New York Temporary Residential Lease - Occupied by Seller

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New York Temporary Residential Lease - Occupied by Seller Powered By Docstoc
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                             This Temporary Residential Lease is used when an owner of property located in New York
                             sells the property and leases it back from the buyer, sometimes known as a leaseback.
                             The purpose of the leaseback is to free up the purchaser's capital/equity while allowing the
                             previous owner to use the property. This arrangement provides income to the buyer, which
                             may be enough to cover the buyer's mortgage payments. Temporary Residential Lease
                             Agreements are for short-term leases up to 90 days. The purchaser becomes the landlord
                             and the seller becomes the tenant in this transaction. This document contains the material
                             terms of the agreement including the property description, rental amount and the term of
                             the lease. It can be customized to fit the specific needs of the contracting parties.
             ®




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  NOTICE: For use only when Seller occupies the property for no more than 90 days after the
                                        closing.

            TEMPORARY RESIDENTIAL LEASE (OCCUPIED BY SELLER)

STATE OF New York

COUNTY OF __________________________

This Temporary Residential Lease (Occupied by Seller) (hereinafter termed as the “Lease”) is
made      on      ____      [Month]        ____ [Date],  20____       by    and    between
_____________________________ [Instruction: Insert the name of purchaser] having place
of residence at _____________________________ [Instruction: Insert the address of
purchaser] (hereinafter termed as “Landlord”) and ________________________________
[Instruction: Insert the name of seller] having place of residence at
_____________________________ [Instruction: Insert the address of seller] (hereinafter
termed as “Tenant”). Landlord and Tenant may individually be referred to as the “Party” and
collectively be referred to as the “Parties”.

WHEREAS, Landlord hereby leases to Tenant the Property described in the contract between
Landlord as “Purchaser” and Tenant as “Seller” dated ____ [Month] ____ [Date], 20____
attached hereto as Exhibit A and made a part hereof, all of which is hereinafter referred to as the
“Property”;

WHEREAS, Tenant is desirous of leasing the premises from Landlord.

NOW THEREFORE, the Parties agreed upon the following terms and conditions:

1. Term: The term of this Lease shall commence on the date the sale covered by the contract is
   closed and terminates ____ [Month] ____ [Date], 20____ unless terminated earlier by
   reason of other provisions.

2. Rental: In consideration for leasing of the Property, Tenant shall pay to Landlord as rental
   ________ ($___) [Instruction: Insert the rent by researching local rental market, e.g.,
   one hundred dollars ($100)] per day with the full amount of rental for the term of the Lease
   to be paid at the time of funding of the sale. Tenant will not be entitled to a refund of rental if
   this Lease terminates early due to Tenant’s default or voluntary surrender of the Property.

3. Security Deposit: Tenant shall pay to Landlord at the time of funding of the sale as a deposit
   of Landlord ________ ($___) [Instruction: Insert the security deposit, e.g., fifty dollars
   ($50)] to secure performance of this Lease by Tenant. Landlord may use the deposit to satisfy
   Tenant's obligations under this Lease. Landlord shall refund any unused portion of the
   deposit to Tenant with an itemized list of all deductions from the deposit within Twenty (20)
   days as per [STATUTE], after Tenant:

           a. surrenders possession of the Property; and

           b. provides Landlord written notice of Tenant’s forwarding address.


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4. Utilities: Tenant shall pay all utility connections, deposits and charges except
   ___________________________________________________________________________
   ___________________________________________________________________________
   [Instruction: Insert the utility charges payable by Landlord], which Landlord shall pay.

5. Use of Property: Tenant may use the Property only for single-family dwelling purposes.
   Tenant may not assign this Lease or sublet any part of the Property.

6. Pets:    Tenant     shall    not    keep    any    pets    on   the Property except
   ___________________________________________________________________________
   [Instruction: Insert the type of pet which can be kept by Tenant].

7. Property Conditions: Tenant accepts the Property in its present condition and state of repair
   at the commencement of the Lease. Upon termination, Tenant shall surrender the Property to
   Landlord in the condition required under the contract at the time of closing, except normal
   wear and tear and any casualty loss.

8. Property Alteration: Tenant may not alter the Property or install improvements or fixtures
   without the prior written consent of Landlord. Any improvements or fixtures placed on the
   Property during the Lease become the property of Landlord.

