Hi,
My RS rent is about 800 and the apt above me, with the exact same layout, was recently converted to market rent after the RS tenant was bought out and is now renting to a new tenant at 2,800, after being renovated.
I expect to get a low six figure offer for the buyout, which I am not sure if I will take at this point.
My question is
1. Do I need a lawyer to represent me in the buyout process?
2. If I don't get one, what could go wrong? Examples or stories you could share would be appreciated.
3. How is the payment for a RS lease buyout usually made? Can I ask for cash?
4. If I do get a lawyer, what are the usual legal fees?
Thank you