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12-14-2007, 10:08 PM
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Junior Member
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Join Date: Dec 2007
1 posts, read 2,338 times
Reputation: 10
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help! security deposit and first month rent issue!
hi,
i'm new to new york. trying to find a studio apt in new york.
but my broker told me have to pay 1 month security deposit and first month rent to the building management before they provide the lease. is that right procedure in ny? 
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12-14-2007, 10:34 PM
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Senior Member
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Join Date: Jul 2007
Location: Queens
827 posts, read 515,695 times
Reputation: 76
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That sounds about right
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12-15-2007, 05:47 AM
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Senior Member
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Join Date: Sep 2007
156 posts, read 85,297 times
Reputation: 43
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Quote:
Originally Posted by kc2256
hi,
i'm new to new york. trying to find a studio apt in new york.
but my broker told me have to pay 1 month security deposit and first month rent to the building management before they provide the lease. is that right procedure in ny? |
Yeah, that sounds correct. 1 month security + 1st months rent is standard procedure in the rental market.
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12-15-2007, 08:21 AM
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Senior Member
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Join Date: Nov 2007
352 posts, read 200,440 times
Reputation: 50
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Quote:
Originally Posted by kc2256
hi,
i'm new to new york. trying to find a studio apt in new york.
but my broker told me have to pay 1 month security deposit and first month rent to the building management before they provide the lease. is that right procedure in ny? |
Yup
Pay money order or certified check and keep your records.
Don't destroy the apartment and when you move, you'll get your security deposit back.
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12-15-2007, 10:16 PM
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Member
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Join Date: Sep 2007
12 posts, read 8,066 times
Reputation: 10
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Quote:
Originally Posted by kc2256
hi,
i'm new to new york. trying to find a studio apt in new york.
but my broker told me have to pay 1 month security deposit and first month rent to the building management before they provide the lease. is that right procedure in ny? |
I paid security and 1st months and signed the lease and got the key all at the same time. That is standard procedure--is that what they're asking you to do?
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12-16-2007, 12:40 AM
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Not a member
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Join Date: Dec 2007
129 posts
Reputation: 35
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Standard proceedure. How much is the broker charging you as a finders fee?.
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12-17-2007, 02:21 PM
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Member
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Join Date: Nov 2007
44 posts, read 19,583 times
Reputation: 10
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You're lucky. We had to pay 2 months security, first month's rent, key deposit, smoke detector deposit and 12% broker fee!
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12-21-2007, 08:24 AM
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Senior Member
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Join Date: May 2007
1,209 posts, read 513,955 times
Reputation: 67
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Not certain, but I think a rent controlled or rent stabilized lease only requires one month's security and first month's rent
When I rented in a co-op bldg they asked for 2 month's security and first month's rent
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12-21-2007, 09:21 AM
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Moderator
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Join Date: Sep 2006
3,287 posts, read 1,627,545 times
Reputation: 604
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Quote:
Originally Posted by rlrl
Not certain, but I think a rent controlled or rent stabilized lease only requires one month's security and first month's rent
When I rented in a co-op bldg they asked for 2 month's security and first month's rent
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Co-ops are much more difficult to sublet in, and are more leery of even permitting a sublet, so they have a higher hurdle to clear with regard to security. The board makes the rules in the building.
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12-21-2007, 01:11 PM
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Senior Member
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Join Date: May 2007
1,209 posts, read 513,955 times
Reputation: 67
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you're post generated a question in me--I previously rented an apartment in a co-op bldg that was not owned by an individual shareholder--i rented from the management. was that considered a sublet or a straight rental?
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