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Corporate and real estate law is particularly nuanced, covering a range of issues like rental and lease agreements and housing rental and lease agreements. If you are dealing with corporate legal issues, contact Ladis & Baldwin Law Group for knowledgeable legal guidance. We have a deep knowledge of New York’s changing laws, and we always prioritize the client’s needs and interests. Whether you have questions about lease and rental agreements or other real estate concerns, let Ladis & Baldwin Law Group help.
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Lease and Rental Agreements
New York law regulates what lease and rental agreements need to establish, such as anti-discriminatory provisions and security deposit limits. Recall that a lease, or a rental agreement, is a legal contract between the landlord and the tenant that establishes the obligations of each party, such as due dates for rent. Leases typically include the following:
- names of the parties involved in the lease (the landlord and tenant);
- the length of the lease (e.g., month-to-month, 1 year);
- the rental amount and due dates;
- address and description of the property;
- security deposit amount (below);
- utilities covered by the landlord.
It is also prohibited to discriminate against potential tenants on the basis of their race, creed, color, national origin, sex, age, disability, marital status, and familial status. In special circumstances, such as senior citizen housing, one- or two-family homes, and mobile home parks, the landlord may express a preference (e.g., based on age) for the tenant.
Reach out to our attorneys at Ladis & Baldwin Law Group online for a free consultation to discuss your case in more detail.
Security Deposit Laws
New York does not state a specific limit that landlords may charge for a security deposit. However, such security deposits are usually one months’ rent, and landlords may request an increase in the deposit if rent is later legally increased.
Landlords must hold security deposits in trusts. Commingling the security deposit with personal funds is strictly prohibited. If the property holds 6 or more tenants, the landlord must hold the deposit in an interest-bearing account by a banking organization.
Note that tenants are entitled to the interest that their security deposit earns during tenancy, but a landlord may collect a 1% administration fee for handling the deposit. Nonetheless, the landlord must return the entire security deposit and any interest earned within a reasonable time after the lease terminates. If the tenant damaged the apartment or had any unpaid rent, the landlord may deduct a reasonable cost of repairs and reimbursement for the rent from the deposit.
If you have questions about corporate or real estate issues, do not hesitate to contact our team at Ladis & Baldwin Law Group for legal support. The above are only a couple of examples of real estate matters that we handle in New York, and we can lend a legal hand to whatever issues you are facing. Our clients are our top priority, and we will do our best to strategize a case that asserts your rights and protects your real estate interests.
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