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NYC considers ending broker fees for tenants, angering real estate industry. JAKE OFFENHARTZ. June 12, 2024 at 6:17 PM. NEW YORK (AP) — It’s a familiar and agonizing experience for legions of ...
(The Center Square) — New York City landlords will be required to pay costly broker fees for tenants under a plan approved by the City Council that real estate groups argue will drive up rents ...
The fees are steep, typically totaling as much as 15% of the annual rent, about $7,000 for the average-priced New York City apartment. NYC bans unusual practice of forcing tenants to pay real ...
The fees are steep, typically totaling as much as 15% of the annual rent, about $7,000 for the average-priced New York City apartment. The legislation passed by the City Council aims to stop landlords from saddling tenants with those payments — at least as an up-front fee.
If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms: A beginning date and a termination date. The list price at which the property will be offered for sale. The amount of compensation offered to the broker, whether it is in the form of a flat fee or percentage of the sales price.
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Currently, a home seller is essentially locked into paying a brokerage fee for listing their property on a multiple listing service, or MLS — usually 5% or 6% depending on their geographic area.