New York lease with updated law changes?

Question

Hey all, I was hoping someone here can share their lease with all the new amendments to the laws that's changed in New York.

Jerid Meagan · Answer

@Linda Crandell,

I recommend taking it one piece at a time. Look at the new laws in pieces and then determine how you can mitigate your risk for each one. Some of the new regulations require landlords to provide additional written notices that weren't previously required, which is actually good business practice to do anyway. These include the notices for an increase in rent as well as rent renewal notices. From a leasing perspective, this provides the landlord or PM with more lead time to the list the unit should the tenant not renew, and hopefully minimize and loss of rent.

A few other examples:

Security Deposit Returns - new requirement states deposits need to be returned with 14 days. This is a tough one as it was always my practice to aim for a 30 day refund - this was good business practice. It allowed time for invoices from third parties to trickle in as well as the new tenants to move in, get settled, and point out any "misses" that may not have been uncovered in the landlords inspection.

Solution: I see one here and that is to be proactive with turnover work, invoicing, etc.

Evictions and the right for the court to "stay"

Solution: Proper screening solves a lot of these problems. Make sure you are properly screening and staying within Fair Housing guidelines and lot of these issues may never arise, or arise less frequently.

Linda Crandell · Answer

@

Adam Leitman Bailey

I had previously lost out on a 10+-unit complex in Upstate NY, just before the new landlord laws took effect. Today the realtor called me up because the deal fell through. It was a great deal originally, but with the law change is it still? What advice would you give me today while the dust settles with the new law? Should I just turn my attention to another state altogether? I've read a lot about this, and my head is spinning.

Adam Leitman Bailey · Answer

Blumberg forms is a great resource. So many great lease forms written by some great experts

Scott Wolf · Answer

Like @Les Jean-Pierre said, Blumberg.com

Les Jean-Pierre · Answer

I would try Blumberg forms. You can get them at a lot of stationaries.