9. Inspections: Landlord may enter at reasonable times to inspect, replace, repair or complete
   the improvements.

10. Special Provisions: (Optional)

   ___________________________________________________________________________
   ______________________________________________________________________

   [Comment: Choose this clause if the parties want to add any special provisions
   regarding this Lease]

11. Laws: Tenant shall comply with all applicable laws, restrictions, ordinances, rules and
    regulations with respect to the Property.

12. Repairs and Maintenance: Tenant shall incur all expenses of repairing and maintaining the
    Property, including, but not limited to, the yard, trees and shrubs, unless otherwise required
    by state law. Tenant shall promptly repair at Tenant's expense any damage to the Property
    caused directly or indirectly by any act or omission of the Tenant or any person other than
    Landlord, Landlord's agents or invitees.

13. Indemnity: Tenant indemnifies Landlord from the claims of all third parties for injury or
    damage to the person or property of such third party arising from the use or occupancy of the
    Property by Tenant. This indemnification includes attorney's fees, costs and expenses
    incurred by Landlord.




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14. Insurance: Each party shall maintain such insurance on the contents and Property as each
    party may deem appropriate during the term of this Lease. Possession of the Property by
    Seller as Tenant may change insurance policy coverage.

15. Default: If Tenant fails to perform or observe any provision of this Lease and fails, within
    ____________ hours [◊ Instruction: Insert number of hours required by Tenant to fulfill
    obligation of Landlord, e.g., twenty four (24)] after notice by Landlord, to commence and
    diligently pursue to remedy such failure, Tenant will be in default.

16. Termination: This Lease terminates upon expiration of the term specified in Paragraph 1 or
    upon Tenant's default under this Lease.

17. Holding Over: Tenant shall surrender possession of the Property upon termination of this
    Lease. Any possession by Tenant after termination creates a tenancy at sufferance and will
    not operate to renew or extend this Lease. Tenant shall pay per day during the period of any
    possession after termination as damages, in addition to any other remedies to which Landlord
    is entitled.

18. Attorney’s Fees: The prevailing party in any legal proceeding brought under or with respect
    to the transaction described in this Lease is entitled to recover from the non-prevailing party
    all costs of such proceeding and reasonable attorney's fees.

19. Smoke Detectors. State law may require Landlord to install smoke detectors in certain
    locations within the Property at Landlord’s expense. Tenant expressly waives Landlord’s
    duties, if any, to inspect and repair smoke detectors.

20. Security Devices. State law may impose on Landlord certain duties related to security
    devices at Landlord’s expense. In some states, such obligations do not apply to leases with a
    term of 90 days or less. Tenant expressly waives Landlord’s duties, if any, related to security
    devices.

21. Notices and Approvals: Except as otherwise provided herein, all notices and approvals
    hereunder shall be in writing and, except as each party may change its address pursuant
    hereto, addressed to the Parties as follows:

   To Landlord:

   Name                ______________________________

   Address             ______________________________

                       ______________________________

   To Tenant:

   Name                ______________________________

   Address             ______________________________


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                       ______________________________

22. GOVERNING LAW: This agreement shall be construed and governed according to the
    laws of State of New York.

EXECUTED the ____ [Month] ____ [Date], 20____.



   ______________________________                      __________________________________

[Instruction: Insert the signature of Landlord] [Instruction: Insert the signature of Tenant]

   ________________________________                    __________________________________

[Instruction: Insert the address of Landlord           [Instruction: Insert the address of Tenant]




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                                             Exhibit A

                                  Kindly refer to the Recital Clause




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Description: This Temporary Residential Lease is used when an owner of property located in New York sells the property and leases it back from the buyer, sometimes known as a leaseback. The purpose of the leaseback is to free up the purchaser's capital/equity while allowing the previous owner to use the property. This arrangement provides income to the buyer, which may be enough to cover the buyer's mortgage payments. Temporary Residential Lease Agreements are for short-term leases up to 90 days. The purchaser becomes the landlord and the seller becomes the tenant in this transaction. This document contains the material terms of the agreement including the property description, rental amount and the term of the lease. It can be customized to fit the specific needs of the contracting parties.
This document is also part of a package Essential New York Legal Documents 130 Documents Included