New York City has some very specific requirements for leasing and lease agreements. If you need help navigating those requirements, you should work with someone who has experience with residential and commercial leases in the Bronx. They can help you create a lease that covers all of the important details and keeps you protected.
A Bronx landlord-tenant attorney could make all the difference. Here at Mark H. Cohen & Associates P.C., our firm has the experience it takes to help you with your legal needs. We can help you with your lease agreement and answer all of your questions regarding New York City real estate.
In New York, the government has many laws in place to protect individual tenants. Generally, residential leases apply to Bronx home, loft, townhouse, condominium, and apartment rentals. The tenant cannot use the rental for commercial purposes.
The rent for a property varies greatly. Usually, the lease stipulates a monthly rent amount. It could be on a month-to-month basis, or for a set amount of years. In most instances, the terms cannot be negotiated.
All leases include all of the following automatic terms:
Right to Quiet
This refers to the noise on the premises. While it’s a tenant’s responsibility to maintain quiet during the designated hours, it’s also the landlord’s responsibility to maintain a quiet environment on the grounds.
Right to Repairs
If you live in a building with three or more units, the landlord has a responsibility to keep the grounds free from rodents, garbage, and hazardous materials. However, individuals who rent a unit in a building with less than three units don’t have this luxury. They need to include the terms for it on their lease agreement.
Right to Hot Water and Heat
All landlords in New York City need to give their tenants hot water. That water needs to be available at all hours of the day, every day of the year.
The similar is true of heat. If the outdoor temperature is less than a certain value, the landlord must be able to maintain a certain indoor temperature. This is always the case between October and May.
But there is an exception. The landlord could include a rider in the lease that eliminates this requirement.
Right to a Security Deposit
The security deposit remains the property of the tenant until the tenant breaches their lease. Therefore, the landlord cannot mix the security deposit with their own money. It can go in the bank, but the landlord needs to tell the tenant the name and location of the bank. Additionally, the tenant should receive some of the interest accumulated over time.
In the Bronx, commercial leases are also quite common. However, they are very different from residential leases. There are several common types of commercial lease agreements:
A gross lease is one in which the landlord pays for almost everything. The landlord pays for property taxes, insurance, maintenance, and other expenses. Meanwhile, the tenant just pays the monthly rent. Your landlord could even be responsible for paying for the toilet paper.
In the Bronx, there aren’t many commercial properties that offer gross leases. They are uncommon and tend to come at a high cost.
If you’re looking to rent a property in the Bronx, you’re probably going to come across some net leases. These leases are different from gross leases in that they are not all-inclusive.
The net lease comes in several forms. If you have a single net lease, you must pay property taxes. Your gross rent includes those taxes. If the taxes increase, your rent will increase accordingly. You must also pay for all of your expenses. However, the landlord will pay for common area expenses as well as the insurance on the property.
Another type of net lease is rarer in the Bronx. With a double net lease, you pay for rent, property taxes, and property insurance. Meanwhile, the landlord handles the maintenance fees and paying for the common area.
Finally, you might come across a triple net lease. This type of agreement tends to favor the landlord. All of the expenses that come with owning a property are passed on to the tenant. For example, the tenant pays rent, taxes, insurance, community property expenses, and maintenance fees. Before signing this type of agreement, a tenant should learn about appliance warranties.
Working with an Attorney
Approximately 51% of the residences in New York City are occupied by renters. And the Bronx is no different: there are many renters throughout the borough. Both residential and commercial leases are common.
If you’re one of the many landlords or tenants, you may need some help. Mark H. Cohen & Associates P.C. can give you the assistance you need. Contact us to learn more about our services.