Real Estate Board Of New York Sprinkler Disclosure Lease Rider
The Real Estate Board of New York (REBNY) is a prominent organization in the New York real estate industry. This organization is responsible for creating and enforcing many of the laws and regulations that govern the buying, selling, and leasing of property in the city. One of the most significant regulations introduced by REBNY in recent years is the Sprinkler Disclosure Lease Rider.
What is the Sprinkler Disclosure Lease Rider?
The Sprinkler Disclosure Lease Rider is a legal document that is attached to a lease agreement. This document informs tenants of whether the building they are renting has a sprinkler system installed. If there is a sprinkler system, the lease rider will provide information about the system, including its location, maintenance schedule, and any restrictions on its use.
The Sprinkler Disclosure Lease Rider is required under Local Law 26, which was passed in 2004. This law requires all commercial buildings in New York City to install sprinkler systems by July 1, 2019. The law also requires landlords to provide tenants with information about the sprinkler system in the building.
Why is the Sprinkler Disclosure Lease Rider important?
The Sprinkler Disclosure Lease Rider is important because it helps to ensure the safety of tenants in commercial buildings. Sprinkler systems are designed to quickly extinguish fires, which can save lives and prevent property damage. By providing tenants with information about the sprinkler system in the building, the lease rider ensures that tenants know what to do in case of a fire.
The lease rider also helps to protect landlords from liability in case of a fire. If a tenant is injured or killed in a fire, the landlord may be held responsible if it is found that the landlord did not provide adequate information about the sprinkler system.
What information is included in the Sprinkler Disclosure Lease Rider?
The Sprinkler Disclosure Lease Rider contains several pieces of information, including:
- Whether the building has a sprinkler system installed
- The location of the sprinkler system
- The maintenance schedule for the sprinkler system
- Any restrictions on the use of the sprinkler system
- Instructions on what to do in case of a fire
By providing this information, the lease rider ensures that tenants are aware of the sprinkler system in the building and know how to use it in case of an emergency.
Who is responsible for providing the Sprinkler Disclosure Lease Rider?
Under Local Law 26, landlords are responsible for providing the Sprinkler Disclosure Lease Rider to tenants. Landlords must include the lease rider as an addendum to the lease agreement. If the landlord fails to provide the lease rider, they may be subject to fines and penalties.
Conclusion
The Sprinkler Disclosure Lease Rider is an important document that helps to ensure the safety of tenants in commercial buildings. By providing information about the sprinkler system in the building, the lease rider ensures that tenants know what to do in case of a fire. Landlords are responsible for providing the lease rider, and failure to do so may result in fines and penalties.