Typically, the checklist is completed when the tenant moves in, and again when the tenant vacates. That way, the landlord has proof if the tenant damages the property. Depending on where your property is located, you may also want to address special problems, like offering a mold and ventilation addendum, or a smoke detector addendum prohibiting tenants from tampering with these important safety features.
From there, the landlord forms you choose will be based on your individual needs. If you accept cash payments, it is important to complete rent receipts.
In the course of the lease term, you may need to provide notices to tenants, like a Landlord's Notice of Rent Increase.
Landlords must understand what is contained in the rental forms they provide for tenants to sign. Investors may purchase rentals subject to an existing lease. But what if you try to rein in a bad tenant only to discover that their actions aren't covered in the lease?
Don't get caught by surprise. For more, see Landlord, Know The Forms! Whether you are a professional property manager or have one property to manage, the proper rental forms can make the difference between success and failure. For a detailed discussion of the administration of the STAR exemption in mobile home parks also known as manufactured housing communities , see Appendix A. Answer: The park owner may 1 credit the tax savings against the monthly rent in 12 installments beginning with the first monthly rental payment due 60 days after the penalty-free period for the payment of taxes and continuing for 11 months, or 2 credit the total reduction against the first month's rent, with any balance credited against the following month s ' rent s until exhausted, or 3 pay the total reduction to the tenant within 60 days of the interest-free collection period.
The New York State Division of Housing and Community Renewal [telephone number: ] is responsible for enforcing the laws concerning the right of tenants of manufactured housing communities. No ownership exceptions are mentioned. Thus, trailers and mobile homes are eligible for STAR even though they may be part of a commercial parcel.
This, of course, assumes that the owners meet all other eligibility requirements. Answer: Homeowners who purchased their homes prior to the taxable status date of the assessment roll used to levy taxes for the school year, and who received STAR on that assessment roll, may continue to receive the STAR exemption as long as they continue to meet the eligibility requirements and to upgrade to Enhanced STAR when eligible.
Homeowners who purchased their homes after that taxable status date are not eligible for a STAR exemption. Answer: No, a copy of the deed is not generally required. The assessor must be satisfied, however, that the applicant is the owner. In most cases, it should be sufficient to check the tax records. Answer: If the property is not a farm dwelling, no property owned by a corporation, partnership or limited liability company may receive the exemption.
The central requirement for the STAR exemption is that the property is "a one, two, or three family residence" or certain other property, and that it is the "primary residence of the owner. Where title to property is in the name of a corporation, the exemption may not be granted see 3 Op. However, if the property is a farm dwelling, which is held in the name of a business corporation, limited liability company, or partnership, it may be eligible for the STAR exemption, provided such dwelling serves as the primary residence of a shareholder of the corporation, one or more of the partners, or one or more of the owners.
Also, a dwelling owned by a limited partnership is eligible for this exemption if the property serves as the primary residence of one or more of the partners, provided that the limited partnership does not engage in any commercial activity, and that the partnership was lawfully created to hold title solely for estate planning and protection purposes.
Furthermore, the partner or partners residing on the property must personally pay all real property taxes and other costs associated with the property's ownership. However, property owned by a limited liability company is not eligible for the STAR exemption unless it is a farm dwelling.
Answer: Though cooperative apartments are not separately assessed, STAR specifically makes them eligible for the exemption.
If granted, the exemption will be granted to the cooperative apartment building, in an amount determined in accordance with the statutory formula. The assessor must provide the building manager with a statement showing which apartments have received the exemption and the amount of each such exemption, and the manager must pass along the tax savings to the residents of those apartments. See Appendix B for a more detailed discussion of these procedures.
Answer: Yes, such shareholders are eligible to receive benefits, but as Mitchell-Lama Housing is generally exempt from real property taxation, the benefits to the shareholders do not appear in the form of reduced assessments and thus reduced property taxes. Instead, the benefits are STAR-related credits, to be applied against residents' monthly charges. STAR has no length of ownership requirement, unlike the senior citizens exemption, which generally requires ownership for 12 consecutive months prior to application.
If a parcel contains two or more physically separate residences, a STAR exemption may be granted to each residence where each residence is 1 the primary residence of at least one of the owners AND 2 the residence would be eligible for the exemption if it were separately assessed and owned solely by the owners residing therein.
However, only one of the STAR exemptions may be applied to the land in such cases. Answer : No. While they must both apply and be eligible, the duplex is a single property and, therefore, only a single exemption may be granted. Answer: No. A married couple is entitled to a STAR exemption on no more than one residence , unless they are living apart due to legal separation. In other words, if they have two homes, they can receive STAR on only one of them, unless they are legally separated.
Answer: Yes, under certain circumstances. For example, a life tenant, a trust beneficiary or a purchaser in possession under an executory contract of sale are all considered to be owners for STAR purposes and may qualify. Answer: The ownership of property is split when it is placed in trust: the trustee is the legal owner, the beneficiary is the beneficial owner.
However, for STAR purposes, the trust beneficiary is treated as the owner. Thus, if a senior citizen creates a trust and conveys her home to her children as trustees, and the senior remains in the home as the beneficiary of the trust, then for STAR purposes the owner of the home is the senior, not her children.
