Reach out to me at sargis@corenyc.com if you would like to book free 30-minute one-on-one consultation if you are thinking of buying, selling or renting in NYC or if you just have questions regarding NYC Real Estate.
That's a typical situation what a lot of renters are facing right now. Hopefully your friend will be able to either negotiate the price either find something else that within the budget
It depends on the situation and the agreement with your client. If you represent the tenant, you can come across to the term CYOF, which means Collect Your Own Fee. If it is listed as "no-fee", meaning the landlord will pay the broker's fee and the listing agent is co-broking, then your commission is covered. If there is no co-broke, then the listing is CYOF. In this case you'll be responsible for collecting your own fee from your client tenant. With "no-fee" listings, you can clarify this with the listing agent who represents the landlord, whether they are co-broking or CYOF.
Hi There have been major changes to landlord-tenant law in New York. I highly recommend to read at least the FAQs, so you are aware of what can and can't be done. If you just look up in Google "Housing Stability and Tenant Protection Act of 2019" you should be able to find some useful information, articles and FAQs. One of those changes included limiting the amount a landlord can charge for a security deposit to the amount equal to one month's rent. So to answer your question, landlords are limited to take a security deposit of no more than one month's rent. Hope this was helpful. Thanks for watching.
Reach out to me at sargis@corenyc.com if you would like to book free 30-minute one-on-one consultation if you are thinking of buying, selling or renting in NYC or if you just have questions regarding NYC Real Estate.
This is some nice insights. Useful information
Thank you
My friend got a COVID deal now the building is raising the rent significantly.
That's a typical situation what a lot of renters are facing right now. Hopefully your friend will be able to either negotiate the price either find something else that within the budget
Good explanation
Thanks for liking
If I bring a potential client to a no fee listing and they end up signing the lease , who pays me if I represented the tenant ?
It depends on the situation and the agreement with your client. If you represent the tenant, you can come across to the term CYOF, which means Collect Your Own Fee. If it is listed as "no-fee", meaning the landlord will pay the broker's fee and the listing agent is co-broking, then your commission is covered. If there is no co-broke, then the listing is CYOF. In this case you'll be responsible for collecting your own fee from your client tenant. With "no-fee" listings, you can clarify this with the listing agent who represents the landlord, whether they are co-broking or CYOF.
I’m looking to rent 2 bedroom in queens without credit score or guarantor. I can pay 2 months deposit
Hi
There have been major changes to landlord-tenant law in New York. I highly recommend to read at least the FAQs, so you are aware of what can and can't be done. If you just look up in Google "Housing Stability and Tenant Protection Act of 2019" you should be able to find some useful information, articles and FAQs.
One of those changes included limiting the amount a landlord can charge for a security deposit to the amount equal to one month's rent. So to answer your question, landlords are limited to take a security deposit of no more than one month's rent.
Hope this was helpful. Thanks for watching.