LEASE SIGNING INFORMATION

LEASE SIGNING CHECK LIST

 

At lease signing, please bring the following with you:
 
1) Your DRIVER LICENSE or PASSPORT.


2) CERTIFIED CHECK or MONEY ORDERS for Security, First and Last Month (if applicable). Checks shall be made out to the ownership entity specified by your broker or sales agent (NO PERSONAL CHECKS will processed)


3)  Certified Check, Money Order or Cash for your Broker Fee (if applicable and in the amount agreed by you and broker or sales agent)



FREQUENTLY ASKED QUESTIONS

We understand that signing a lease may be confusing and hope that these lease signing instructions and Frequently Asked Question document prepares you for what will be expected of you when you are ready to sign a lease. 



Q: My lease has a LEGAL rent and PREFERRED rent.  What is the difference and why does the landlord specify a LEGAL rent if the rent we agreed to is lower? 
 

A:  All landlords that have stabilized rental units legally have to register their apartments with the Division of Housing and Community Renewal (DHCR). This agency regulates rents. The LEGAL rent represents what the landlord can legally charge for the apartment. If the LEGAL rent is an amount higher then what the landlord chooses to offer you’re receiving a PREFERRED rent. This PREFERRED rent is your actual rent and is the one that the tenant is contractually obligated to pay.  Most landlords will make you sign a rider with this PREFERRED rent. 



 

Q: Why can I not bring a personal check?

 

A: Personal check will not be accepted for lease signing or brokerage fees as they are not a guaranteed form of payment.  Both the landlord and the broker need assurance that funds are available before committing the apartment legally to a tenant. 

(Please note that all subsequent payment to your landlord can be processed by personal check)




Q:
Why does the lease mention lead based paint?


A: Legally the landlord should check your apartment for peeling lead based paint if a child under the age of six lives with you. 



 

Q: Why does the lease mention window guards?

 

A: Legally the landlord should provide the tenant with window guards if you have a child under the age of 11 living with you. 

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