Frequently Asked Questions About Free Lease Agreements
For a business rental, it is important to read and understand the legally-binding details of a free lease agreement2 min read
For a business rental, it is important to read and understand the legally-binding details of a free lease agreement. While most lease agreements cover a number of details, the law in each state may vary depending on the specifics of the contract. Here we address the frequently asked questions related to free lease agreements in New York State.
A rental property in New York State is subject to different regulations, depending on the size of the property and its intended purpose. If you are planning to rent a property in New York, it is important to understand the law before diving into a free lease agreement.
What Does a Free Lease Agreement Include?
A free lease agreement for a rental property includes only the core elements that are necessary for a binding agreement to take effect. It usually includes the tenant’s name, contact information, and the landlord's name; the address of the rental property; the amount of rent and when it has to be paid; the duration of the agreement; details about utilities and services included in the rent; who is responsible for maintenance; and how to pay for repairs.
What Are Key Terms in a Free Lease Agreement in New York?
Several specific legal considerations should be included in a free lease agreement in New York. Landlords are required to outline in the agreement the right to enter the rental property for inspections or repairs, according to the laws outlined in Article 7 of the Real Property Law. If pets are allowed, the agreement should describe any limitations, such as size and type. Other Master Tenant duties should be spelled out, such as how fees and deposits are treated, whether guests are allowed, and who is responsible for yard maintenance.
What Are the Rules for Breaking Free Lease Agreements in New York?
In some cases, a tenant may need to terminate the agreement early. The free lease agreement should outline any penalties for breaking the lease. If the agreement does not contain a provision for early termination, the tenant is still responsible for the entirety of the rent as outlined in the agreement. However, if the landlord re-rents the property before the end of the original agreement, they may deduct the difference in rent from the tenant’s security deposit.
Can I Draft a Free Lease Agreement With an Attorney in New York?
It is always better to have an attorney review a free lease agreement. A New York lawyer can help you understand and create a binding agreement that meets the standards of the New York State laws and protects your interests. Especially for businesses, or if you are planning to invest in rental properties, having an attorney who is familiar with the local regulations can save time and money in the long run.
UpCounsel provides an extensive network of experienced attorneys available for reasonable, on-demand rates in New York. Our attorneys have an average of 14 years of experience and their profiles include client ratings and reviews of their recent work. Whether you need a one-time consultation or an entire legal team, UpCounsel has you covered.
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