What information about the lease should the buyer understand?
As a buyer, you should read the lease carefully and be sure you understand its terms and conditions and how they affect you and relate to your plans and goals. The best time to do this is before you make an offer to purchase your leasehold apartment unit. To obtain a copy of the lease, ask the seller, the seller’s agent, or your own adviser. In reviewing a lease, it is especially important to find out the following information: LEASE TERM: Find out the length of the lease, how many years are remaining until the lease ends, and whether their is any right to extent. LEASE RENT: Be sure you understand how much lease rent you will have to pay (which often includes general excise tax), when it is payable and to whom, what penalties are prescribed for late payment. Lease rents typically adjust periodically every 10 or 15 years. Find out when the rent adjusts, and to what amount. Also find out whether or not your maintenance fee payments include the lease rent. LEASE RENT RENEGOTIATION DATES:
