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."
The Pacifica Foundation has found itself in court sued by Empire State Realty after falling behind on lease payments. The nonprofit company states that it would like to have a fair settlement with the realty company, complaining that the amount the foundation was charged for rent was far too high.
The cost of living in the Big Apple has gotten higher than ever as real estate in Manhattan continues to soar. As real estate thought leaders predicted, the market experienced a sales slowdown during the last quarter of 2016. However, in the second quarter of 2017, it climbed 15 percentage points. That's a massive uptick compared to last year's 8 percent rise at this time.
There are a variety of issues that can come about when purchasing any type of real estate. A title problem can turn any deal sour, so it's important to become familiar with the many issues that could stand in your way.