New York Lease Agreement: What Is It?
Whether you’re renting out a corner of the Big Apple or looking to lease a property in scenic New York State, there are certain quirks about New York lease agreements of which you should be aware. Sure, a lease agreement is a lease agreement in many respects, but state laws do characterize these documents in ways you might not expect. Below, we have outlined a few key aspects to keep in mind when drafting a New York lease agreement.
Security deposit information
. A New York security deposit does not need to reside in a banking institution. However, it may not, by law, be combined with the personal assets of the landlord. A New York landlord must officially declare the details of a security deposit agreement. Ordinarily, he or she will do this in the lease agreement.
Liability.
To avoid being sued for negligence, be sure to outline your particular responsibilities insofar as building maintenance and tenant safety. Your lease must disclose any history of lead or other noxious substances in the building’s construction and affirm that all is up to code. The same goes for the building’s state of repair - your lease agreement should contain a clear plan for maintenance and repair, and you must abide by the this plan.
Make the tenant’s responsibilities clear
. The more firmly you outline the tenant’s own liabilities and limitations, the better protected you are. Provide a concise handbook of tenant’s rights, and have the tenant acknowledge in writing the receipt of said document.