Answer: The life tenant is deemed to own the property so STAR eligibility is based on the life tenant's qualifications. A life estate generally is created by a deed. Often ownership is transferred to another party with life use reserved for the prior owner s or another party. In other cases, a life estate is expressly granted by one party to another. In either case, in the eyes of law, as long as the holder of the life estate is alive, the property is "owned" by him or her.
Answer: Until the death of the life tenant, the property is still considered "owned" by that life tenant and he or she would be eligible for the Basic or Enhanced STAR exemption if otherwise eligible. A "life estate," which is an interest in real property, can be conveyed only by means of a document that fulfills all of the requirements and formalities of a deed see 10 Op.
A life lease is not equivalent to a life estate, and does not transfer ownership to the lessee. The lessor the person who owned the property at the time the lease was executed remains the legal owner of the property, just as a landlord remains the owner of an apartment that is rented to a tenant.
Recording is not necessary, although it is recommended see 7 Op. Answer: STAR requires that the property be the "primary residence" of one or more of its owners.
We equate this with "domicile" or "legal residence. Answer: There is no single factor or definition that determines primary residence. However, the most important factor is the length of time the person resides on the property. Generally, it can be expected that the person would reside on the property more than six months of the year. Other factors include a person's voting residence, driver's license, filing status for purposes of state income taxes, and other conduct and behavior that provides evidence as to which property the applicant considers to be his or her primary residence.
Answer: The applicants must certify that the property is their primary residence. The law says that "the assessor may request that proof of residency be submitted with the application.
For example, if the mailing address of the owner is different from the property address or the property is a seasonal property, it is reasonable to question whether this is the primary residence. Answer: There is no single document that absolutely establishes primary residency, but the following types of documentation may be considered:. Notice To Enter. A Notice to Enter is a written letter informing the tenant that the landlord or property manager will be entering the property in the near future.
Rent Increase Notice. A Rent Increase Notice is used to inform a tenant of a future increase to their rent payment. Notice of Intent to Vacate Premises. Notice to Repair. Termination by Tenant. A Real Estate Purchase Agreement documents the purchase and sale of real property.
Discharge of Mortgage. A Discharge of Mortgage is signed by a lender acknowledging that a mortgage has been fully paid by a borrower. Mortgage Agreement. A Mortgage Agreement is used by a lender to secure a loan in the borrower's purchase of real estate. Offer to Purchase Real Estate. An Offer to Purchase Real Estate Agreement sets out the terms and conditions of an offer to purchase between the buyer and the seller in a real estate transaction.
A Landlord's Consent to Sublease is used when a tenant wishes to sublease the premises to a new tenant and requires the Landlord's written permission to do so. Commercial Sublease Agreement.
A Commercial Sublease Agreement is used when the original tenant wishes to transfer the remaining lease obligations under a commercial tenancy to a subtenant. The Landlord will be notified in advance as to the name, address and phone number of the person doing the inspections. At the expiration of the term of this Lease, the Tenant will quit and surrender the Property in as good a state and condition as they were at the commencement of this Lease, reasonable use and wear and tear excepted.
The Tenant will obey all rules and regulations of the Landlord regarding the Property. All monetary amounts stated or referred to in this Lease are based in the Canadian dollar.
Any waiver by the Landlord of any failure by the Tenant to perform or observe the provisions of this Lease will not operate as a waiver of the Landlord's rights under this Lease in respect of any subsequent defaults, breaches or non-performance and will not defeat or affect in any way the Landlord's rights in respect of any subsequent default or breach.
This Lease will extend to and be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors and assigns, as the case may be, of each Party. All covenants are to be construed as conditions of this Lease. All sums payable by the Tenant to the Landlord pursuant to any provision of this Lease will be deemed to be additional rent and will be recovered by the Landlord as rental arrears.
Where there is more than one Tenant executing this Lease, all Tenants are jointly and severally liable for each other's acts, omissions and liabilities pursuant to this Lease. Locks may not be added or changed without the prior written agreement of both Parties, or unless the changes are made in compliance with the Act.
Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Lease. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa. This Lease may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures. This Lease constitutes the entire agreement between the Parties.
During the last 30 days of this Lease, the Landlord or the Landlord's agents will have the privilege of displaying the usual 'For Sale' or 'For Rent' or 'Vacancy' signs on the Property. Time is of the essence in this Lease. Need Help With This Question? Document Preview About this Document. Who are the parties in a Residential Lease Agreement? The parties in a standard Residential Lease Agreement are typically: The landlord : A landlord is the individual who is renting out his or her residential property in exchange for rent payments.
Who should use a Residential Lease Agreement? People who often use a Residential Lease are: Landlords who are renting out property to a tenant Property managers or real estate investors with multiple properties and tenants to manage An individual who is renting a room to a friend or family member A tenant whose landlord did not provide them with a lease.
What is included in a Residential Lease Agreement? A Residential Lease Agreement should include: Landlord, tenant, and property information : contact information for both parties, as well as a description of the rental property Lease length : how long the tenancy will be, including whether it will automatically renew continue until either party gives notice or if it is a fixed term will expire on a predetermined date , and notice details Rent details : how much the rent price will be per month, if utilities are included or need to be paid separately , how often the rent needs to be paid weekly, biweekly, monthly, or annually and if there are any additional monthly fees, such as late payment fees, pet fees, etc.
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