Do you own a residential property or commercial property that you rent out to a tenant? Are you facing the difficult situation of a tenant who is behind on rent and/or unwilling to pay for one reason or another?
As a landlord, it's your hope that you never have to terminate a lease to evict a tenant. If you can avoid this, it probably means you are getting along fine. Unfortunately, there is no way of knowing what could happen in the future. There are many valid reasons for terminating a lease, including the following:
There is no denying the fact that signing a lease will impact your life in many ways. This is why you need to be careful about entering an agreement that doesn't have favorable terms.
Landlord and tenants have a relationship that can often become quite tense if trust is broken from one of the parties. It is a relationship that is often based on contractual agreements, and if there is only a minor breach of contract, the entire relationship can get very complex.
Beautiful apartments in prime locations are difficult to resist in New York, and renters are paying increasing amounts to live in what seems like "the right place."
As a tenant of an apartment or commercial property, you hope to remain in place for the duration of your lease. However, you know that life or business could get in your way at some point.
It is your hope that your tenant pays his or her rent on time and in full every month. However, if you've been part of the industry for any period of time, you know that this isn't always the case.
In a perfect world, retail landlords and tenants would always get along. Unfortunately, we have come to find that this is not the way things always work out. Even with a lease in place, there are times when one or both parties are upset for one reason or another.
As a landlord, you have a variety of legal rights. For example, you are able to collect past due rent and take back possession of a property in the event of nonpayment.
Imagine this situation: You need to break your lease because you have taken a job in another state.