Who needs a renewal lease form?
This is an RTP-8 form for owners of property and their renter whose previous lease is about to expire. If both of them are willing to prolong the agreement, they need to sign the renewal lease form.
What is RTP-8 for?
New York State Division of Housing and Community Renewal issues the guidelines for rent stabilized apartments. They establish the percentage increase or fixed dollar amounts for renewed one-year or two-year leases. Using the guidelines given in the instructions to this form, the owner of the property counts new rent, fills out the form and sends it to the renter. Whether or not they both agree on the new conditions, the renter and owner have to sign RTP-8.
Is RTP-8 accompanied by other forms?
The renewal lease form must be accompanied by the rider of rights and obligations for tenants and owners under the Rent Stabilization Law.
When is RTP-8 due?
The owner must send this form or deliver it in person to the tenant not more than 150 days and not less than 90 days prior to the date the functioning lease expires. When the offers is made, the tenant has 60 days to choose a lease term, sign it and return to the owner.
How do I fill out the renewal lease form?
In Part A the owner must put down the date, his own address and his tenant’s address. Then he proceeds to describing a lease renewal. First, he writes the expiration date of the current lease, after that he fills in the table containing the columns for renewal term, legal rent, guideline percentage or minimum dollar amount, applicable guideline supplement, lawful rent increase and new legal rent. Also the owner specifies the tenant’s security deposit and the additional charges for air-conditioning, electricity and a garage. He establishes the monthly payment for a one-year and a two-year lease, considering New York City SCRIE and DRIE programs. In Part B the tenant chooses in the box, if he agrees to a one-year or two-year lease, or he intends to vacate the apartment on the expiration date of the current lease.
Where do I send RTP-8?
When the owner receives a signed renewal lease form, he has 30 days to add his signature and send one copy to his tenant.