Perhaps you are a successful commercial landlord, and you are looking at the possibility of becoming a residential landlord.
There are certain similarities between residential and commercial leases, but which type of landlord must adhere to stricter laws?
Requesting security deposits
As a commercial landlord, you are not restricted as to the amount of a security deposit you request as long as your tenant agrees, and you state it in the lease agreement. For residential landlords, however, the deposit cannot exceed one month’s rent, which must be returned to the tenant within 14 days of move-out.
Managing upkeep
In a commercial lease, the cost of most property repairs falls to the tenant. A residential property must meet health and safety codes, which are the responsibility of the landlord, as are property repairs unless the tenant is responsible for abuse or neglect.
Handling evictions
Commercial tenant evictions are usually quicker and easier to accomplish. To evict a residential tenant, the landlord must provide a written notice to quit the premises. A sheriff’s eviction notice must allow 14 days for quitting the property. On the other hand, a commercial landlord is usually not required to provide a written notice for eviction before filing a lawsuit against a tenant.
Reviewing changes in the law
On the whole, a residential landlord faces more stringent laws than a commercial landlord. If you are considering joining the residential side, review the New York Housing Stability and Tenant Protection Act of 2019. Also, consider legal guidance to help explore and answer any questions you might have before making your final decision. The Law Office of Bradley D. Schnur, Esq. P.C. serving Long Island (Nassau and Suffolk Counties), Queens and Westchester has a proven track record of successful client service in landlord-tenant law.