Form HM-78 Agreement of Lease, Limited Profit Rental - New York

What Is Form HM-78?

This is a legal form that was released by the New York State Homes and Community Renewal - a government authority operating within New York. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form HM-78?
A: Form HM-78 is an Agreement of Lease, Limited Profit Rental used in New York.

Q: What is the purpose of Form HM-78?
A: Form HM-78 is used to formally document the agreement between a landlord and a tenant for a limited profit rental property in New York.

Q: Who uses Form HM-78?
A: Both landlords and tenants use Form HM-78 to establish the terms and conditions of the lease for a limited profit rental property in New York.

Q: What information is included in Form HM-78?
A: Form HM-78 typically includes details such as the names of the landlord and tenant, property address, rental amount, duration of the lease, and any additional terms and conditions agreed upon.

Q: Is Form HM-78 legally binding?
A: Yes, once both the landlord and tenant sign Form HM-78, it becomes a legally binding agreement.

Q: Do I need a lawyer to fill out Form HM-78?
A: While not required, it is recommended to consult with a lawyer or legal professional when filling out Form HM-78 to ensure all necessary information is included and to understand the legal implications of the agreement.

Q: Can the terms of the lease be modified once Form HM-78 is signed?
A: Any modifications to the terms of the lease after Form HM-78 is signed should be documented through a separate written agreement signed by both parties.

Q: What happens if either party violates the terms of Form HM-78?
A: If either the landlord or tenant fails to comply with the terms of Form HM-78, legal actions such as eviction or breach of contract lawsuits may be pursued.

Q: Is Form HM-78 specific to New York?
A: Yes, Form HM-78 is specifically used for limited profit rental properties in New York.