Rochester Landlord Tenant Attorney Discusses Rented Property Riders
- Information on the Rented Property Rider includes tenants’ names, monthly rent, initial security deposit, remaining security deposit, advance rent – such as first or last month paid in advance – which should be laid out in the lease. It will also state whether the funds are kept in an interest-bearing account.
- For month-to-month rentals, is the first day of the period the 1st or the 15th of the month? For leases, when does the lease expire? Are utilities and appliances included in the rent and, if so, which ones?
- If the property is subject to leases, the contract is contingent on the buyer approving existing leases within five business days. This is important because – for example – the seller might rent the property to a relative for four years at a very low rent. If the buyer finds a lease unacceptable, it can be cancelled.
- This provision also precludes new leases prior to closing. Otherwise, the seller can enter into new leases any time before the closing.
- The Notice to Tenants states that, within five days after closing, seller shall advise all tenants – by registered or certified mail – that property and security deposits have been transferred to the purchaser.