QUESTION

Should I sign a 1 year fixed term lease with an addendum of early termination without penalty if given 60 days notice?

Asked on May 12th, 2012 on Real Estate - New York
More details to this question:
I have been living in the current premise for more than 4 years. My lease is ending the end of this month. I am in the process of looking to buy a house. I told my landlord that I would like to do shorter term lease, but she said she can only do 1 year. However, she said she would allow early termination without penalty if we give her 60 days notice even if she is unable to find a tenant within that 60 days. This is not written on the original lease. I asked if we can add an addendum. She said we can add it if I drafted one. Is it a good idea to sign a 1 year fixed term lease in this case if I know for sure that I will not stay for 1 year? Will I be able to convert the 1 year fixed term lease into a periodic lease after 4 years? In the past, we have signed a 6 months lease. There were also time that I had to trace my landlord down for months to get my lease renewed. It seemed like my landlord did not care about the lease in the past. But, she is forcing me into renewing early now
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1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
There is nothing unusual about the 60 day provision you are describing.  People do it all the time.  A lease, if there is no rent control issues, can say anything the people agree.  Thus, you cannot unilaterally change the lease after four years, but if people agree you can do anything.
Answered on May 12th, 2012 at 10:28 AM

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