- What is a Residential Lease Agreement
- Types of NY Lease Agreements
- New York Laws
- NY Required Disclosures
- New York Residential Lease Agreement Sample
- NY Residential Lease Agreement FAQs
New York Lease Agreement
What is a Residential Lease Agreement
A residential lease agreement (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 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:
Month-by-month lease agreement: A flexible agreement (sometimes simply called a rental agreement) where the terms of the contract are renewed month-on-month.
Standard residential lease agreement: A fixed-term lease that can last several months or years depending on the agreement between both parties.
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.
New York 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. 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. This must be returned to the tenant within 14 days of vacating the property and returning the keys. Landlords must also give advance notice of any deductions.
NY 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.
These essential disclosures include:
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.
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.
Bed bug disclosure: This disclosure must explain the bedbug history of the property being rented and of the building that it is located in.
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.
NY Residential Lease Agreement FAQs
There are many considerations that need to be clear before creating a residential lease agreement from scratch. Read through the answers to our FAQs below to understand the specifics of renting and leasing properties in New York better.
How to Get a New York Lease Agreement Form?
It is possible to create your New York lease agreement fully online. Using our legal document maker tools, you can easily construct your own tailored lease with the help of step-by-step guidance and professional templates.
Alternatively, this form can be created with the help of an attorney or law office. This option however comes at a higher cost from hiring a legal profession.
How to End a Lease Agreement in NY?
In most cases, Lease agreements in NY end naturally when they reach their expiry date. If for any reason either party needs to end the contract early, they must submit a termination lease letter, explaining when and why the break is to occur.
NY lease agreements often carry high financial penalties if they are broken or ended early. However, there are a number of situations that allow a tenant to end their agreement before its expiry without any extra costs, these include:
Entering active military service.
Tenants over 62 years old entering residential healthcare facilities.
The landlord refuses to make substantial repairs.
The tenant has been a victim of domestic abuse or stalking.
The landlord has violated the privacy of the property or is harassing the tenant.
Do I Need to Notarize my NY Residential Lease Agreement?
It is not necessary to notarize a NY residential lease agreement. However, whilst this might not be a legal requirement in New York state, signees are still advised to consider this step to provide further legal enforceability.