The Top Five Things to Consider in Your Rental Agreement
Are you a business owner in the State of New York looking for legal counsel to review your rental agreement2 min read
Are you a business owner in the State of New York looking for legal counsel to review your rental agreement? Even if you have prior experience in negotiations and designating terms, technical provisions, and assurance of tenant rights, the State of New York provides several unique directives and guidelines that are important for you to understand before signing on any agreement. Here is a look at the top five things you should consider when looking at a rental agreement in New York.
1. Discounts and Upcharges
When it comes to rental agreements, discounts are the name of the game. While tenants may want to negotiate the best deal possible, landlords may typically reserve discounts (like negotiated rent prices) for a certain length of time in order to guarantee they will get their money back in addition to any un-rented months. Pay attention to discounts or upcharges for breaking the rental agreement early or for not renewing before a lease deadline.
2. Repairs and Accessibility
It is important to double-check your rights regarding repairs and accessibility. The Landlord may provide certain repair obligations. If the landlord does not provide repair services, you may be held liable for any repairs needed in those cases. Furthermore, it is important to make sure the premises are accessible and maintained in a reasonably habitable condition. Tenants' access rights for conventional repairs should also be designated in their lease agreement.
3. Rent Increase and Subleases
In the State of New York, landlords can only legally increase the rent when a new tenant is moving in to the property. If a tenant decide to leave and another tenant moves in, the rent can be legally increased. In addition, you should verify that sublets are allowed in rental agreements. Some sublets may require the consent of the landlord or provide specific regulations and conditions for a sublet.
4. Security Deposits
When it comes to security deposits, it is important to understand the regulations that apply in the State of New York. Tenants in the State of New York cannot be charged more than one month's rent for a security deposit, and must always be returned within 14 days after the end of a rental contract. You should also look for provision detailing what happens to the security deposit if a tenant breaks their lease early.
5. Reimbursement of Expenses
Finally, it is important to make sure that your lease agreement includes clauses for reimbursement of any expenses incurred. These will cover any expenses the tenant pays for any repairs or utilities that are not covered by the landlord's contract.
Whether you are a landlord or a tenant, understanding the five important points discussed above is key to working out a great rental agreement in New York. It is always wise to consult with an experienced attorney when drafting new leases or tenant agreements, especially if you wish to avoid any future disputes. For the best in attorney access and high-quality legal service, consider Up Counsel for your needs.
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