Nadel & Ciarlo, P.C.

New York City Real Estate Law Blog

Information that should be in a lease

Whether you are a landlord drafting a lease for a new property or a tenant considering the lease before signing -- it's very important to read through it carefully -- you need to know what should be in that document. It's a legal contract that helps define your rights and roles moving forward. It's more than just the price of the home or apartment.

So, what should be in the lease? A few key things include:

  • How much the monthly payments will be
  • If there are discounted options, such as a one-time yearly payment
  • The amount of the deposit
  • The exact dates and times that the agreement covers
  • The physical address that the property occupies
  • What unit the person is renting out, if applicable
  • The landlord's name and the basic contact details
  • The date on which the two entered into the agreement by signing the lease
  • Any options to renew the lease and how they work
  • Rent increase policies
  • Payment options
  • What appliances and furnishings the unit comes with
  • What the policy is for keeping the deposit
  • A checklist for previous damage to the apartment
  • What happens if the tenant misses a payment
  • If the tenant gets a grace period or not
  • Whether or not the utilities are included and, if so, which ones are
  • What the policy is for evicting a tenant
  • If the tenant is allowed to sublet the space

Understanding the laws on tenant eviction

When a person is renting an apartment or home from a landlord, they have the entitlement to security. This means that they cannot simply be evicted with no notice and with no reason. However, since the landlord legally owns the property, the landlord can evict the tenant under certain circumstances.

Both landlords and tenants should make sure that they have a good understanding of the law regarding eviction. By doing so, they will be able to act within the law at all times and stand up for their rights.

What are the advantages of a pre-foreclosure sale?

If you have been struggling to keep up with your mortgage due to unemployment, medical bills or perhaps overwhelming debts, you may live in fear of foreclosure. Foreclosure occurs when lenders decide to essentially cut their losses by taking possession of your home and selling it to gain back what they are owed.

Foreclosure is best avoided because it will result in you losing your home as well as having your credit score substantially lowered. There are several ways to avoid foreclosure if you act early. One of the ways to avoid foreclosure is to go through a pre-foreclosure sale.

Common disputes when buying or selling a home

In an ideal situation, you will have a great relationship with the person that you are buying your home from or selling your home to. It is a relationship that requires honesty, transparency and good communication.

However, because of the complex nature of real estate transactions, disputes can commonly occur. The following are some of the most common causes of real estate disputes that you would be wise to watch out for.

Avoiding tenant disputes as a landlord

Being a landlord can be difficult because you will often have to balance questions of personal interest with the desire to avoid disputes. It is important that you set boundaries with your tenant early on in the process of renting, and that you put everything in writing so that you can avoid misunderstandings in the future.

The following are some things that you should do as a landlord if you want to effectively avoid tenant disputes.

What is a special forbearance?

Life is unpredictable. No matter how much we try to plan for the future and allocate our finances accordingly, events happen that can change our situation. Unexpected hardships can arise if we unexpectedly lose our jobs or become ill, for example.

When unexpected hardships arise, we may struggle to be able to pay necessary expenses such as our mortgage for a certain amount of time. As a result, it's common to fear foreclosure. If you are struggling financially and want to avoid foreclosure, seeking special forbearance could be a great option for you.

The most common causes of real estate disputes

If you are currently involved in a real estate transaction, you will want to do whatever you can to prevent disputes from taking place. Disputes are never ideal for any party, because they waste time, can be costly, and are stressful.

It is important that you are aware of the most common causes of real estate disputes, even if you are not currently involved in one. This will give you the information you need to help you to prevent disputes from arising in the future.

Your landlord isn't always obligated to make repairs to your home

Real estate such as apartment buildings or homes must be regularly maintained to remain habitable. If small plumbing, electrical, or heating and air problems are left unaddressed, then they have a way of becoming much larger issues. If you're a renter, then you may assume that any and all problems are the sole responsibility of your landlord. That's not always the case, though.

The first thing that you should do when something goes wrong in your home is to dig out the lease and read over it. You'll want to scan through the terms and conditions listed to see what they say about who's responsible for the particular concern that you're having. If it doesn't clearly address it, then you'll want to search through New York state and city laws to see what it says about it.

Rent stabilization law draws New York landlords into lawsuit

Rent stabilization is always a hot-button topic for landlords and tenants alike in New York. However, the new changes to the rent rule put in effect by Gov. Andrew Cuomo have ignited a new firestorm.

Recently, Cuomo signed a package of bills that virtually overhauled the existing rent laws. The new legislation affects the income and assets of the landlords for about 1.3 million apartments that are either rent-controlled or rent-stabilized.

What does the housing market look like in 2019?

If you're looking to buy a home or any other type of real estate in 2019, you need to know what the market looks like first. This may not dictate your decision -- if you need to buy, you need to buy, no matter what the market does -- but it can help you make an informed decision. The more you know about the process in advance, the better off you'll be.

With that in mind, here are a few 2019 market trends to consider:

  • Prices have been going up, and they're going to keep doing so. This is a far cry from the low prices back around 2011 and 2012. Prices have skyrocketed and the market has really rebounded in the wake of the recession.
  • One major reason for those high prices is that there is a housing shortage. More people want to buy than are looking to sell. This makes it very competitive. It can mean that homes sell for over the asking price as buyers try to outbid one another.
  • Mortgage rates have also been on the rise, largely for the same reason. People are willing to take on higher rates and have the money to do so. However, some experts think that the rate of increase will slow down.
  • If you're interested in a new build, many builders are focusing more on starter homes. These are smaller houses aimed at first-time buyers. With more potential buyers than sellers, though, it just makes sense to build the small, more affordable houses that these buyers want.
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