New York Rental Lease Agreement Templates | PDF | Word
The New York lease agreements must adhere to all State laws (Article 7 > 220:238) and should be written after the lessor (landlord) and lessee (tenant) agree verbally to all the terms of the contract including monthly payment. The landlord, although not mandatory, should require the tenant(s) to give their income tax filing for the previous year in order to determine their monthly income and if they are able to afford the monthly payment. Most landlords require that a maximum of one-third (33%) of their total monthly take-home pay be allowed for the rental amount. Once the agreement is signed by both parties, it is considered a legal and binding document.