New Interactive Documents are More User-Friendly, Complies with Housing Stability and Tenant Protection Act of 2019
NEW YORK, NEW YORK — Abrams Garfinkel Margolis Bergson, LLP(AGMB) is proud to announce that the firm recently completed updates to the Real Estate Board of New York’s (REBNY) Lease Forms on its website (www.rebny.com). Importantly, these new lease forms comply with the recently passed Housing Stability and Tenant Protection Act of 2019 (the “Act”).
AGMB was responsible for drafting the updated versions of the following residential lease forms: Condominium Apartment Lease; Cooperative Apartment Sublease; Single Family/Townhouse Lease; and Standard Form of Apartment Lease (For Apartments Not Subject to the Rent Stabilization Law). Larry Haber and Neil Garfinkel, partners at AGMB, and firm associate, Mitchell Dank, spearheaded the project. AGMB also serves as Broker Counsel to REBNY.
In addition to modifying the Lease Forms to comply with the Act, AGMB completely revamped the language and functionality of the Lease Forms to create an all-encompassing form that is both user-friendly and more reflective of the current residential leasing market.
To accomplish this, AGMB included more deal-specific terms that are commonly seen in riders to New York City residential leases, making them more customizable. To ensure that the Lease Forms were user-friendly, AGMB inserted a legend at the top of the Lease Forms, with detailed directions within the lease language to alert the person filling out the lease which clauses require changes in wording, insertion of terms or deletions.
“Due to the ever-evolving residential leasing landscape and uncertainty created by the Act, users of the new REBNY Lease Forms can now enter into residential leases that are not only compliant with the Act, but also designed in a matter to greatly reduce (if not, eliminate in the majority of leases) the need for drafting of language ordinarily found in lease riders to the old Lease Forms,” said Mr. Haber.
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