Nonresidential Lease Documents

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Commonly Asked Questions about Nonresidential Lease Documents

What are non real estate leases?

Non-Property Lease means any lease other than a Real Property Lease, including, without limitation, any equipment lease.

What is a non-lease?

Non-lease components are elements of a contract that are not related to the use of a leased asset; they are commonly found in real estate leases. Examples of non-lease components include services contracts for the leased asset and common area maintenance (CAM).

Does a landlord have to provide a copy of the lease in New York?

New York City rent stabilized tenants are entitled to receive from their landlords a fully executed copy of their signed lease within 30 days of the landlords receipt of the lease signed by the tenant. The leases be- ginning and ending dates must be stated.

What is a non-real estate asset?

Non-Real Property Assets means all Purchased Assets other than the Owned Real Property and the Leased Real Property.

What are examples of non-lease components?

For example, if the landlord/lessor of a property provides common area maintenance (CAM) of leased office space, such as cleaning and landscape services, the CAM involves delivery of a separate service and is not considered a cost of securing the office building. As such, it is considered a nonlease component.

What are the two common types of leases?

Operating leases and Finance leases are the two most common types of leases (also called capital leases). In order to distinguish between the two, it is important to understand how the costs and benefits associated with the possession of the asset have been fully transferred from the lessor to the lessee.

Is a lease valid if not signed by landlord in New York?

State that you reviewed this with an attorney and as the landlord never signed the lease to the property located at (insert address), the lease is not legally binding. As such, with no executed lease, this is a month to month lease requiring 30 days notice to vacate.

Does a lease need to be docHubd in NY?

No, lease agreements do not need to be docHubd in New York. As leases are considered similar to standard contracts valid in the state, notarization is not required.