The buyer generally acquires the property subject to existing tenancy rights and should not assume immediate possession. Counsel must review each lease and apply RPL §226-c plus any Good Cause, rent-regulated, subsidized, or contractual rules before a non-renewal or possession plan is represented to a buyer.
From the seller playbook: Selling Small Multifamily (2-4 Units) in New York - Tenant Issues and Hybrid Pricing
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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