I'm closing on a multifamily Home next week and the seller promised to deliver the building vacant. The sellers broker called me today and said one of the tenants hasn't left yet and asked me if I️ want him as a tenant. I️ do not.
I️ proposed the following: the seller puts 2 years worth of current rent in escrow. Every month the tenant doesn't leave, a months rent is transferred to me. Is this legal? Are there better options? I'm also considering asking for legal fees in escrow in case in the tenant becomes my headache.
The property is in NYC and I think tenants can stay up to 2 years rent free due to our court system.
I don't think I have a complete grasp of how NYC Landlord/Tenant rights work.
I have amazing financing locked in and I want to use it on this home. Should I ask for 3 or even four years of escrow? Or can the tenant stay indefinitely?
Seperately, the owners son lives in another unit and I have agreed to let him stay until the end of the year (1.5 months). He has children in school and they want to finish out the term in their current school. The owner has agreed to put 10 months of rent in escrow for that. Am I putting myself in an unsafe situation there as well.
Thanks for the help.
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I️ proposed the following: the seller puts 2 years worth of current rent in escrow. Every month the tenant doesn't leave, a months rent is transferred to me. Is this legal? Are there better options? I'm also considering asking for legal fees in escrow in case in the tenant becomes my headache.
The property is in NYC and I think tenants can stay up to 2 years rent free due to our court system.
I don't think I have a complete grasp of how NYC Landlord/Tenant rights work.
I have amazing financing locked in and I want to use it on this home. Should I ask for 3 or even four years of escrow? Or can the tenant stay indefinitely?
Seperately, the owners son lives in another unit and I have agreed to let him stay until the end of the year (1.5 months). He has children in school and they want to finish out the term in their current school. The owner has agreed to put 10 months of rent in escrow for that. Am I putting myself in an unsafe situation there as well.
Thanks for the help.
Sent from my iPhone using Tapatalk