I have a condo and currently rent it out to a fussy couple. They paid market rent which's more then $#3,000. They have one year lease and the lease will expire within 3 months. Anything I should bear in mind before I send them termination of lease letter. What can they do in order to stay. I know they like my condo but I don't like them.
I'm sure others have experience with this, not just "free legal advice", which would be helpful. In a market rate apartment, with a standard form lease, and no other oddities, it should be pretty straightforward unless they get "pacific heights" on you.
newyo - You can evict anybody from your CONDO. Unlike in the apartment buildings, the renters of condos and coops have no legal protection. You are not obligated to offer them a new lease. What's more, you can terminate the current lease with proper notice. You can stop accepting their check, too.
Apparently, not many small landlords on this thread...
A few years ago I evicted a tenant in Nassau County and it cost me thousands and took months -- and Nassau's pretty pro-landlord.
Realestatejunkie is right, NYC is traditionally viewed as extremely pro-tenant.
So he/she has already outlined your worst case scenario: your tenants hunker down and stop paying rent and it takes about a year to get them out. Your potential loss is a year's rent plus attorney's fees.
Try to coax them out nicely so it doesn't come to that.
In this marketplace your fortunate to have them paying $3k a month. You "don't like them"..they're renting your condo, paying your mortgage and you should be singing their praises not complaining....
inquirer couldn't be more wrong - I'm a real estate litigator in NY. The renters of condos and coops have the same legal protection as non-stabilized tenants in apartment buildings.
Eviction of tenant
I have a condo and currently rent it out to a fussy couple. They paid market rent which's more then $#3,000. They have one year lease and the lease will expire within 3 months. Anything I should bear in mind before I send them termination of lease letter. What can they do in order to stay. I know they like my condo but I don't like them.
Free legal advice is worth only as much as you paid of it. You're smart to think ahead/straegize but you should really talk to (& pay) a lawyer...
I'm sure others have experience with this, not just "free legal advice", which would be helpful. In a market rate apartment, with a standard form lease, and no other oddities, it should be pretty straightforward unless they get "pacific heights" on you.
You are screwed if they do not voluntarily vacate at the end of their lease.
New York Housing Courts are extremely pro tenant, they could easily stretch things out a year.
I would be very gentle with them and don't try to be a hard ass. Tell them you are getting divorced and will move back into the condo.
I am simply asking what the worst scenarios could be?
newyo - You can evict anybody from your CONDO. Unlike in the apartment buildings, the renters of condos and coops have no legal protection. You are not obligated to offer them a new lease. What's more, you can terminate the current lease with proper notice. You can stop accepting their check, too.
Apparently, not many small landlords on this thread...
A few years ago I evicted a tenant in Nassau County and it cost me thousands and took months -- and Nassau's pretty pro-landlord.
Realestatejunkie is right, NYC is traditionally viewed as extremely pro-tenant.
So he/she has already outlined your worst case scenario: your tenants hunker down and stop paying rent and it takes about a year to get them out. Your potential loss is a year's rent plus attorney's fees.
Try to coax them out nicely so it doesn't come to that.
ali r.
{downtown broker and small landlady}
In this marketplace your fortunate to have them paying $3k a month. You "don't like them"..they're renting your condo, paying your mortgage and you should be singing their praises not complaining....
inquirer couldn't be more wrong - I'm a real estate litigator in NY. The renters of condos and coops have the same legal protection as non-stabilized tenants in apartment buildings.
Julia is a bitter renter who pretends she/he is an owner
spunky...i had been a fan of yours...i closed on an apartment three months ago and am somewhat happy.