How it works
If you're renting out your property to a tenant, you'll want to make sure you have a written Lease Agreement signed before the tenant moves into the property. By signing a Lease Agreement, both the landlord and tenant are essentially putting the terms of their agreement to rent the property in writing.
Although there's no standard Lease Agreement, there are still some basic requirements that should be included in every lease. These include: the names of the landlord and tenant; the address of the property; the amount of rent; when the rent is due, who it should be paid to, and where it's to be paid; the amount and purpose of the security deposit; the amount of any late fee; whether pets are allowed; who's responsible for which utilities; and information about lead based paint on the property.
In New York, there's also additional requirements that must be included in the lease, especially if the property is located in New York City. For example, In New York the Lease Agreement must also include additional provisions and addendums regarding window guards, bedbugs, lead paint, and other rental control and stabilization laws and restrictions which may apply to the property. As a landlord, you should always refer to your local New York housing authority for any specific information that may apply to your property.
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This document is sometimes called a New York Residential Lease Agreement.
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