New York Lease Agreements | Residential & Commercial

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A New York lease agreement is a binding contract that allows a landlord to rent residential or commercial space to a willing tenant. Prior to signing a lease, the landlord will require a fee to cover the cost of running a credit report on the applicant. Once approved, a lease will be signed between the parties with the first (1st) month’s rent and a security deposit due prior to occupancy.

Rental Application – Used by landlords to check the status of a tenant’s credit, background, references, and any other requested information.

Table of Contents

Agreement Types (11)


Apartment Lease Agreement – For a residential unit located in a multi-family.

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Commercial Lease Agreement – To be used by landlords seeking to rent space related to office, retail, or industrial use.

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Condominium Lease Agreement – Residence that is owned usually in a property with other individuals sharing common space.

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Lease Agreement with Option to Purchase – Tenant/Buyer has the right to buy said property on terms agreed upon by the owner/lessor during the course of the occupancy.

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Month to Month Lease Agreement – Contract pursuant to § 232-b that can be canceled at any time with a notice of at least one (1) month by either party.

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Real Estate Board of New York Lease Agreement – Fixed term contract provided by the Real Estate Board of New York.

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Room Rental (Roommate) Agreement – For the parties living in a shared home to explain the rules and fees of each living companion.

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Standard Residential Lease Agreement – A fixed arrangement that is commonly for a one (1) year term.

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Single-Family Home (House) Lease Agreement – For a residential house that usually has a yard and driveway.

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Sublease Agreement – The act where a person, the ‘original tenant’, decides to allow another person, the ‘sublessee’, to take over their lease for a partial or end of its term.

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Termination Lease Letter – In accordance with § 232-b, a month to month arrangement may be terminated by serving this notice to either the landlord or tenant with at least one (1) month’s notice.

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Disclosures

Allergen Hazards (NYC Admin Code § 27-2017.1) (NYC ONLY) – The landlord is required to make an annual inspection of indoor allergen hazards such as mold, mice, rats, and cockroaches. (NYC Admin Code § 27-2017.1)

Bed Bug Disclosure (NYC Admin Code § 27–2018.1) (NYC Only) – Landlords are required to acknowledge the existence of bed bugs in the rental unit.

Copy of Signed Lease (Tenants’ Rights Guide) (Rent Stabilized Tenants ONLY) – The landlord must give a signed copy of their lease within thirty (30) days of tenancy.

Lead-Based Paint Disclosure – Per federal law requiring all residences built before 1978 for the landlord to issue this notice to inform the tenant of the hazardous paint within the walls and ceiling.

Security Deposit Receipt (§ 7-103) – No matter the amount, if a deposit is accepted by the landlord the name and location of the financial institution must be relayed to the tenant in writing.

Smoking Policy (NYC Admin Code 5, § 17-505) (NYC ONLY) – Buildings of three (3) or more units must have a policy outlining where smoking is prohibited.

Sprinkler Disclosure (Article 7, Section 231-A) – Must contain notice of whether or not a sprinkler system exists.

Stove Knob Covers (NYC Admin Code § 27-2046.4(a)) (NYC ONLY) – For tenants with children under six (6) years of age, the landlord must provide knob covers for gas-powered stoves.

Window Guards (NYC Admin Code § 27–2043.1) (NYC ONLY) – In the City of New York if the tenant has a child that is ten (10) years of age or younger the landlord is required to fit the apartment with window guards.

Access

There is no State law that requires the landlord to give any type of notice before entering the tenant’s space for any type of repair or non-emergency issue.

Security Deposits

Interest (§ 7-103(2-a)) – If the tenant is living in a building that has at least six (6) residential units then the landlord is required to deposit the Security Deposit into an interest-bearing account. The benefit of the interest shall be to the tenant upon vacating the property at the end of the lease.

Maximum (Emergency Tenant Protection Act 576/74(f)) – The landlord may charge up to one (1) month’s rent.

Returning (§ 7-108 (e)) – The landlord must give the funds back within fourteen (14) days after the tenant has vacated the premises. If there are any funds that are held by the landlord then the tenant is required to receive a list of itemized deductions.

(Video) What are the New York Rental Laws?