A New York lease agreement is a contract between a landlord and tenant to occupy a rental property for commercial or residential use. The landlord, in most cases, may require the tenant to provide their tax returns to provide details of their income, expenses, and other relevant financial reports. However, a fee may be required to run these costs.
The tax returns provided ensure the tenant has the financial capacity to accommodate the property’s monthly bills as agreed upon in the lease agreement. In addition, the New York Lease Agreement should include clauses that determine payment of utilities, prohibited activities, and other special fees. Finally, the contract becomes binding for the lessor(landlord) and the lessee(tenant).
Types of New York Lease Agreement
The types of New York Lease Agreement’s include:
Apartment lease agreement
A New York apartment lease agreement is a legal contract that stipulates the agreements regarding a rental apartment between the lessor and lessee. Depending on the agreement between both parties, an apartment lease could span a year or more. The tenant or lessee can inspect the property and fill out the rental application form. The lease is granted once the landlord approves of the tenant’s creditworthiness.
Commercial lease agreement
The word ‘commercial’ indicates the nature of the purpose for which the apartment is being rented. A commercial lease agreement is a legal contract between a landlord and a business owner of a piece of property for business. A commercial lease agreement may involve more paperwork than an apartment lease agreement, containing all the terms and conditions involved, such as lease terms, security deposits, and more.A landlord renting a property for commercial use will typically request a rental application that indicates at least two years of tax returns, credit profile, and other financial details of the tenant.
Condominium lease agreement
A New York condominium lease agreement is a contract between the owner of a condominium and the party seeking to rent the property. Unlike other lease agreements, the condominium agreement contains the rules governed by the condominium association. In addition, a rental application is often required to verify the potential tenant’s tax filings.
Month-to-month lease agreement
As the name implies, a month-to-month lease agreement lasts for 30 days. This agreement requires an automatic renewal unless both parties provide a non renewal notice. The rental fees are based on the Rent Protection Guidelines, which may cause the fee to be subject to change. In addition, the landlord would typically require a rental application to verify the prospective tenant’s credit or tax returns.
Real estate board of new york lease agreement
A Real Estate Board of New York Rental Agreement is a contract between an owner and a tenant that contains the rights and obligations of both parties, according to the rules established by the city of New York. Before approval, a rental application is usually needed to verify the necessary financial details of the tenants. Upon confirmation, both parties may proceed to sign off on the document.
Rent-to-own lease agreement
A New York rent-to-own lease agreement is a contract that allows a lessee to rent a property for some time, with the option of purchasing the property before the lease time expires. Before signing the contract, the landlord and tenant must have agreed on the sale of the property. In addition, the landlord must have verified the financial eligibility of the tenant through a rental application form.In addition, a purchase agreement is required upon the decision of the tenant to buy the property, stating the terms and conditions of the purchase.
Roommate lease agreement
A New York roommate lease agreement is a legal document that enforces the rules and financial obligations between tenants sharing a property. A roommate lease agreement should indicate the rights of each resident and the rules and regulations of living together. Each resident is required to go through the agreement before signing this contract. In addition, a rental application is required to confirm the tenants’ capacity to pay for the apartment.
Single-family home lease agreement
A New York single-family home lease agreement is a contract that explains the rights and obligations of a landlord and a tenant under the rules of the city of New York. The agreement protects both parties’ interests by expressing in plain terms which party will be responsible for services such as gardening, waste management, etc. In addition, the landlord agrees to rent the property once the tenant’s credit worth has been evaluated through a rental application.
Standard lease agreement
A New York standard lease agreement is a legally binding contract between a landlord and a tenant on a property for a residential lease. A standard lease agreement typically lasts one year, but both parties can always discuss the duration. Standard lease agreements may vary from one landlord to another, but specific standards must be met in all lease agreements. Before leasing the property, the landlord approves the potential tenant’s interest by screening them with a rental application form.
A New York sublease agreement is a legal agreement between the current tenant of an existing lease (sublessor) and a new tenant (sublessee). This agreement subjects the sublessee to the terms and conditions of the original lease. However, the subtenant is primarily responsible for paying rent, damages, and breach of the agreement.A tenant can facilitate a sublease agreement only upon the landlord’s permission. However, residences with four more residential units are usually considered for sublease, except for a good reason.
