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Click ‘Get Form’ to open the tenant buyout agreement template in the editor.
Begin by filling in the names of the landlord/seller (OWNER) and tenant/buyer (INVESTOR) at the top of the document. Ensure accuracy as these details are crucial for legal identification.
Next, specify the date of the original Lease/Purchase Agreement and provide the property address where indicated. This establishes context for the agreement.
In the 'Consideration' section, enter the agreed sum that INVESTOR will receive from OWNER. This amount is essential for finalizing terms.
Review sections regarding termination, assignment, and closing with BUYER to ensure all parties understand their obligations. Make any necessary edits directly in the document.
Finally, have all parties sign at the bottom of the document. Utilize our platform’s signature feature for a seamless signing experience.

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What is a tenant buyout?

A Buyout Agreement is a written agreement where a landlord pays a tenant money or other consideration to voluntarily move out of a Rent Stabilization Ordinance (RSO) unit. A Buyout Agreement is not an eviction notice. Starting January 25, 2017, written Buyout Agreements must meet the RSO requirements.

What does buyout mean in a lease?

Apartment lease buyouts occur when a landlord offers to pay a renter a lump sum in exchange for the renter moving out before the lease expires. Landlords pursue buyouts for various reasons, including securing higher market-rate tenants, renovating or merging units, or converting a building to condominiums.

How do you write a buyout agreement?

Overview of the buyout process Understand the legal implications of a buyout agreement. Outline the business purpose and goals of the agreement. Research the relevant state and federal laws and regulations. Identify the parties involved in the agreement and their roles. Draft the agreement and review it with legal counsel.

How to write a lease buyout letter?

Writing an Effective Lease Termination Letter The date of the letter. The tenants name and address. The landlords name and address. The rental property address. The lease termination date. The reason for termination (if applicable) The amount of notice required. Any penalties for early termination.

What is an example of a buyout agreement?

Examples of buyout agreements A cross-purchase agreement allows the remaining partner(s) to purchase the deceased or departing owners interest. A redemption (entity-purchase) agreement allows the business itself to buy the shares of the departing partner.

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