BUYOUT ANALYSIS FOR TENANTS
BUYOUT ANALYSIS FOR TENANTS
We can provide a residential tenant with a systematic and clearly explained written analysis of the dollar potential for being bought out of an apartment. This analysis can be used to help a tenant make a decision about whether they wish to be bought out and, if they do, what their best leverage points are for a buyout discussion. We developed this product in response to a tremendous demand for this specific service.
- What exactly can I expect this buyout analysis to cover?
The analysis methodically covers five things:
- We make sure that your plans and goals are fully formulated for the next step in your housing and that you are being realistic about the value of the regulated apartment you are giving up.
- We try to ascertain what dollar amount the landlord may spend for a buyout, given the facts as we know them. We calculate how much more a landlord can charge a future tenant if you leave. We consider whether your apartment is in a development site, in a building being targeted for a rapid turnover, or in a building where the landlord takes an organic and long-road approach to growing the rent roll.
- We assess, from a legal point of view, what, if any, leverage landlord has over tenant.
- We assess, from a legal point of view, what, if any, leverage tenant has over landlord.
By putting all of the foregoing together, we attempt to assist a tenant in determining - what is the appropriate amount to shoot for in a buyout negotiation and what are the best approaches to take in the negotiation process? Or - should you not shoot for a buyout at all.
- Finally, we also make sure that you understand the tenant anti-harassment laws and how to protect yourself from harassment.
- Does the buyout analysis include suggestions for how to get a current buyout number up?
Yes, the Tenant Buyout Analysis letter will end with recommendations for the negotiation. By hiring me for this service, however, you are not hiring me to conduct your buyout negotiation. If you want to hire me, we can talk about that after the analysis.
- Will you tell me your findings on the phone? Or in writing?
In writing. I will give you a “Tenant Buyout Analysis” letter. The letter will be organized into the five parts I just spoke of in an answer to one of the above questions.
- Will you still speak to me on the phone after you give me the Tenant Buyout Analysis letter, in case I have questions?
When the Tenant Buyout Analysis letter is complete, we discuss it either via email or on the phone – for no extra charge.
- How much does this buyout analysis cost?
There is a flat rate for this service of $2,500.
- What documents and information do I need to provide you with in order for you to do the Tenant Buyout Analysis?
First, you must receive my standard Consultation Policy and go through a conflicts check. We need to make sure that I do not represent your landlord.
If you clear conflicts, then I need:
- Your current lease and the lease chains – so if the original lease was 10 years ago and there are renewals every year since then – I need the original lease and all riders thereto, and all renewals along with all their riders.
- The DHCR Apartment Rent History going back to 1984. My paralegal can show you how to get it.
- Any correspondence with landlord or the managing agent.
- Full files on any closed litigation regarding the apartment, at DHCR or in the Courts.
- I need to know what you have observed in and around the building. Are there many empty apartments in the building? If so, are they sitting vacant for a long time, or is the landlord renovating them? Have you hear rumors of the landlord buying anyone else out?
- Can you guaranty how much my landlord will offer me as a buyout number?
- I am in a hurry; the landlord brought a case against me.
If there is a case against you or soon-to-be against you, then this service is not a good legal product for you to purchase. If you want an analysis attendant to a litigation or other volatile situation, you should either hire me through my normal channels, or hire someone else. If you are engaged in or about to be engaged in litigation with your landlord, I feel uncomfortable stepping in for a discrete analysis. You should be finding a lawyer to represent you holistically in your dispute. I emphasize that this service is not intended to be for anything other than the analysis of your potential buyout.