legal issues- would you rent in this situation? Need your help/advice ASAP!

your lease (probably, double check the specific terms) overrides the sale -- so the consideration is how much showing it is going to take the owner/owner's broker to make the sale. What you want here is clear expectations on both sides: It's probably better if you go ahead and do a rider that indicates your obligations (e.g., make bed, clear sink of dishes) and owner's obligations (e.g. open house only every other weekend, 24-hour notice before showings) because clearly the owner is going to have bring customers through this unit in order to move it.

ali r.
{downtown broker}

I think the defaulting tenant was going to lease the place, not buy it, front_porch.

UWS_rental, if you move forward, you want to make sure that the owner does not drag his/her feet because the standing with the other tenant is not crystal clear. I.e., if the other tenant is not in default, then the owner cannot legally lease to you or else will get in big trouble, so he/she tried to pull one of these "I'll give you a counter-signed lease in 3 weeks after the condo approval" crap because he/she is in no-man's-land with regard to the original lease at the moment. Basically, you should give him the deposit / first month's rent / signed lease at a signing where he is present and gives you a counter-signed lease right then and there (before condo / coop approval, which all leases will have an "out" clause for). Otherwise, you don't know that the apt will actually be leased to you.

If you have a signed lease and he doesn't deliver the apt (e.g., because the other tenant actually is not in default), then I'm pretty sure you can sue him/her six ways from Sunday. Just make sure there is a deep pocket (e.g., check ACRIS to see that owner has plenty of equity in apt). If this is the case, it is very unlikely that the owner would expose themselves to a lawsuit if the standing with the defaulting tenant isn't crystal-clear.

The owner is probably in a bad situation, but just make sure his/her problem (tenant who defaulted) doesn't become yours (uncertain status because owner drags feet in terms of giving you signed lease). If you see a reluctance to move forward quickly with a signing, then the apt is probably not free-and-clear, and you should continue your search and not count on the place.

Other thoughts?

Oh, you're right inonada, I read "owner put unit up on market" as "owner was selling."

my bad.

ali r.
{downtown broker}

hey man---if this isn't the deal of a lifetime, move on. who needs this grief?

hi again. the owner is overseas, and I am concerned to sign for all reasons above. Sorry, for confusion, unit is back on market for rent and sale. And you are right, things have dragged out. In fact, most agents seem to be bending over backwards to make a deal happen, and this one doesn't seem to.... hmmm. Not a deal of a lifetime, in fact, for the building including broker fee we are offering a premium. OK, typing out loud here, we had better leave it, too much hassle. thanks.

I hope you have not put any money down???
Walk away and find yourself something with no hassles.

don't walk...run

walking....

Wise choice.

If there is another lease in existence, he can't lease this to you until that lease is terminated or expires. The default is only the first issue. Even if a tenant is in default, the landlord needs to terminate the lease and get legal possession of the apartment back before he can lease it to someone else. This can take time. If the basis for termination is non-payment, he needs to serve a rent demand, commence a proceeding in Civil Court, litigate that through judgment, obtain a warrant and evict the tenant. If he is only at the default phase, you could be looking at months or longer until the landlord gets actual possession back (depending on how hard the current tenant fights).

So long as there is still a lease with another tenant, he has nothing to give you. It's not his space to lease.