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How to Replace Selected Option to the Lease Renewal

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I you welcome back to the commercial real estate show Im Michael bulls derrick topic oops I should have covered that in the least my guess is Laura Hall shes a partner with the law firm schiele Hall Williams and we talked about two or three things already now Im going to talk about what one more that I think is really important to me and I seemed we saw a lot of investment properties in my shop around the southeast and this is one of the things that we start selling investment properties and were dealing with the tenants and things the options to earn it but the tenants have options to renew their lease can be a lot of struggles for landlords and tenants so what do you think about upstair a new what are your tips well firstly every least you deal with has one the interesting thing is they rarely get exercise at least thats my experience and so if youre drafting these you want to make sure youve got very good time frames if your landlord you want a much longer period of time to r

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What are the rules for lease renewal in NYC?

Renewal Leases Generally, the renewal lease must keep the same conditions and terms as the expiring lease. In NYC, owners must give written notice of renewal by mail or personal delivery not more than 150 days and not less than 90 days before the existing lease expires.

How long can a tenant stay after the lease expires New York?

If the tenant does not vacate after the expiration of the thirty days, the landlords counsel can proceed with a holdover eviction action in the appropriate local forum. At this point, the parties, through their attorneys, may attempt to negotiate a resolution to the situation.

How much can a landlord raise rent on a lease renewal NYC?

no limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more.

What is an option to renew a contract?

A renewal option is a clause in a financial agreement that outlines the terms for renewing or extending an original agreement. The renewal option appears as a covenant in the original agreement and provides specifications under which the entities can renew or extend the original terms for an additional, specified time.

What is the difference between option to extend and option to renew?

A renewal is the re-creation of the legal relationship and the replacement of the old lease with a new lease. In an option to extend, the original term of the lease is extended without interruption. This distinction is highlighted in Buckerfields v.

How do you negotiate a lease renewal example?

I wanted to send a note as my lease is expiring in # months and Id love to get some clarity on the renewal. Ive enjoyed my time in this apartment and would love to stay another # years. Given my good standing as a tenant, could we renew at the same rate? Happy to sign a renewal now, if we come to an agreement.

How to negotiate a lease renewal in NYC?

How to Negotiate a Rent Increase Ask for an explanation. If you are given a notice of a rent increase, ask the landlord for the reason behind it. Remain calm and polite. Remind them that you were a good tenant. Offer a compromise. Keep your options open if it doesnt work out initially.

What happens when lease expires NY?

Tenants who stay past the end of a lease are treated as month-to-month tenants if the landlord accepts a rent payment (Real Property Law 232-c). A month-to-month tenancy may be terminated by either party.

How long do I have to respond to lease renewal NYC?

After the notice of renewal is given, the tenant has 60 days in which to accept. If the tenant does not accept the renewal offer within the prescribed time, the landlord may refuse to renew the lease and seek to evict the tenant through court proceedings.

What happens if my landlord does not renew my lease NYC?

If your landlord does not renew your lease and you remain in the apartment, be prepared for your landlord to start an eviction case in housing court agasint you. The case will likely be a holdover case, meaning that your landlord is asking for the right to evict you even if youre willing to pay the rent.

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