Landlord Breaking Lease and Buying Me Out Before Occupying
Hi,
I am looking to get some opinions on the situation I am in. I have signed a lease and transferred payment of 1st month's rent and security deposit to the landlord. I have the keys and have begun moving items into the unit, but am not yet occupying it.
The landlord has now informed me that he would like to agree to some sort of buyout of the lease because he is having problems with the local municipality for fire and sprinkler approvals. Instead he would like to end the lease and has decided he wants to sell the property instead.
He has proposed refunding all amounts that I have given him plus an amount for the time and sunk costs that I have already incurred into preparing to move in.
What do you think would be an acceptable lease buyout in this situation? Should it be based on the lease value or is negotiating something based on my costs incurred plus time and suffering the better route?
@Nolan Madden it would be based on your sunk costs and inconvenience. This is where municipalities really cause problems for tenants trying to make it safer but having bottlenecks in the approvals. Is this a new law? because I didn't see anything new in NJ. You could just stick with the lease and someone else may take you on as a tenant but if the town is asking for sprinkler installation that may be disruptive to you so it might be better to move but how quickly are you going to find a new place?
I agree with Colleen. Sit down with paper and pen. Write down all your expenses so far, including your time spent moving. Then add what you think it will cost to locate and move to another rental. I wouldn't take advantage of the situation, but I would consider throwing an extra 20% on top to cover unforeseen expenses.
