How current events impact your business and real estate holdings

Wednesday, May 23, 2012

Is paying a landlord's mortgage the same thing as rent?

The Nassau District Court answered this question with a strong no unless "the parties specifically agree otherwise". In this situation, a landlord would be wise to embody this agreement in a lease otherwise they will not be able to look to a Summary Proceeding for an eviction.

The lesson is to always write every aspect of a landlord / tenant understanding in a lease prepared by an attorney.

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