fine, but if I'm wrong, you were also wrong. A termination notice is not an eviction: your first post: "If they haven't given you an eviction notice "
if you're wrong?
you are wrong.
>
columbiacounty
columbiacounty
2 minutes ago
Posts: 11314
Member since: Jan 2009
stop ignoring this person
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uh oh.
looks a little too close for comfort for our homegrown scumbag.
With your accusatory tone of voice, what exactly are you claiming?
oh damn.
you forgot the basic deal again.
see if you can remember.
C0C0, you seem to be in a good mood on a sunny morning. Must be misery elsewhere to be getting you so excited.
hfscomm1
Sonya_D
about 10 hours ago
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Member since: Jan 2013
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greensdale: thanks for reiterating what I've written and following me so closely, while saying absolutely nothing.
(and actually, greensdale, the landlord does NOT go to court upon the tenant's staying in the apartment as soon as the lease ends. A pay or quit notice/pay or lease termination letter/notice of termination letter is the first step, with others to follow. Please don't give the OP and others the impression that the landlord has instant/immediate authority to kick someone out once the clock hits 12:01am).
inonada
about 8 hours ago
Posts: 4659
Member since: Oct 2008
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Damn, that was a pretty bad schooling even for you, HB. I hope you don't let it stand, go scour Google for more zingers.
Sonya_D
about 7 hours ago
Posts: 31
Member since: Jan 2013
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Who's HB?
-
& the days when inododo and the recently prolific Sonya_D didn't get along so well, 2 weeks ago:
http://streeteasy.com/nyc/talk/discussion/33638-uws-rental-broker-or-not
Good scouring.
Thanks, sorry though I couldn't find anything relevant written on ehow by an author who also writes about removing wasps nests.
Yikes! My thread has been hijacked by bickering commenters! But seriously, thanks for the advice to all who offered some -- I'm thinking best to stay for now, but hopefully I should have a firmer closing date in a week or so (waiting on the mortgage commitment letter).
Yikes isn't even a commenter on this thread.
Is this new construction? If not, you may decide you need to paint & polish before moving in which will surely delay your move.
dha,
Yes, schizophrenia in clear action, apparently. Keep us updated, and don't be bullied. Do your own research about tenant guidelines -- half the time, landlords don't know the law themselves (take greensdale as a perfect example).
Greensdale is not a landlord.
greensdale is not even greensdale.