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The right of first refusal

by Kijner & Sons International Realty

The right of first refusal to purchase clause on a lease may seem clear at the time a lease is negotiated and it is usually viewed as an incentive to the tenant since it does not cost anything. However, a right of first refusal, unless it is very clearly stated on the lease, might complicate matters.

The right of first refusal gives the option to the tenant that before the landlord/seller can sell the property, the tenant must be given the opportunity to purchase it for the same price, terms, and conditions as the offer received from an outside third party.

1. The lease shall state a specific amount of days for the tenant to respond as to whether he accepts or rejects his right to purchase the property.

2. The lease must give certain amount of days for the tenant to have the purchase contract drawn and executed after he/she is notified of an outside offer has been received

3. The provision should state if this is a one-time right or if it continues during the term of the lease for every offer the landlord receives.

4. The third party offer must be in writing and signed by the prospective buyer before it is presented to the tenant for his consideration.

5. One of the complications that it may occur is that if the tenant declines to meet the price being offered by the outside third party, and later on the property closes a a lower price, after the initial agreed price is reduced due to defects found during inspection period, the tenant may claim he was not given the opportunity to buy at the lower price.

6. All communications must be transmitted in writing and are time sensitive.

7. The lease shall define very clearly if any sale to a third party is going to be subject to the existing lease or if tenant or landlord may have the right to terminate the lease at the time of the sale.

Any Realtor® taking a listing with a lease in place should be made aware by the owner if a right of first refusal is in effect. The Realtor® should review these provisions and clearly understands whether or not the listing Realtor® would be entitled to a commission in case such right of first refusal is exercised by the exiting tenant. The Realtor® should be prepared to assist owner/landlord navigate these troubled waters.

Do you have questions about purchasing or selling a property with a tenant in place in Miami or Sarasota Florida ? Contact our Florida agents today at info@kijner.com. You'll be glad you did :)

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Courtesy of Mrs. Terri Alvarez, Broker at Fortune International Realty, Miami FL

 

 

The 10 reasons why you should get renters insurance

by Kijner & Sons International Realty


 

While many tenants are busy figuring out which neighborhood to live in, the perfect school to enroll their children into, the right building amenities, and the best furniture to decorate their newly rented apartment or condo in the city, they often forget to protect themselves against rental incidents such as fires and burglaries.


A responsible and careful person should take into consideration that a number of unexpected life circumstances, accidents or potentially financially grave scenarios could occur.

KSI Realty New York Inc. highly recommends its tenants to consider speaking with a licensed insurance broker to learn more about the different policies that exist to protect them, their family and their belongings.

Here is a list of 10 reasons why you should get Renter’s Insurance:

1. Protect your wardrobe inclusive of any mishaps at the dry cleaner.

2. You accidentally run someone over while jogging, bicycling or roller blading and get sued.

3. The airline, train or bus company misplaced or lost your luggage and you may be eligible for compensation or emergency money. 

4. Frozen pipes that exploded during the winter and submerged your apartment or those of the person below.

5. You got burglarized at your home or while on vacation – you will be reimbursed up to a set limit for your laptop, jewelry and personal belongings (make sure to scan and store on cloud your receipts).

6. Your strollers, bicycle or grocery carts got stolen in front of your unit or your new TV/appliances fried due to a power surge.

7. Water incidents resulting from overflown dishwashers, bathtubs or clogged toilets will have you covered as well as your downstairs neighbors.

8. Too many appliances are plugged into an outlet and your breaker cannot prevent a fire, which rapidly spreads to your neighbors – you are covered. 

9. While your apartment is condemned due to fire, flood or total destruction; you are put at a hotel up to a certain limit while you search a new place to relocate.

10. Legal hotline and professional guidance in the event of an incident.

To recap, a few hundred dollars a year (usually a few extra dozen of dollars a month) can very well turn out to be the life saver that you have been looking for all this time.

Make sure to visit our Ancillary Network page and contact one of our select partners who will be happy to assist you with your Renter’s Insurance and other Insurance needs in New York!

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Source: blog repost from our New York site http://www.nyc2buy.com/blog/the-10-reasons-why-you-should-get-renters-insurance

10 Questions to Ask the Condo Board

by Kijner & Sons International Realty

Before you buy a property in Miami or Sarasota Florida, Kijner & Sons International Realty advises to contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are. You’ll also be alerted to potential problems with the property.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3. How much does the association keep in reserve? Plus, find out how that money is being invested.

4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?

6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.

7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS®, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.

8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

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Source: The National Association of Realtors® (NAR)

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