New Hyde Park, NY asked in Landlord - Tenant for New York

Q: Landlord is extending next door store. I spent $$ to purchase my store. What terms to negotiate when ending lease early

Landlord is extending the store next to mine in the building she owns. I spent a huge amount of money when I bought the store. What terms should I negotiate as the landlord is pushing me to end the lease early? Thank you.

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2 Lawyer Answers
Victor M. Feraru
Victor M. Feraru
Answered
  • Landlord Tenant Lawyer
  • Mineola, NY
  • Licensed in New York

A: You should definitely not act as your own attorney. You should, however, consult an attorney and explain your situation better. That'll help an attorney guide you. You should definitely be represented, here.

Elaine Shay
Elaine Shay
PREMIUM
Answered
  • Landlord Tenant Lawyer
  • New York, NY
  • Licensed in New York

A: To be assured that the landlord will actually fulfill its obligations under any agreement you reach, a surrender agreement should be drafted and signed. This type of agreement can be drafted to require the landlord put any payment to be made to you into escrow with a third party (usually your attorney) before you take any steps to shut down your business. This protects you from being placed in the position of having shut down and the landlord changes its mind. You can even ask for the landlord to pay/reimburse your legal fees.

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