Top 5 Landlord Responsibilities
If you’re considering buying investment property in NYC, there are quite a few things to get educated on and understand before you start renting to someone.
Here is what you need to know as a Landlord in NYC:
In general, New York landlords must follow specific state rules, including complying with security deposit limits and the timeline and procedures for ending a tenancy; as well as several federal laws, such as requirements to disclose lead-based paint hazards.
If you own rental property that is covered by either rent control or rent stabilization in New York, many other restrictions may impact your rental property business.
If you’re renting out your own co-op, you need to have a clear understanding of the board’s rules and regulations, as they will be different from renting out a condo or townhome. When you own a co-op, you sublet to a tenant, and when you own a condo, you rent it to a tenant, and different rules may apply, such as the board’s right to approve your tenant, the allowable length of the sublease or lease, and even how much you can charge.
Prior to advertising your rental property, it is critical that you understand fair housing laws and what you can say and do when selecting tenants – failure to know and follow the law may result in costly discrimination complaints and lawsuits.
The following are the top five responsibilities you’ll have as a landlord:
1. Major Plumbing Issues
Repairs that include backed-up drains, lack of hot water, leaks in the ceiling should all come out of the landlord’s pocket.
Leaking faucets or running toilets are more of a gray area item and may not require action. However, a tenant may try to convince you that your money is better spent on an inexpensive repair job than the elevated water bill.
2. All Electricity and Heating Issues
While tenants always have the right to power and heat, they do not have the right to air conditioning. As a landlord, it’s up to you whether or not you install it.
3. Vermin Infestation
The landlord has to pay for a vermin exterminator – unless he or she can somehow prove that it’s specifically the tenants’ fault that there are cockroaches, for instance. Also, the landlord is responsible for ensuring the place is mice and rat-free.
4. Hallways and Exterior Repairs
Landlords are responsible for repairs to common spaces.
5. Shoveling Sidewalk Snow
If a building in New York City has not shoveled the sidewalk four hours after the last flake has fallen, it will be fined. This obviously affects the landlord, so they are generally required to shovel, unless it is otherwise specified in the lease.
That’s about all that a landlord is absolutely required to do under law – every other repair depends on the building code, the lease, and what landlord agrees to do.
As a landlord, it is vital that a thorough Legal Written Lease or Rental Agreement is prepared. It will contain crucial business details, such as how long the tenant can occupy the rental and the amount of the rent, and together with federal, state, and local landlord-tenant laws, your lease or rental agreement will set out all the legal rules you and your tenant must adhere to. This is why it’s a smart business decision to consult with a real estate attorney before you proceed with renting out your NYC property.
The Levin Law Group’s experienced, competent NYC real estate lawyers can assist individuals and business entities in a broad spectrum of residential and commercial real estate transactions throughout New York State.
Contact our law firm for more info on Legal Written Lease or Rental Agreement in New York, fair housing laws and other legal questions about your rental unit and real estate law.