Security deposits exist to protect a landlord's interest in a property. Irresponsible tenants could cause substantial damage to a unit well beyond the standard wear and tear likely during a rental period. If a tenant leaves without finishing their lease or if they cause major damage, the security deposit on the unit helps reimburse the landlord for their losses.
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.
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.
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.
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.
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.
There's only a month to go before the rules that currently govern rent-stabilized apartments in New York expire -- and the issue is igniting a firestorm from both tenants and landlords.
If you have received an eviction letter from your landlord in New York, it is likely that you will be feeling worried about your future housing options. Losing your home so unexpectedly can be upsetting and will feel unfair. You may be wondering whether there is any legal action you can take to prevent eviction actions from taking place.
Subletting someone's apartment is a relatively common practice in New York City. Maybe you need a place to stay for the summer before you start classes at NYU and you find a friend of a friend who's off shooting a movie in Europe for the summer. It's a win-win, right? You get an apartment close to your job and he gets reimbursed for his rent while he's away. Some tenants also sublet their New York apartments even though they're currently living upstate because they don't want to lose them.
If you are a landlord and you are going through the process of renting out your property in New York, it is important that you take the appropriate steps to ensure that no disputes arise. Disputes between landlords and tenants can be stressful for everyone involved, and they can also lead to costly litigation. Furthermore, they can often be avoided through proper communication from the start.