Holdout Tenant Vacates, Closing Goes Forward!
October 30, 2015
It is the oldest story in the book. A family puts their small building in Brooklyn up for sale. They go to contract. The deal requires them to deliver the building vacant. A tenant who has been in the building for many years promises that he will vacate by closing. The buyer’s loan is approved and they want to schedule closing, the clock is ticking on the commitment. Suddenly…the tenant is not so accommodating – the holdout tenant!
Such was the situation that Itkowitz PLLC’s client found itself in recently. Our advice is always the same – keep calm and carry on. Through a combination of proceeding diligently forward on a holdover, and negotiating with the tenant and his family in an above-board and respectful fashion, we found common ground and reached a solution that worked for everyone. The tenant moved on to his next home, signed a surrender agreement, and the closing was scheduled just in time!
