New York City Lease Agreements

New York leases are written after a landlord (owner) and tenant (tenant) have agreed orally to all terms of a tenancy agreement, including the monthly payment amount and whether the tenant is responsible for payment of benefits. The lessor, even if it is not mandatory, should require the tenant (s) to provide his income tax data for the previous year in order to determine his monthly income and see if he can afford the monthly payment. Most landlords will check whether the applicant has access to at least one-third of his or her net income to ensure that he or she can cover the rental costs. As soon as both parties sign the agreement, it is considered a legal and binding document. To protect your legal and financial rights, it is important to familiarize yourself with the specifics and nuances that New York State needs to execute a lease. Lease to Own Agreement – A cross between a standard lease and a sales contract. Sets a purchase price for the rental property that tenants can meet at the end of the lease. Copy of signed rent (tenants only destabilized) – The lessor must hand over a signed copy of his lease within thirty (30) days of rental. (Tenant Rights Guide) All leases in New York must include a striking indication (in bold letters) as to whether or not the property has an operational operational sprinkler system. If a system is in place, the lease must include maintenance and repair history. Commercial lease – a form used to lease commercial real estate to a business owner who plans to manage the retail business, industry, office or food industry. Each lease agreement must indicate whether or not the land has an operational sprinkler system and inform the tenant of the last date the watering facility was maintained. (N.Y RPP 231-A) Recovery Checklist – Not required, but recommended for each client who deposited a deposit at the time of signing the lease.

This is a good example of the provisions that a simple lease could contain and the form that should be taken in its final form.