When purchasing rental real estate or renting a home yourself, it is helpful to be aware of the typical provisions. As either a landlord or a tenant, you have certain obligations. The information below includes basic information on Staten Island NY rental provisions. Categories of Tenancy Tenancy can be at-will or by lease. There are advantages and disadvantages to each, but the major difference related to the time frames. Leases note definite time frames while tenancy-at-will is more indefinite. Before offering a particular type of tenancy, property owners normally assess the impact of the time of year (i.e. colder weather), the cost of replacing tenants, and other similar situations.
Obligations of Each Party Both landlords and tenants maintain particular obligations to fulfill. For example, landlords must maintain a safe and clean (as defined by law) living environment. Tenants must submit rentals payments and not damage the home beyond normal wear and tear. Additional provisions can be outlined in the rental terms, although some conditions may either be required by law or prohibited. Ultimately, it is critical for both landlords and tenants to understand their rights and to understand all terms in an agreement before accepting it. It is possible for particular items to be adjusted to reflect the needs of both parties. Handling of Deposits One of the key terms in any rental agreement involves deposits. A security deposit can be required to cover expenses related to damages. Rent for the last month is also sometimes required to stop tenants from using security deposits for the last month or to facilitate 30 days advance notification for vacating the home. Receipts should be written for every deposit for accurate record keeping.
Staten Island NY laws can specify maximum amounts, where money is deposited (i.e. into an interest bearing escrow account), and when deposits must be given back to tenants. Basic Information On Staten Island NY Rental Provisions This article includes only some elements of Staten Island NY rental provisions. It is provided merely as a basic overview and must not be interpreted as legal guidance. Connect with a local Staten Island NY lawyer for actual legal guidance. Comprehensive resources regarding Staten Island NY rental provisions may also be found on the official state website. Subscribe to our website for further information on this and similar topics.