Condo-Rental Lease
Started by AVM
over 8 years ago
Posts: 129
Member since: Aug 2009
Discussion about
What are the standard terms by which landlord can terminate the lease if landlord chooses to sell the apartment? Looking at one in which landlord can terminate lease with 30 days notice and tenant must vacate in this period. Is this standard? Thanks!
Simply not worth any condo lease that doesn't give you the full same benefits as a regular landlord.
And then the broker wants a fee for a lease that the other side can terminate on a whim by simply saying they may sell it. Condo owners are delusional, most of them, unless they do this long term and are locals with second and third pieces of RE.
AVM, It is not standard. The lease transfers typically. If they want you out on 30 day notice, you may negotiate 2 month rent refund etc to defray your moving cost and broker fee. In addition, will they show the apartment while you are occupying or will they only show towards the end of your lease. If they do not have that option, I would not worry too much about 30 days notice clause.
I own an investment apartment in midtown, and that clause shows up in the standard lease that the condominium asks us to use. FWIW, my tenant simply struck it (which I agreed to).
Get it struck out if you are tenant.
Also check if it is standard lease they just copied, or seems to be their own wording.
You don't want to lease from a landlord trying to sell...
You may want to inquire if he previously lived in it, or if its purely investment unit.
I've had good luck living in an investment condo unit and bad luck with a "I'm renting it out because I moved out of town / upgraded / etc" type landlord. These guys are often 1 step away from selling.
I had a landlord offer me a 6 month lease extension during which he planned to be showing apartment for sales throughout (weekday and weekend).
He offered no discount and refused to counter my discount suggestion.
We did not renew, and then he kept 1/2 my deposit..
Some smalltime condo owners are delusional.