Just when landlords are trying to catch their breath yet another punch might be coming their way. A state senator wants to insert strong procedures and regulations on how landlords approach their rent-stabilized tenants with buy-out offers. The bill also addresses tenant harassment. It states that landlords must make the offer in writing, include information regarding the nature of the proposal, inform tenants of their rights to reject the proposal and consult an attorney. The bill would also give tenants, at minimum, 90 days to accept or reject the agreement. The goal is to try to protect tenants from being potentially deceived or taken advantage of. I get the angle here. Often times a buyer doesn't realize the process nor the amount saved in negotiating before being referred to me. Did you know doing a purchase CEMA can save thousands in closing cost for a buyer that doesn't affect the seller at all?
BTW you can read the proposed bill HERE