When two individuals or entities (also referred to as parties) decide to conclude a deal tied to space renting, this deal is usually accompanied by several documents in the United States. A lease agreement is a vital document that two parties sign when conducting such a deal.
This document has a template similar to a contract and involves essential information about the rental deal. It normally includes the amount of money to be paid as rent, description of the rented property, personal details of the parties, and other features and conditions. The person or entity that owns space is called a landlord or an owner. Another side that is receiving space for some time is a renter (or a tenant).
A rental agreement is essential if the renter and the owner want to be legally protected. To download a template of such an agreement in New York and easily complete it, you may use our form-building software.
Every state has its own laws and rules that regulate relations between sides when renting space. In New York, this topic is covered in the Consolidated Laws of New York, “Real Property” Part, Article 7.
Some information is also available in other articles of this part and in the following part called “Real Property Actions and Proceedings.”
Also, among the Unconsolidated Laws, there is the special Emergency Tenant Protection Act 576/74 (or ETP). The Admin Code of New York contains relevant laws, too.
When a tenant leaves the leased real property, the landlord has to return the security deposit back in no more than 14 days or two weeks, as stated in Article 7, Section 7-108.
The maximum amount of a security deposit is equal to the amount of one month’s rent as prescribed by the ETP Act.
Laws of New York do not prescribe notifying a tenant if they need to access the property or an emergency case. However, parties might include this condition in the agreement.
In New York, there is a broad list of disclosures that parties have to acknowledge and accept when concluding a leasing deal. This list comprises:
In general, lease agreement templates look similar in all of the states. However, there are different types of rental agreements that serve different purposes. For example, while some templates are applicable for commercial lease deals, others regulate parties’ relations when renting an apartment.
In New York, there are no less than 11 possible templates of lease agreement:
In New York, there are various types of rental agreements. When you decide to create this document, pay attention to the template you are downloading.