As described in this article, leasehold ownership of apartment units involves a unique
relationship and agreement between the parties to the apartment lease. Everyone
considering the purchase of a leasehold apartment unit needs to understand the advantages
and disadvantages of leasehold ownership in general, especially the impact of rent
renegotiation and lease expiration.
Reading this article is one step in that process. The next step is to obtain and
carefully read the applicable lease documents. Then if you have questions or need
professional advice about the terms or implications of that lease, address your questions
to the seller or to the seller's agent, the lessor, and to your real estate agent and
attorney.
