Explore common queries and our detailed responses to ensure a smooth experience with us.
What is a Rent Regulated Buyout?
A buyout is an agreement between a Landlord and tenant where the tenants rent regulated unit rights are surrendered in exchange for money.
Why would my landlord want to buy me out?
In the event of a buyout the landlord can deregulate the unit which will allow them to raise the rent to market value and have the flexibility with choosing future tenants and lease terms. This is very valuable especially in circumstances of potential development sites.
How much can I get for my buyout?
No two buyouts are the same, so we never guarantee a settlement amount. There are many factors that go into determining the value of a buyout, including the size of the apartment, current rent, market rate rent, who your landlord is and any partners, how much debt is on the property, is it a future development site or condo conversion etc.
At Lease Buyout Advisors we analyze over 30 data points to determine the value of your buyout and use this data to get you the maximum amount possible.
Do I need an attorney to arrange a Buyout from my Rent Regulated apartment?
No, buyouts are a financial transaction that needs an expert who knows finance, real estate, negotiations, and know how landlords think. Attorneys are experts at law; accountants are experts at taxes; we are experts at buyouts.
Think of it this way. If you were to sell a house you would hire a realtor to sell your home who knows the market and how to get you top dollar; you would not hire an architect who know how to design and build a home.
I’m planning to move out of my rent stabilized apartment in a few months, can I still get a buyout?
Yes, a buyout can be initiated at any time. Keep in mind, the core value of a Buyout is your indefinite tenancy renewal rights.
What is the downside? Do I risk my rent stabilized rights if I initiate a buyout or do I have to wait for my landlord to approach me?
No, you absolutely have nothing to lose to work on a buyout. It never hurts to try. You maintain all of your rights and can continue occupying your unit under your rent stabilized lease and do not risk anything until money is exchanged.
What is the LBA process?
After an initial phone or in-person assessment, we conduct a comprehensive multifaceted assessment using our proprietary algorithm to determine the buyout value. The assessment includes more than 30 financial and social data points. Once completed we explain our findings to you and when you are ready, we approach your Landlord on your behalf and start the negotiating. You are included in every step throughout the process and we never do anything without your consent.
What do you charge and if I do not accept the buyout, are there any fees?
We do not charge anything upfront and we do not charge for the buyout assessment report. In the event of a successful buyout we collect twenty percent of the buyout amount. If you do not accept the buyout or we do not come to acceptable terms with the Landlord there are no charges to you. This structure incentivizes us to get you top dollar. We never collect any fees from the Landlord.
Does signing up mean I have to take the buyout?
No, it’s always up to you to take the buyout or not and you can always choose to continue occupying your apartment under your rent regulated lease. We work alongside you throughout the whole process and you will never be pressured from us to take it. Your Landlord cannot pressure you in any way to take it, either.
It is always 100% up to you. We advise and get you the most money possible.
How long does a buyout take to complete?
It varies based on all parties. It usually takes us around one week to draw up the report. From there, it can take anywhere from one month to one year to complete the buyout. We structure and negotiate the buyouts to accommodate your needs. We move as fast or slow as you wish.
Do you represent Landlords?
No, we only represent tenants
Do you have any references or referrals?
Absolutely. You can request HERE. You can also see reviews from our past clients HERE
We are dedicated to assisting tenants in lease buyouts with fairness, respect, and value. Our objective is to provide tailored guidance that suits your specific situation. Leveraging our extensive experience and comprehensive understanding of available choices, our aim is to assist you in obtaining the maximum buyout price while ensuring protection from unjust practices.