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What is the lease period for commercial property?

Also, commercial leases are for longer durations, ranging up to five years or more. However, residential leases are usually for 11 months. While in both cases, the tenant rents a property and pays monthly rentals, the terms and conditions differ drastically.

What is the new rent law in New York?

According to the new law, the landlord must give prior notice of 30-days if he/she wants to increase rent by more than 5%. And the period of notice increases with the length of the lease. For example, if the tenant is living for more than a year, a prior notice of 60-days will be valid.

What verbal agreements are legally binding?

A verbal contract is considered valid if it contain the following elements: An offer. Acceptance of the offer. Consideration or something of value that each of the parties agree to give to exchange to complete the contract.

Can a landlord refuse to renew a lease in New York State?

If the tenant does not accept the renewal offer within the prescribed time, the landlord may refuse to renew the lease and seek to evict the tenant through court proceedings. If the tenant accepts the renewal offer, the landlord has 30 days to return the fully executed lease to the tenant.

Is New York a tenant friendly state?

New York is considered a landlord-friendly state since rental prices are usually higher, compared to other states. Its also considered a tenant-friendly state because theres a high rate of rent control clauses, so its vital that landlords identify and analyze them for their lease agreement documents.

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