If the rent is not paid on time, the lessor has the right to terminate the contract, but he also has the option of adding a late fee to the amount due if it does not occur until a specified date within the month. Be careful if the rent is late and the amount that is charged for the delayed fees. This may be a package calculated for late rent, or may be a percentage that is increased daily. Since this agreement is legally binding on this agreement between two parties, both parties must sign the basement of the document. This symbolizes the fact that the tenant and lessor accept the terms of the monthly lease and that they must start on the date described in the terms of the tenancy agreement. The document must also be dated and both parties must also print their names. If more than one tenant is moved to the unit, all new occupants entering the unit must sign the document. The following section, to be described in this document, contains the details of the property that is leased in the agreement. The complete address of the property must be included in this section as well as the room number of the floor if it applies. In some areas of New York, it is imperative that the county also be marked with the address, so take this into account when creating such documents.
Here, the start of the lease must be clearly stated. As a general rule, this is inserted into the document in the following format: mm/dd/yyyy. This will give both parties a definitive date as the agreement has begun, and there will be a date for both parties to go for things like termination of the lease. Another thing that should be covered here is the amount of money that the tenant pays each month for the unit that is rented. The date on which the payment is due for the month and where the cheque is to be deposited must also be indicated in this section. This most likely means that the address of the administrative office will be indicated in the rental agreement in this section. For those living in NYC, either the landlord or tenant must send a written message to the other party at least thirty (30) days before the next payment of rent.