RentCheck - Section 8. Finding An Apartment lyrics

FINDING AN APARTMENT REAL ESTATE BROKERS A consumer may retain a real estate broker to find a suitable apartment. New York State licenses real estate brokers and salespersons. Brokers charge a commission for their services which is usually a stated percentage of the first year's rent. The amount of the commission is not set by law and should be negotiated between the parties. The broker must a**ist the client in finding and obtaining an apartment before a commission may be charged. The fee should not be paid until the client is offered a lease signed by the landlord. The broker may also charge the client a reasonable amount to conduct a credit check. Under the Rent Stabilization Code, a broker's commission may be considered “rent” in excess of legal rent when there is too close of a business or financial connection between the broker and the landlord. 9 NYCRR § 2525.1. Complaints against real estate brokers should be directed to the New York Department of State. Real Property Law, § 442-e. APARTMENT INFORMATION VENDORS AND SHARING AGENCIES Apartment listing services that charge a fee for providing information about the location and availability of apartments and rooms for rent must be licensed by the state. The fees charged by these firms may not exceed one month's rent and must be deposited in an escrow account. When the information provided by the firms does not result in a rental, the entire amount of any pre-paid fee, less $15.00, must be returned to the tenant. Criminal prosecution for violations of this law may be brought by the Attorney General. Real Property Law § 446-h.