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In New York, to record a memorandum of lease, it must contain:The names and addresses of the landlord and tenant.A reference to the full unrecorded lease.The date of execution of the lease.A description of the leased premises in the form contained in the lease.The lease term, including:More items...
Generally, recording of the lease protects the tenant against subsequent claims to the property. If the Landowner dies or sells the property during the lease term, a recorded lease helps ensure that the new owner adheres to the lease agreement (if that is specifically stated in the lease).
A memorandum of lease is a recordable instrument that is used to alert third partiessuch as lenders, other tenants of the property, and prospective buyersthat there is a leasehold interest encumbering a piece of real property.
To record a lease agreement means to file a copy of the lease agreement with the local county land records office.