As much as you’d love a pay raise at work, you would hate an unpronounced increase in rent. Whether you are being told in the very beginning or you eventually find out once you move in, there are certain rules and regulations your Landlords must adhere to while doing so. With 27 years of experience in real estate laws, Eric P Gonchar helps you understand the know-how of rent raise.
Refer to Periodical Rental Agreement
First things first—no rent to be raised during a lease period (unless otherwise). Make sure this is mentioned in your lease agreement. Another thing to note here is that most tenants keep periodic agreements for rent. These can be month-to-month or per week. You cannot be asked to pay increased rent unless it’s mentioned there. The landlord has to make sure it’s on paper.
Tenant must adhere to the 30-day rule
You cannot be asked to leave your house just in a few days or a week. While most monthly rental agreements give you a leverage of at least thirty days, if not, you must be told much in advance. According to Eric Gonchar, for a 10 percent increase, they usually give you at least 30 days. And then if you are required to pay more, 60 days is the minimum you can ask for.
Method of notifying
The deal must be given to you in writing. And one can only calculate the period of notice once the contract is signed. Eric Gonchar further asserts that if you aren’t given a copy of the notice by hand, then you must wait for the post to arrive. In case it is mailed to you, you get five days extra.
Interestingly, if you are renting into a government financed house, the rules are different. The increase in rent in that case is pretty restricted. Find the regulations from your local authorities before signing up for anything.
To know more on what all you should include in the rental agreement, read – Prepare Basic Documents for Tenants before Moving in from Eric P. Gonchar
Having exclusively practiced real estate law in New York for over 25 years, Mr Eric P Gonchar has in depth experience and knowledge in all facets of real property law. He has been very successful in handling countless residential sales and purchases , in his long and illustrious career. His office customarily closes approximately 20 to 30 such transactions in a month.
He legal services are often sought by landlords and tenants, with regards to their property interests. He advises building owners in the leasing of commercial, warehouse and residential spaces. He is also consulted by large companies, business houses, restaurant owners and individuals on rental of office and retail spaces. In these cases, he advises his clients on financial and build out options.
Understandably, he is regarded by the real estate community as one of the city’s most accomplished transactional attorneys, who prides himself with very effective communication skills. His clients bear testimony to this, as his response, in their cases are always prompt .He believes in acting in a very responsive and effective manner and his office is instructed to keep the client undated on the latest developments in their cases. Despite being labeled and acknowledged as one of the New York’s “Super Lawyers”, his legal services is very personal ,easily accessible and very cost effective for an individual.
Having graduated from St John’s University School of Law and received his BA from Syracuse University. He is a member of professional organizations, such as the New York State Bar Associations. He frequently teaches at New York University’s Real Estate Institute as well as the Real estate Board of the State of New York. His legal opinions and insights are often quoted in the New York Times Real Estate Section, The New York Post and New York Magazine , as well as other trade papers dealing in real estate.
Mr Gonchar takes great pride in his work and this is manifested in his desire to teach other attorneys real estate transactional law. His passion drives him to excellence and ultimately to the pinnacle in his career. His business associates work with him closely, enabling him to find solutions to difficult real estate problems and finally closing the transaction to his client’s satisfaction. Years of experience, knowledge, effectiveness, efficiency all come together to give the desired results and the ultimate satisfaction to the professional.
Real Estate is the act of selling lands and properties. Finding a property is the first step in the real estate procedure. One must have to buy that property or land which is at the best location, so that its selling will not be get difficult. It should be at the perfect place and never invest the huge amount of money with the quick decision. You just have to go through the building or property once and make sure having this property will not be the wrong decision ever.
Eric Gonchar is the partner at Law Offices of Eric P. Gonchar. He has 26 years of experience. He represents lenders including banks,savings and loan associations. He is the successful personality in the real estate business and continues with it . He was manager at the real estate at Kane and also working as a associate real estate at Hall Dickler Kent Friedman & Wood for seven years.
After selecting the appropriate property, real estate professional will help you to make a offer. He will evaluate the cost of property, its condition, policies and other aspects of the land. As these things are only be evaluated but not written in the agreement. At last, agreement is made and signed by both the parties.Inspection and appraisal period gets start after the signing of contract. In this period, buyer will inspet the property to make sure that if any adjustments are required in the property or not . If seller is not satisfy with the buyers requirements, then he can withdraw the process otherwise transaction will move ahead.
Once inspection has completed, transaction moves to the pending status where all the requested documents will be completed. After clearing all the documents, closing appointment will be held. This appointment will be of one to three hours and clears all the issues between the seller and buyer. Once the closing is completed, ownership is finally given to the real owner and buyer will receive their keys and transaction will be closed.