What to expect at a NYC Lease signing?
You finally found a NYC apartment and now you have to finalize things by signing a lease. Here’s what you should expect at a lease signing in NYC.
3 Types of NYC Lease Signings
The lease signing is a crucial time since this is when you will officially become the tenant of an apartment. The lease legally binds you and the landlord for the entire duration of your rental. Aside from defining the terms and conditions of your rental, it also protects your rights as a tenant.
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Compared to a sales closing in NYC, a lease signing is generally MUCH calmer. Most of the time, there will only be two or three people in the room. This is unlike a sales closing which can have 10 people or more!
In general, there are 3 types of residential lease signings in NYC:
- Lease signing at the landlord’s or the managing agent’s office
The people present here will be you and the landlord or the landlord’s managing agent. Your broker will be present as well (if you have one) - Lease signing at a broker’s office
If the lease signing is at the broker’s office, that means that this landlord is heavily leaning on the services of a real estate agent, not just for marketing, but for the lease signing as well. The people present will be you and the landlord’s real estate agent. If an agent is representing you, he or she should be present as well. If it was an “exclusive listing”, the lease signing is usually performed at the office of the broker representing the landlord. If it was an “open listing”, the lease signing is usually done at your broker’s office. Please see our blog post about the differences between an exclusive listing and an open listing. - Lease signing via email or snail mail
Lease signings can be done over email or snail mail. This means you don’t have to attend the lease signing in person. This can work out really well especially if you had to leave town before the lease signing was scheduled. If a lease is being sent by email, you will print out, sign the documents, and then return them. You need to send back certified checks for your first month of rent, security deposit, as well as the broker fee, if applicable. You may be required to notarize the lease agreement if you cannot sign in person. Although some NYC landlords allow tenants to electronically sign the lease and wire money, most landlords prefer to do it “old school”. This likely not won’t change, at least not in the foreseeable future.
What to Expect at the NYC Lease Signing?
Landlords or brokers will usually send you a copy of the lease in advance. If not, make sure to ask for a copy of the lease and read it over in advance so you can be best prepared to raise any questions that you may have.
At the lease signing, make sure to clarify the terms and conditions before signing the contract. The landlord may ask you to fill out an emergency contact form. There may be other information relating to the building that you have to sign and bring home with you for reference. Some of the forms that you likely have to sign during the lease signing are:
a) Lead Paint form – states that, to the owner’s knowledge, there is no lead paint used in the apartment.
b) Window Guard form – lets you state your preferences on window guards. These are required if you have young children as it can help prevent them from falling out of the unit.
c) Bed bug form – informs you about any recent bed bug history in the building.
d) W-9 tax form – the landlord needs this form back signed to property deal with any interest earned on your security deposit.
At the time of signing, you will also be required to pay the first month of rent, the security deposit, and broker fees, if applicable. You can read more about upfront costs here.
For more NYC rental tips, please go to frele.com/learn.
This article was written by:
Phil Horigan, NYC Real Estate Veteran
Founder, Frēlē, the free and honest NYC rental marketplace
Producer, Phil’s NYC Rental Tips [YouTube Channel]
Blogger: flowfreely.com
Instagram: @philiphorigan
Phil has been a licensed NYC real estate agent since 2004 working for some of the top real estate brokerage firms in the industry. He founded Leasebreak.com in 2013, and Frēlē in 2017. Frēlē and Leasebreak are free and transparent rental marketplaces to search for or post apartments for rent in NYC
Go to frele.com to search for NYC apartments (free service).