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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 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 hefty one-time payments, known as broker fees, are ubiquitous in New York but nearly unheard of anywhere else. In most other cities, landlords cover the commission of agents working on their ...
The listing broker may offer buyer agents a portion of their commission as an incentive to find buyers for the property. Payment is required if real estate brokerage service was used. This is often one of the largest closing costs. Mortgage application fees, paid by the buyer to the lender, to cover the costs of processing their loan ...
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A 1971 law took away New York City's ability to regulate rents and gave the power to the state government. [ 25 ] The Omnibus Housing Act of 1983 transferred the responsibilities for rent regulation in New York City from the New York City Conciliation and Appeals Board (CAB) to the New York State Division of Housing and Community Renewal (DHCR ...
It is a transfer fee, payable upon the sale of an apartment to the co-op. Flip taxes are considered a method to help raise money for a co-op's overhead expenses without raising the maintenance fees or assessing flat charge to all residences. Charging the fee to those who are leaving the building seems to be the most politically feasible.
A landmark agreement would eliminate real estate brokers' automatic commissions of up to 6%, potentially saving home buyers and sellers thousands of dollars.