Rent Registration Printouts
When purchasing a Rent Regulated property, one of the most important items for the purchaser to obtain is a Rent Registration Printout. Unfortunately, this is one of the most frequently overlooked aspects of the purchase process.
For a discussion of what to consider when purchasing a property, Click Here.
Most sale contract for multiple dwellings require the purchaser to obtain a Rent Registration Printout within 10 days of the contract signing and require the purchaser (usually through his/her attorney) to notify the seller (or seller's attorney) of any questions or discrepancies regarding the legal registered rents.
Most lenders also require Rent Registration Printouts for purchases and refinances. The lenders want their underwriters or attorneys to review the printouts in order to check for Overcharge Liability and until they are satisfied that none exists, they will not schedule a closing. Frequently, lenders (or purchasers and their attorneys) will require an Opinion Letter to clarify and/or quantify the extent of Overcharge Liability, if any. Lenders usually also request copies of Vacancy and Renewal Leases, to make sure they are on the proper forms and conform with the mortgagee's requirements. If there is substantial Overcharge Liability, lenders will frequently reduce the amount of the mortgage, resulting in a reduction of the purchase price and/or require an escrow from the seller to protect the purchaser and lender against future Overcharge Complaints.
A Landlord's best defense is to make sure that all Vacancy and Renewal Leases are correct and on the proper forms and that all Rent Registrations are properly filed.
Dhcrexpert.com provides Rent Registration Printouts, Opinion Letters, Vacancy and Renewal Leases and all of the other paperwork a Landlord needs to maximize his/her profits.
Click here to Order Rent Registration Printouts or Opinion Letters.