Before signing a contract, a tenant will usually visit the property and see if it meets their needs and, if so, the landlord will normally ask for their registration information as part of a rental application. After processing the tenant`s background and credit information, the tenant is informed if they have been approved and a document is negotiated, written and signed. New York`s standard lease for residential properties allows a homeowner or real estate owner to legally rent a livable space to someone else. The tenant must pay the rent and assume responsibility for some or all of the incidental costs, a condition that will be set during the negotiations between the two parties. As soon as the landlord and tenant sign the contract, it becomes final and therefore legally binding. .