New York Residential Lease Agreement

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• What is a NY Rent Agreement
• Types of NY Estate Lease Agreements
• How to Write a New York Lease Agreement
• New York Estate Rental Laws
• NY Rental Required Disclosures
• New York Residential Lease Agreement Sample
• Other Real Estate Documents
• NY Residential Lease Agreement FAQs

What is a NY Rent Agreement

A Residential Lease Agreemeny (sometimes also known as a rental lease agreement) is a real estate rental contract between a landlord and a tenant. This creates a legally binding accord between the two parties that conforms to the laws of the state that the property is located in (in this case New York).

The agreement contains details on the following:

• How long the tenant may legally reside in the property
• How much rent should be paid
• Information about the security deposits necessary
• When rental installments are due
• Any additional costs that must be serviced by the tenant
• The rules regarding the proper use of the property
• Situations that constitute a lease violation eviction procedures

Types of NY Estate Lease Agreements

There are many types of NY lease agreement forms that landlords can choose to rent a property in the state. These allow for owners to flexibly create an arrangement that best suits the type of property they are leasing and the type of tenant they are partnering with.

The most common types of lease agreements in New York include:

• Residential lease agreement: A fixed-term lease that can last several months or years depending on the agreement between both parties.
• Lease agreement with option to purchase: In this kind of contract rent-to-own buyers may take up an option written in the lease to purchase the property outright from the current owner.
• Room rental agreement: This allows people with homes of multiple occupancy with shared living areas to create an agreement for the rental of a single bedroom.
• Sublease Agreement: With this agreement, tenants can rent the property they are renting to a third party.
• Room Rental Agreement: This allows people with homes of multiple occupancy with shared living areas to create an agreement for the rental of a single bedroom.

How to Write a New York Lease Agreement

Drafting a legally binding New York Lease Agreement requires including all key information and terms.

Follow these steps to create a well-written agreement that complies with New York legislation:

• Name the parties involved: The lease agreement must include the names of both the landlord and tenant(s).
• Include the property’s address and clarify its use: The agreement must clearly state the address of the property and how it will be used.
• List the lease terms: The start and end dates of the lease should be listed, along with any provisions for extending or renewing the lease.
• Specify fees and payment: This section should include the rent price, payment method, and due date, as well as any fees for late rent payments.
• Add deposit information: The security deposit amount and the timeframe for returning it to the tenant should be specified in this section.
• Name the occupants: If there are any non-paying residents living on the property, they must be named in the lease agreement.
• Clarify who pays for utilities: This section should define which utilities are the responsibility of the tenant(s) and which are the responsibility of the landlord.
• Enumerate the furnishings on the property: If the property is furnished, a list of furnishings should be added to the agreement.
• Indicate the governing law: The lease agreement should state that it will be governed by New York state law.
• Include a signature section: Both the landlord and tenant(s) must sign the agreement, including the date of signature and printed name.

Using a New York Lease Agreement template can simplify the process of drafting an agreement and reduce the likelihood of errors.

New York Estate Rental Laws

A New York lease agreement must conform to the laws of New York state, otherwise, it will be legally contestable and can be declared invalid. To avoid breaking the rules on rentals properties in-state landlords and tenants must check the terms they include carefully to ensure they adhere to standards such as the following:

• Landlord’s right to enter: Landlords renting to tenants in New York must provide at least one weeks’ notice of any repairs that will be made to the property and at least 24 hours’ notice before entering for inspections (NY Admin Code § 27-2008). The request to enter should be made in writing and a reason given for the visit.
• Security deposit: New York landlords may charge no more than one months’ deposit if the property is a non-rent control unit (N.Y. GOB § 7-108-1a(a)). This must be returned to the tenant within 14 days of vacating the property and returning the keys (N.Y. GOB § 7-108-1a(e)). Landlords must also give advance notice of any deductions.
• NSF Check: According to the General Obligations law of the state of New York (N.Y. GOB § 5-328), landlords may charge tenants a fee of up to $20 if a check received as payment is returned due to insufficient funds or any other reason.
• Limitation on fees: In New York, landlords can charge fees to cover background and credit checks on potential tenants, but the total fee cannot exceed the actual cost of the checks or $20, whichever is less (N.Y. RPL§ 238-A (2)). Additionally, landlords must provide tenants with copies of checks and the receipts from the entity conducting them.
• Late rent fees: Landlords in New York (N.Y. RPL § 238-A (2))can only charge late payment fees if the rent has not been paid within five days of the due date. The fee cannot exceed fifty dollars or five percent of the monthly rent, whichever is less.

NY Rental Required Disclosures

New York state requires landlords to disclosure a few important addendums. These are necessary to conform to rental laws and provide important information on a number of safety considerations.

Essential New York Estate Lease Agreement Disclosures

The disclosures below are often included in New York Residential Lease Agreements:

• Operative fire sprinkler system notice: The lease agreement must contain a notice on whether or not the property being rented has a working sprinkler system. If there is one present its maintenance and repair history must be provided as an addendum (N.Y. RPL § 231-A).
• Lead-based paint disclosure: Under federal law, all lease agreements for all buildings built before 1978 must include a disclosure statement on the risks of lead-based paint. This must report any known hazards found on the property. Landlords must also provide the tenant with the appropriate EPA literature on lead-based paint.
• Security deposit: When tenants deposit or advance money, the landlord must keep it separate from their own funds and hold it in trust. If the landlord credits the money to a bank account, they must inform of the bank's name and address (NY GOB § 7-103).

Mandatory NY Rental Disclosures

The following disclosures are of mandatory compliance for landlords in New York:

• Bed bugs: This disclosure must explain the bedbug history of the property being rented and of the building that it is located in (NYC Admin Code § 27–2018.1).
• Allergen hazards: Landlords must make sure that there are no pests or other allergen hazards inside and prevent any conditions that could cause such hazards. If any such conditions arise, the owner must fix them quickly, along with any underlying issues that may exist (NYC Admin Code § 27–2017.1-,%C2%A7%2027%2D2017.1%20Owners%27%20responsibility%20to%20remediate,-.|_blank)).
• Window guards: If a child ten years old or younger lives in a dwelling unit in a multiple dwelling, the owner of the building or unit in a condominium must provide, install and maintain a window guard on each window of the unit. This includeswindows in public areas (NYC Admin Code § 27–2043.1).
• Stove knob covers: Landlords must give tenants with gas stoves the choice of using permanent stove safety knobs with built-in locks or stove knob covers for each knob located on the front of the stove if there is a child under six living in the dwelling unit (NYC Admin Code § 27–2046.4).
• Smoking policy: Landlords must adopt a smoking policy. This must include where smoking is allowed or not allowed, both inside and outside the building, including in common areas, individual apartments, and outdoor areas like courtyards and balconies (NYC Admin Code § 17-506.1).
• Anti-scald valves: Baths and showers that have balanced-pressure mixing valves, thermostatic mixing valves, or a combination of pressure balancing/thermostatic valves shall produce water that is less than 120 degrees Fahrenheit, but not lower than 110 degrees (NYC Admin Code § 27-2031).

Other Recommended NY Disclosures

New York law does not mandate the following lease agreement disclosures and addendums. However, landlords may find it beneficial to include them in order to minimize potential disputes with tenants or limit legal responsibilities.

New York Residential Lease Agreement Sample

Before starting your own New York Residential Lease Agreement it is important to clearly understand the layout and language of the document. Use our lease agreement sample below to familiarize yourself with the necessities of this important legal contract.