Glossary of Terms
Below are some practical terms and definitions you might come across when looking for an apartment in New York City. Some of these may be used differently in other parts of the country so please make sure you familiarize yourself with them and avoid any unnecessary confusions.
Addendums:
These are documents specifying additional terms and conditions of the rental agreement and are typically attached to the lease. They are just as important and valid as the lease agreement and in some cases can be quiet extensive. Landlords use them to specify all types of requirements and living arrangements they want their tenants to follow, i.e. no pets, no water beds and no roommates allowed, $50 fee for lock outs, $30 fee for bounces check, every Wednesday garbage must be placed in front of the building, etc. There is no standard addendums.
Alcove
An area adjoining the living room space which can be used for dining area or be separated or closed off to make a bedroom.
Convertible:
An apartment with a large alcove off the living room which can be converted to another bedroom, or which can be used as a dining area. A "CONVERTIBLE TWO BEDROOM"/ "FLEX TWO" is a one-bedroom apartment with a large alcove and two bathrooms.
Eviction
A legal proceeding by a landlord to recover possession of property.
Guarantor / Co-signer:
This term refers to an individual (in rare cases it could be a corporation) who is willing to take on all of the financial responsibilities associated with renting an apartment. The guarantor usually is an individual who is employed within the United States (in some cases in New York State) and earns an income in excess of 60-80 times the annual rent of the apartment.
Junior
An apartment with a small alcove off the living room that can be converted to a small bedroom or used as a dining area. A "JUNIOR 4" would be a potential 4-room apartment: Living room, bedroom, kitchen and alcove area (bathroom is not counted as a room). It usually includes 1.5 bath.
Lease:
A legal contract between you and the landlord binding you to renting a particular apartment under all the terms and conditions included in the lease. A standard apartment lease in New York is signed for 12 months. There are 5 types of leases used in New York City and they all depend on what kind of an apartment you are renting:
Standard Lease
Just as the name indicates it is the most standard lease, which is usually signed for a period of 12 months. There are no special clauses or conditions in this document. In some cases landlords may write in specifications as to which utilities are included in rent or if any parking is also included.
Rent Stabilized Lease
This lease is exactly the same as the Standard Lease, with the exception that it specifically states by how much the rent can be increased by the landlord if the renter chooses to re-rent the same apartment next year. (Standard leases have no restrictions on rent increases.)
Rent Controlled Lease
This lease is more extensive than other types. It specifically explains the legal status of the apartment / building, stating how long the rent control will last, under what conditions and what will be the consequences if those conditions were broken.
Cooperative Sublease
Cooperative ownership, in which a corporation owns the building and the tenants own shares of stock in the corporation together with a lease for their specific apartment, is especially prevalent in Manhattan. Co-op buildings are governed by boards of directors, who generally institute rules concerning the subleasing of the apartments. A sublease will usually be for a specific time period (often only one to three years) with no right to renew. However, some buildings are less strict. Prospective subtenants are required to provide financial and social information about themselves to the board. They are then interviewed by a committee of board members. After review, the board votes to approve or reject the sublease. An approved co-op subtenant is required to abide by all rules and regulations of the building. There is usually a "sublease fee" for subleasing in co-op buildings. The rate varies from building to building.
Condominium Lease
In condominium ownership the real estate is actually owned by the tenant. Leasing a unit in a condo is done directly with the apartment owner. Thus, the rules governing such leases are less strict than in co-op buildings. A condo's board of managers may require a prospective tenant to provide some financial and social information and often requires an interview. Approval is generally easier to obtain in a condo than in a co-op. There may also be fees levied by the condo association on prospective tenants.
Lessee
A person to whom property is rented under a lease, otherwise known as a tenant.
Lessor:
One who rents property to another under a lease, otherwise known as a landlord.
Rental Application
A basic application form that lets the landlord collect information about the applicant. There is no confusing or intricate legal language involved. The only responsibility that the applicant bares is that he is binding him / herself to the apartment and will be responsible for its entire financial and other obligation stated in the lease if accepted. There are different applications, however the relevant information is practically the same. Some landlords (many luxury apartments in particular) have their own application.
Subletting:
This term refers to taking over somebody else's lease. Normally you should sign a subletting contract specifying all of the terms of the sublet (duration, money, etc.)
Tenancy at Will
A license to use or occupy lands and buildings at the will of the owner. The tenant may decide to leave the property at any time or must leave at the landlord's will. Agreement may be oral or written. (Most such contracts are written in New York and have specific period of time associated with them.)
Tenancy in Common:
On ownership of realty by 2 or more persons, each of whom has an undivided interest, without the right of share of the decedent is inherited by the party or parties designated in the decedent's will.
