Important Lease Vocabulary that all New Yorkers Should Know
December 26, 2009 by Lauren Fairbanks
Unless you studied real estate in college, signing a lease can be extremely overwhelming. There are so many new phrases and terms being thrown at you that you begin to wonder if your broker is even speaking English. However, it’s vitally important that you understand everything on your lease because once you sign that paper you’re legally bound to what it says.
Here are some common lease terms that you’ll frequently hear if you’re on the hunt for a new apartment:
- Guarantor – Most postgrads moving to the city don’t have the required money (40x the rent) in their bank account to afford an apartment. That’s where your parents step in and serve as a Guarantor. They usually have to have 80x the rent to be able to co-sign with you.
- Standard Lease – A standard lease is a basic 12-month lease.
- Rent Stabilized Lease - This means that the lease says exactly how much the rent will increase if the tenants choose to re-rent the next year.
- Rent Controlled Lease – This means that the rent will stay the same for a specified amount of time.
- Lessee – Tenant (you!)
- Lessor – Landlord
- Addendum – These are extra items added to the lease, such as lock-out charges and late charges.
PostGradApartments.com facilitates the process of finding New York City housing for graduating students and young working professionals at no charge.The site has been designed to help postgrads find the perfect apartment by connecting them with experienced and trusted professionals who will assist them throughout the transaction. By partnering with several established Manhattan real estate brokers, we can assist our clients in finding the absolute best fit, for them.
Photo credit: nkzs
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