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sub tenant in place

Started by Yentle
about 2 hours ago
Posts: 53
Member since: Jan 2015
Discussion about
Would you buy/takeover a co-op subject to a short term sublet with about 6-7 months remaining on the lease (and which gives owner a significant monthly rent) if you were offered a decent discount on sale price? Is it possible to sell while tenants are still in place or is that dead in water?
Response by 300_mercer
about 1 hour ago
Posts: 10568
Member since: Feb 2007

You just have to due diligence on the tenant using whatever package they submitted to the coop. If it is some one who works for a large company, the chances of NOT moving out are low. In addition, assuming this person went though board process for approval, that reduces the hold over chances even further.

But your lawyer can hold some money back in escrow to be paid when the tenant moves out.

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