BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Move-in fees are typically charges imposed by condo associations on new residents or tenants who are moving into the building. These fees are intended to cover the costs associated with move-in procedures, administrative work, elevator reservations, and other services related to managing new occupants. […]
Category: Property Clauses & Leases
NYC Cooperative Amendment Governance Document
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Amending the governing documents of a cooperative (co-op) in New York City (NYC) involves making changes or updates to the co-op’s bylaws, proprietary lease, or other governing documents. These changes could be necessary due to evolving needs, legal requirements, or other reasons. Here’s a general guide […]
Security Deposit Regulations for Residential Leases in NYC
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Limit on Security Deposits: In NYC, there is a limit on the amount landlords can charge for security deposits. As of September 2021, the maximum security deposit allowed for an unfurnished residential rental unit is one month’s rent. For furnished units, the maximum security deposit is […]
NYC Condominium Amendment Governance Document
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M In New York City (NYC), a condominium’s governing documents, including the declaration (also known as the master deed), bylaws, and house rules, serve as the foundation for how the condominium association is governed and how unit owners’ rights and responsibilities are defined. An amendment to these […]
NYC Commercial Lease Conditional Limitation Clauses
BY JOHN KIRITSIS, ESQ., CPA, MBA, MS, JD, LL.M Conditional limitation clauses are provisions in commercial leases that impose certain conditions on the tenant’s use of the leased premises. These clauses typically restrict or limit the tenant’s ability to use the space for specific purposes unless certain conditions are met. In New York City (NYC), […]