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I found an apartment I would like to rent in NYC through a broker.
He wants me to pay $1725 security deposit and $200 application fee to him directly right now. He also wants me to sign a "Commission Agreement" to pay him $3105 upon signing of the lease.
I have not met the landlord and the broker will not tell me his name unless I pay him the money up front.
I always thought the "security deposit" was paid to the landlord and placed in an escrow account at time of
lease signing.
You can find out the landlord's name by doing a search on the property. Just Google or Bing the address and see what you can find.
Also, as far as I know, you're not supposed to give any security deposits until the landlord agrees to rent to you. YOu could be the perfect person but if the landlord doesn't like you, you're not getting in.
Brokers usually get either 1 months rent as their pay for getting you the apartment or sometimes a % of a years' rent. Did he tell you what his take is?
How did you find the broker?? I wouldn't give a penny to anyone right now. Something doesn't sound right.
I've seen property owners names on the NYC Dept of Finance website where people go to pay their property taxes. You can try streeteasy too- their page for each address often lists the owner, which they fish from city databases.
Not sure this will help you though- this broker is trying to *********. You pay the app fee first, that's it, and you never pay a security deposit direct to the broker. The only possible way this could check out is if the broker is an arm of the property owner/developer, and even so, you should insist on doing it the way you described.
Yes this may be possible. Some landlords do request either rent or security up front as well as application fees to process the application. This way they can ensure that you are a serious renter and want the apartment if you are willing to provide the security in advance. This would be refundable if your application gets denied and your broker should inform you of this. I am a broker in Manhattan and now this first hand. Also his fee is 15% which is standard NYC fee, thats what the commission agreement is stating. Brokers don't make the rules as far as moneys due up front, we merely follow the landlords guidelines.
Hmmm as a broker here in nyc the only time we ask for either 1 months rent and or security deposit (particular landlord/management rules) with an application it has to be a certified check/money order made out to the landlord not the real estate company or agent, the check for the brokers fee that's a different story.
Please be careful and have any questions shoot me a private message.
I used a broker once to get a particular apartment he had listed. I paid him a half months rent.
When I met the owner the first time, about 6 month laterr he asked me if Mr. X had charges me. When I said yes he said "That son of a b*tch was paid by me and was not allowed to charge tenants."
That was in 1971 and I have never paid a broker since.
I would not pay a dime until I had a signed lease in my hand.
If renting with a major landlord you will def have to pay before a signed lease is in your hand. Brokers fee should never be paid until lease signing, this i agree with. If you need to pay 1 month and security when applying then you will have to pay before anything is in your hand.
If renting with a major landlord you will def have to pay before a signed lease is in your hand. Brokers fee should never be paid until lease signing, this i agree with. If you need to pay 1 month and security when applying then you will have to pay before anything is in your hand.
I guess it is not worth renting from a major landlord.
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