If you`re a New York City tenant, you know that finding an affordable rental is like striking gold. But what happens when your lease is about to expire and your landlord wants to increase the rent? The answer may lie in a lease extension agreement.
A lease extension agreement is a legal document that allows a tenant to extend their lease with their current landlord. This agreement can be beneficial for both parties, as the tenant can continue to live in their current space without the fear of having to find a new rental, and the landlord can avoid the hassle of finding a new tenant.
In New York City, the process of lease extension can be somewhat complex, especially if you`re not familiar with the legal jargon. Here are a few things to keep in mind before drafting a lease extension agreement in New York:
1. Check your lease terms.
Before you approach your landlord about extending your lease, check the original lease agreement to see if it allows for an extension. Some lease agreements may include a clause that allows for a renewal or extension of the lease term, while others may prohibit it. If your lease doesn`t allow for an extension, it may be worthwhile to negotiate a new lease agreement with your landlord.
2. Negotiate the terms.
If your lease agreement does allow for an extension, you`ll need to negotiate the terms with your landlord. This may involve discussing the length of the extension, any changes in rent or other fees, and any other clauses that may be relevant. It`s important to get any agreements in writing to ensure that both parties are clear on the terms and conditions.
3. Hire a lawyer.
In New York City, it`s always a good idea to have a lawyer review any legal documents before signing them. A lawyer can help you understand the legal jargon and ensure that the agreement is fair and legally binding.
4. Submit the agreement.
Once all parties have agreed on the terms of the lease extension agreement, it`s time to submit it to the appropriate authorities. This may include the New York City Housing Authority or the Department of Housing Preservation and Development, depending on the type of housing unit you`re renting.
In conclusion, a lease extension agreement can be a great solution for tenants in New York City who want to avoid the stress and expense of finding a new rental. Remember to review your lease terms, negotiate the terms of the agreement, hire a lawyer for legal advice, and submit the agreement to the appropriate authorities. With these steps in mind, you can ensure that your lease extension agreement is legally binding and fair for all parties involved.