Property Management
In New York, a 'vacancy decontrol' (now eliminated for rent-stabilized apartments by the HSTPA 2019) previously allowed landlords to:
ADecontrol the rent level whenever the apartment was vacant, allowing the next tenant to be charged market rent✓ Correct
BEvict tenants with no notice during a vacancy
CConvert stabilized units to market rate after the tenant died
DReduce rent below the stabilized level during vacant periods
Explanation
Before the HSTPA 2019, vacancy decontrol (for apartments above the high-rent threshold) allowed landlords to deregulate a rent-stabilized apartment and charge market rent to the next tenant once the current tenant vacated. The HSTPA eliminated this mechanism, making it much harder for landlords to remove apartments from rent stabilization.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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