I’m looking to buy my first Rental Property and had a question in regards to a Renters Lease. Is there a template that I can follow, or is this something that my RE lawyer can write up for me? Any insight is appreciated greatly.
Each lease should reflect local state laws, and even county laws. Sometimes, rental laws vary county by county. It may be best to invest a little money in having a good real estate law attorney drafting up your lease template. From there, you can use it over the years and update as needed.
I'm sure you could get by with just some template you find at the store, but it might not be thorough enough. In addition, if you chat with an attorney, you can start to get yourself familiar with the rental laws now, before you come upon a situation where you need to know where you legally stand and what your rights are as a landlord.
You can also check the file place on this website. They should have some templates. I would modify to my liking and then have an attorney look at it if you don’t feel comfortable with the results.
If you are referring to residential, definitely use a lawyer for your first one and then copy that form for the rest. If you are going to use a template, make sure it is not only NY, but NYC particularly. The city is it's own animal and if the lease doesn't explicitly say certain things, you can be subject to major penalties. On the flip side of that, Manhattan is one of the most landlord-friendly areas around, so that will always work in your favor. Good luck!
Many landlords here in nyc use a Bloomberg lease (able to purchase at staples). The trick is they have pages of and pages of Ryder’s for added protection. We also have something what the equivalent to realtors here in manhattan call a REBNY lease (Real Estate Board of New York).
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