• September 16, 2019

Help on the Way!

September 16, 2019 | By: Leasing REality Team

Help on the Way!

Help on the Way! 800 450 Leasing REality | Commercial Real Estate Education

On July 29, 2019, REBNY released updated residential lease forms in light of the Housing Stability and Tenant Protection Act of 2019 (the “New Law”) passed on June 14, 2019, which made the old REBNY (and most, if not all, other) New York residential form leases obsolete due to the forms not being in compliance with the New Law.

We are proud to say that the Lease Forms were drafted by the law firm Abrams Garfinkel Margolis Bergson, LLP (“AGMB”), which project Larry Haber spearheaded along with partner Neil Garfinkel and Senior Associate Mitchell Dank. In addition to modifying the Lease Forms to comply with the New Law, AGMB completely revamped the language and functionality of the Lease Forms to essentially create an all-encompassing form that is both user-friendly, and more reflective of, the current residential leasing market.

It is our belief that we have greatly reduced (if not eliminated in the majority of leases), the need for drafting of language ordinarily found in an attorney, landlord or broker prepared rider customarily required when using the old lease forms. Consequently, the Lease Forms are now more customizable, with the option to include a greater amount of deal specific terms that are commonly seen in riders to New York residential leases.

Leasing REality prepared a number of tools to help agents ease into the transition in not only using the forms, but also to help agents master the new management and leasing provisions under the New Law. Here are the tools:

Informational checklists for each of the four free market REBNY leases were created (i.e., condominium, cooperative, non-rent stabilized apartment and single family/townhouse).

In addition to the checklists providing for what questions need to be answered and information gathered by an agent in order to properly prepare the lease, they can be viewed online (click here), downloaded as a PDF, and most importantly, a copy can be created by the user online as a “Google Sheets” document so that the information gathered can be entered on one’s computer or mobile device, and thereafter emailed to the parties on any given lease transaction.

“Cheat sheets” were also created that set forth the (a) the new management responsibilities associated with the new leases, and provide (b) guidance in regards to many of the new lease provisions.

Over the coming weeks, we will be posting a more detailed narrative of the foregoing in the form of “E-book” chapters, followed by a video series a few weeks thereafter.

Stay tuned for the release of future residential lease content by joining our newsletter.

By: Leasing REality Team