Q.My wife and I live in a rent-stabilized apartment in Long Island City, Queens. We are thinking about moving next spring, months before our lease expires. Our landlord informed us that if we break the lease, we would either incur a penalty equal to one and a half month’s rent, or be held responsible for the rent until the space is rented to someone else or the lease expires. We see no reference to such a penalty in our lease. What advice do you have for avoiding these penalties or negotiating more favorable terms?
A.Sign a rent-stabilized or market-rate lease and you are bound to its terms. Unless the apartment is rendered uninhabitable because of poor conditions, your only way out would be to sign a written agreement with the landlord terminating the lease. “New York law is unforgiving to tenants who want to break their lease,” said Jennifer Addonizio Rozen, a Manhattan tenant lawyer.
Your landlord is offering you a way out: Pay the hefty fee and you can terminate the lease. This is not a penalty found in your lease, but instead an offer to let you out of it.
This type of agreement would not be found in the lease. Instead, “That would be a separate contract where your landlord would accept something in exchange for releasing you from all liability under the lease, ” Ms. Rozen said.
Sign Up for the Real Estate Newsletter
Every week, get updates on residential real estate news, covering the five boroughs and beyond.
If you don’t take the offer, the landlord does not have to re-rent the apartment and could continue to try to collect rent from you until the lease expires. If you don’t pay, the landlord could sue you.
You do have some other options. You could ask to assign the remainder of the lease to a new tenant. “But that should be done very carefully,” Ms. Rozen said. “And in accordance with the law.” If you are able to assign the lease, the agreement would be directly between the new tenant and the landlord. You would be “out of the picture completely,” Ms. Rozen said. Companies likePadSpincan help find a replacement tenant if your landlord is willing to agree to a lease assignment.
You could also try to find someone to sublet, using a company likeFlip. Although both rent-stabilized and market-rate tenants have the right to sublet, rent-stabilized tenants must show that they intend to return to the apartment at the end of the sublet. (So if you don’t plan to return, subletting would not be a viable option.) If you do sublet, you would still be responsible for the rent if your subtenant failed to pay.
Author:Team H and L Miami Phone: 305-458-3583 Dated: January 8th 2018 Views: 37 About Team: Team H&L Miami @ Real Estate Empire Group is a fast growing boutique Real Estate firm established in...
View our latest blog posts in your RSS reader. Click here to access.
Real Estate Empire Group is a fast growing boutique Real Estate firm that was established in 2001. It began to revolutionize property sales as well as marketing through brokers, agents, and an administrative team. Our highly trained administration team ensures the best service possible as well as helps manage transactions efficiently across a spectrum of properties, prices and sales including international transactions. Our office provides agents an opportunity to grow with market- leading training and unique tools devoted for growth and expansion. We are based in Doral, FL placing us at the center of Miami’s fast-growing International market. Our wide- ranging model combines various technologies; efficient support system and leadership initiatives that help agents govern sales in a superior form while gaining a threshold as a Real Estate agent. We at Real Estate Empire Group provide to ensure excellence in every aspect of Real Estate.
6 Inexpensive Home Staging Tips for Selling Your Home Faster Posted
"Client Feedback on Mauricio Restrepo
How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 3 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Buy
How did you find us: Internet Search
Your most memorable moment:
All the moments we shared together were great and memorable...