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May 21, 2008
Agent wants fees, security, first month etc. BEFORE I receive lease?
Today I received a call from my agent/broker to say that I'd been accepted to rent an apartment I applied for a few weeks ago. To give you the backstory the apartment is apparently owned by three owners (described by the broker as "three little old" ladies) and I had to provide a lot of references etc. in order to have them accept me.
That was all cool but now they want me to go to sign the lease tomorrow and bring certified checks for one months rent plus two months security, plus the remainder of the broker's 15% fee (I've already paid some of this when applying for the apt. on the condition that it would be refunded if I was not accepted for the apartment but not if I refused the apt. after being accepted.
The thing about the signing tomorrow is that once I sign the lease it will then be sent off to the three "little old ladies" to countersign and once the lease is returned to the broker I can move in, supposedly on June 1st.
However, I have to pay everything tomorrow by certified check! Is this typical in New York? I haven't rented an apartment here in a long time but it just seems outrageous to me that I have to put all this money down by certified check tomorrow and don't even walk out of there with a signed lease in my hand.
I would really like to take this apartment but I'm dropping almost 9K on this place and don't want to be made a fool of. Having said that the agency seems reputable, they have nice offices etc. and seem to have been around for a while.
What do you guys think? Any advice would be much appreciated.
Comments
IME, certified checks and signed leased transact at the same time...you walk away with lease and keys. But it has been a while for me as well.
Posted by: guest at May 21, 2008 9:56 PM
It's been a while for me too, but I think we signed the lease at the same time. The owner was right there.
If the 'little old ladies' can't make it to the meeting, why can't they sign the lease first and then you sign it.
Posted by: guest at May 21, 2008 11:14 PM
that's right -- you ask that they sign it first (that's routine) if they can't be there for some reason, so that you trade your big money for the lease and keys. And if I were you I'd go inspect the apartment again before concluding your transaction, as it's been some weeks since you were there.....and this all sounds slightly scam-mish. Good luck with it all.....a.
Posted by: guest at May 22, 2008 7:44 AM
Every time I've rented a place, the lease was signed by the owner first. Call the broker and tell them that you are not comfortable handing over the checks until the owners have signed the lease agreement. Also tell them that you'd prefer to sign the lease only after a second inspection of the apartment and that you expect to receive keys and your copy of the lease agreement - signed by all parties - at the time you hand over your checks.
If they balk, politely tell them that you will not be paying them the remainder of their 15% unless and until these terms are met. Brokers tend to fall into lockstep if they're commission is threatened. There is no reason for you to sign a lease that hasn't been first signed by an owner or management company - otherwise, you're the only one making any sort of legal agreement in good faith and you have no protection or recourse if they walk away with your money.
Posted by: guest at May 22, 2008 9:04 AM
If it's a large established, multi-branch firm then the odds are you're very much fine and the agent is just bringing the signed lease to the little old ladies. They wouldn't risk their rep for a few grand.
I signed the lease at the same time as the tenants and took my deposit from them. But I'm not a little old lady. Probably nothing to worry about but request to have the old girls sign first before you hand your loot over is a very reasonable solution.
Good luck!
Posted by: Johnny at May 22, 2008 9:18 AM
I would not hand over my money in return for words... get the signed lease and (if possible) the keys in return for your signing and your money.
This could well be nothing or a very simple scam... better be careful.
Posted by: Ray at May 22, 2008 11:04 AM
The 3 ladies must sign lease first. Then you sign. Then they get the check. Don't ever trust words especially from an agent.
Posted by: guest at May 22, 2008 12:29 PM
not unusual.. I am a broker and when we do a rental, the tenant submits signed leases with payment. The owner rarely countersigns immediately, normally within a week. The owners never sign a lease first.
Posted by: owner12 at May 22, 2008 1:37 PM
Not unusual in my experience. I had to provide certified checks, it is not a money order, so they still have to present it. Just make sure the lease has a clause covering this issue, that the agent will hold the checks in escrow until the fully executed lease is returned to the renter.
Posted by: mkop at May 22, 2008 4:43 PM
most unusual. as an owner, I never sign a lease first, but....the tenants and I sign at the same sitting. as an owner: no certified checks, no lease. as a tenant: no signed lease, no certified checks. no exceptions. if they can't deal with that, best to move on.
Posted by: guest at May 22, 2008 4:53 PM
When you sign the lease make sure you write the date next to your signature.
Make sure the rental amount is correct and the length of time.
Photocopy everything before you hand over the goodies.
Certified checks, copy of signed lease dated by you.
If you photocopy the lease with your signature it will be difficult for the 3 classical little old ladies to add a rider after the fact.
Call your bank and they will tell you when your certified checks were cashed.
Get copies if you want.
If for some insane reason you don't get a valid lease you always have proof your checks were cashed.
Remember this once they owners cash your check you have a contract automatically.
Posted by: Ysabelle at May 22, 2008 7:53 PM
if you do sign the lease and pay, at least get a receipt for the amount of money and what it was for.
Posted by: pazzia at May 27, 2008 3:43 PM
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