A New York condominium lease agreement is a legally binding contract between a property owner and a tenant, ensuring both parties understand their obligations under New York state and federal law. This agreement outlines key terms such as rent, responsibilities, and adherence to condo association rules.
New York Condo Lease Laws
- Compliance with Condo Governing Documents: Owners, tenants, and their invitees must comply with New York’s Condominium Act and the condominium association’s bylaws. The bylaws are governed by RPL § 339-v, which outlines the requirement for all unit owners and tenants to follow association rules regarding leasing, maintenance, and building conduct [1] .
- Fines for Violations: While New York statutes don’t specify exact fine amounts for condo associations, associations can impose fines on owners and tenants for violating the rules set out in the bylaws. The rules on fines would typically be included in the condominium bylaws and are permitted under RPL § 339-j [2] .
- Condominium Association’s Right to Collect Rent: In cases where an owner defaults on payments to the condominium association, the association may collect rent directly from the tenant under RPL § 339-z, which allows associations to seek recovery of common charges or assessments by intercepting rent payments [3] .
- Foreclosure for Owner Non-Payment: If a condo owner fails to pay common charges or maintenance fees, the condominium association may initiate foreclosure proceedings as allowed under RPL § 339-aa. This section gives associations the right to foreclose on units to recover unpaid dues, similar to mortgage foreclosures [4] .
- Compliance: Must comply with general lease laws, including required disclosures and tenant rights. There may be local laws in some cities that have additional regulations governing rental properties, including rent stabilization laws [5] .
