Looking for information on tenant buyout agreements in New York City? Look no further than this guide, which includes an example NYC tenant buyout agreement.
First, let`s define what a tenant buyout agreement is. In New York City, a tenant buyout agreement is a contract between a landlord and a tenant in which the landlord pays the tenant a sum of money in exchange for the tenant agreeing to move out of their apartment. These agreements are typically offered to rent-regulated tenants, who have certain rights and protections under New York City law.
If you`re considering signing a tenant buyout agreement, it`s important to understand your rights and obligations under the agreement. Here`s an example NYC tenant buyout agreement to help you get started:
TENANT BUYOUT AGREEMENT
This Tenant Buyout Agreement (“Agreement”) is made and entered into as of the _____ day of ______, ____ by and between [LANDLORD NAME], a New York corporation, having an office at [ADDRESS], (“Landlord”), and [TENANT NAME], having an address at [ADDRESS], (“Tenant”).
WHEREAS, Tenant is currently a tenant of a rent-regulated unit located at [ADDRESS];
WHEREAS, Landlord has offered to pay Tenant the sum of [$_____] in exchange for Tenant agreeing to vacate the apartment and surrender possession of the apartment to Landlord;
NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Tenant agrees to vacate the apartment located at [ADDRESS] on or before [DATE].
2. Tenant agrees to surrender possession of the apartment to Landlord on the date of vacating the apartment.
3. Landlord agrees to pay Tenant the sum of [$_____] in exchange for Tenant agreeing to vacate the apartment and surrender possession of the apartment to Landlord.
4. Tenant acknowledges and agrees that this Agreement constitutes a complete release and discharge of any and all claims, demands, damages, or causes of action that Tenant may have against Landlord, arising from the tenancy or any other matter.
5. Tenant further acknowledges and agrees that Tenant has had the opportunity to consult with an attorney of their choice, and that Tenant has knowingly and voluntarily entered into this Agreement.
6. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, and assigns.
7. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
8. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
[LANDLORD NAME]:______________________________
[NAME], Title [TENANT NAME]:______________________________
[NAME], TitleAs with any legal document, it`s important to read the agreement carefully and, if possible, consult with an attorney before signing. Remember that you have certain rights as a rent-regulated tenant in New York City, and you should not sign away those rights without careful consideration and legal advice.
By understanding your rights and obligations under a tenant buyout agreement, you can make an informed decision about whether to accept the offer and move out of your apartment.
