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New York Rent-to-Own (Lease Option) Agreement

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Updated on September 20th, 2022

A New York rent-to-own agreement is a type of rental contract structured to allow a seller of real property to rent to a tenant for a set period of time, after which the tenant has the option of purchasing the property. Sellers may include terms and stipulations of their own, but two things that are always included in a rent-to-own agreement are the option fee (similar to a down payment) and the rent premium (amount paid by the tenant on top of their monthly rent).

The option fee secures the tenant’s right to purchase the property after the lease (or “option period”) has ended. The rent that the buyer/tenant pays during the option period may be higher than usual, as the whole amount or a percentage thereof will go towards the purchase price.

Rental Laws RPP Article 7 (Landlord and Tenant)

Purchase Agreement Laws RPP Article 8 (Conveyances and Mortgages) and RPP Article 14 (Property Condition Disclosure)

Disclosures (8)

  1. Allergen Hazards
  2. Bedbug Infestation
  3. Building Smoking Policy
  4. Lead-Based Paint
  5. Security Deposit Receipt
  6. Sprinkler System
  7. Stove Knob Covers
  8. Window Guard Disclosure

1) Allergen Hazards Disclosure (NYC Only) (NYC Admin. Code § 27-2017.2) – Tenants of a multi-dwelling property must receive a notification stating that the landlord is required to perform annual inspections for rodents, mold, and other indoor allergen hazards.

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2) Bedbug Infestation Disclosure (NYC Only) (NYC Admin. Code § 27–2018.1) – Tenants of rent-stabilized housing must be informed of the building’s history of bedbug infestations.

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3) Building Smoking Policy Disclosure (NYC Only) (NYC Admin. Code § 17-505) – This disclosure is required to identify the approved smoking places in a building with three (3) or more residential units.

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4) Lead-Based Paint Disclosure – This disclosure reveals the landlord’s knowledge of paint hazards on the premises (required for pre-1978 rental properties).

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5) Security Deposit Receipt (GOB § 7-103) – When the landlord requires a security deposit, the tenant must receive the name and location of the bank where the money is being held.

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6) Sprinkler System Disclosure (RPP § 231-A) – All residential leases in New York must include a statement noting whether the rental property has an operational sprinkler system.

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7) Stove Knob Covers Disclosure (NYC Only) (NYC Admin. Code § 27-2046.4(a)) – If the rental unit is inhabited by a child below the age of six (6), this disclosure must be used to inform the tenant of the landlord’s duty to install covers on the knobs of gas-powered stoves.

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8) Window Guard Disclosure (NYC Only) (NYC Admin. Code § 27–2043.1) – Informs tenants that the landlord is required to install windows guards in a dwelling unit occupied by a child aged ten (10) or younger.

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