Many individuals take advantage of the competitive New York real estate by buying multiple properties. They often reside in one and rent out the others. Renting out a private residence involves a number of complex legal issues that may require the assistance of a real estate lawyer in Long Island New York. Many of these issues are distinct from renting out an apartment. A real estate lawyer in Long Island NY can advise clients on some of the issues, including:
Many apartment complexes use a standard lease form. When a private residence is being rented out, it is important that the agreement be memorialized in a formal lease that is particular to the property. A real estate lawyer can ensure that the lease includes the proper provisions and protects the property owner’s interests. Provisions may include the lease term, any right to renew the lease, the monthly rent amount, the security deposit amount and provisions regarding owner and tenant maintenance. These provisions provide a clear set of guidelines pertaining to the rental and the responsibilities of each party.
If a dispute does arise, a real estate lawyer can advise the property owner on his or her legal rights and options. Special rights and responsibilities apply in the event of eviction or holdover matters.