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[NY] How do I handle security deposits and disclosures in a New York lease?
Is the security deposit clause in my lease correct? Also, I know I need to include the bed bugs notice, lead paint notice, and notice of New York's good cause eviction law. Anything else that I’m missing?
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The security deposit must be returned within 14 days (Gen. Obligations Law 7-108). Keep the deposit (no more than one month) in a separate bank account. Do not commingle it with your personal funds.
Your agreement should also include a sprinkler system notice and the name of the bank holding the security deposit. A window guard notice may also apply.
Every residential lease shall also contain the following notice to tenants (§ 235-bb):
“Flood insurance is available to renters through the Federal Emergency Management Agency’s (FEMA’s) National Flood Insurance Program (NFIP) to cover your personal property and contents in the event of a flood. A standard renter’s insurance policy does not typically cover flood damage. You are encouraged to examine your policy to determine whether you are covered.”
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New York Standard Apartment Lease Agreement
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I'm just wondering if the lease I'm crafting for my new tenants is above board.
Lexi, Chatbot
I understand the importance of having a legally sound lease agreement. Are you looking to ensure that your lease complies with all relevant landlord-tenant laws?
Yes.
Lexi, Chatbot
Have you included clauses in the lease regarding rent payment, security deposit, maintenance responsibilities, and any restrictions on the property?
I believe so.
Lexi, Chatbot
Is there anything else the lawyer should know before I connect you?
No.
GAL
Hello. My name is Gal, and I’ve been practicing law for over 22 years. I’m here to help. How are you doing?
I’m well, thanks Gal.
GAL
Glad to hear!
I just put together a lease I plan to send to my new tenants, and wanted it reviewed before sending. I've attached the file.
GAL
AskaLawyer charges an additional fee for document review. Are there a few specific paragraphs that you are concerned about to avoid the fee?
Is the security deposit clause correct? Also, I know I need to include the bed bugs notice, lead paint notice, and notice of New York's good cause eviction law. Anything else that I’m missing?
GAL
The security deposit must be returned within 14 days (Gen. Obligations Law 7-108). Keep the deposit (no more than one month) in a separate bank account. Do not commingle it with your personal funds.
Your agreement should also include a sprinkler system notice and the name of the bank holding the security deposit. A window guard notice may also apply.
Every residential lease shall also contain the following notice to tenants (§ 235-bb):
“Flood insurance is available to renters through the Federal Emergency Management Agency’s (FEMA’s) National Flood Insurance Program (NFIP) to cover your personal property and contents in the event of a flood. A standard renter’s insurance policy does not typically cover flood damage. You are encouraged to examine your policy to determine whether you are covered.”
Understood.
Do I need the window guard notice if no children are in the apartment?
GAL
I would still include it. Do you have any other questions for me?
Nope, thanks so much.
GAL
My pleasure. Thank you for using AskaLawyer. I hope my responses were helpful. I wish you success. Take care!
GAL
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