Tenants must go through the original lease agreement to ensure the contract permits subletting, the steps involved in seeking permission, and the process of creating one.
Landlord’s entry into the property
Generally, no rules state how frequently a landlord can enter the property. However, the landlord may be free to enter in an emergency. The regulatory code of New York requires the landlord to give advance notice of twenty-four hours before entering the property.
Returning to tenant
Landlords must return deposits to tenants within fourteen days of vacating the property, as seen in § 7-108(e).
The landlord must place the security deposits in an interest-yielding account if the property has a minimum of six residential units according to (§ 7-103(2-a)
According to New York’s code § 238-A(2), the tenant is given a grace period of five days, starting from the original due date, to make payments before the landlord can add late fee charges.
Landlords cannot charge any more than $50 or five percent of the monthly rent, whichever is greater of the two. § 238-A(2)
Rent increase notice
Code (§ 266-C) of New York legislation enforces landlords who increase rent by more than 5% to provide:
- Thirty days’ notice to tenants of less than one-year tenancy.
- Sixty days’ notice to tenants having tenancy between one to two years.
- Ninety days’ notice to tenants of over two years tenancy.
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Which Disclosures are Essential?
Before the lease contract is signed in New York, the landlord must provide certain information to prospective tenants about the property they are about to occupy. Failure to include these disclosures in the New York lease agreement may result in legal actions against the landlord:
|Allergen hazards||NYC Admin Code § 27-2017.1||This disclosure requires the landlord to inspect allergen hazards such as cockroaches, rats, and molds annually.|
|Bedbug disclosure||NYC Admin Code § 27–2018.1||The landlord must state the existence of bed bugs on the property.|
|Copy of signed lease||Tenant’s Rights Guide||This requires the landlord to issue a signed copy of their lease for stabilized tenants within thirty days of the tenant’s occupancy.|
|Lead-based paint disclosure||—||The federal requirement of the law demands landlords of all residencies built before 1978 to issue a lead-based paint disclosure to inform potential tenants of the dangerous paint within the rental apartment.|
|Security deposit receipt||§ 7-103||The security deposit receipt law requires the landlord to pass the name and financial institution to the tenant where the security deposit is kept, no matter how small.|
|Smoking policy||NYC Admin Code 5, § 17-505||This policy demands building three or more units to have customary rules where smoking is forbidden.|
|Sprinkler Disclosure||Article 7, Section 231-A||This law enforces a notice that states whether there is a sprinkler system in the apartment or not.|
|Stove knob covers||NYC Admin Code § 27–2043.1||For tenants with children/wards under six, the New York City housing maintenance code requires the landlord to provide knob covers for gas-powered stoves.|
|Window guards||NYC Admin Code § 27–2043.1||This code protects New York tenants with ten-year-old children (and below) by requiring landlords to fit window guards in the apartment.|
Landlords must let tenants in on fees that are not refundable such as per deposit, cost of credit check, and other similar fees.
Notice of sex offenders
If any registered sex offenders are in the neighborhood, databases that provide such information must also be available to the tenants. In addition, the landlord must also disclose any information regarding a sex offender’s location to their tenants.
Death in the apartment
The landlord must also inform the potential tenant if there are death cases of a former occupant within the last three years. Information such as the cause of death must also be disclosed to the tenant. This may not apply in some states, but all necessary information must be given upon the request of the potential tenant.
Frequently Asked Questions
A standard residential lease agreement in New York lasts for one year. Oral leases may be permitted for less than a year but are not valid for agreements spanning more than one year.
Yes, a contract to lease is legally binding in New York. The landlord and tenant are bound to the rules and terms of the lease once both parties append their signatures. Failure to abide may result in legal actions against the offending party.
No, lease agreements do not need to be notarized in New York. Notarization is not necessary as long as a lease agreement is seen as a standard contract in the city of New York.
Yes, lease agreements may include renewal clauses. However, New York requires both parties to give a 30-day notice to terminate the tenancy lease.