FAQ
Explore common queries and our detailed responses to ensure a smooth experience with us.
Explore common queries and our detailed responses to ensure a smooth experience with us.
A buyout is an agreement between a Landlord and tenant where the tenants rent regulated unit rights are surrendered in exchange for money.
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.
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.
No. No law requires you to have an attorney to negotiate or accept a buyout, so you can choose whether to hire one. A buyout comes down to two numbers: what your apartment is worth to the landlord, and how much of that you can get. Getting the most out of it takes someone who knows finance, real estate, negotiation, and 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 selling your house, you’d hire a realtor who knows the market and how to get you top dollar. You wouldn’t hire the architect who designed it.
Yes, a buyout can be initiated at any time. Keep in mind, the core value of a Buyout is your indefinite tenancy renewal rights.
No, you have absolutely nothing to lose by working on a buyout. 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. It never hurts to try.
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.
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.
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.
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.
No, we only represent tenants
