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key money -- can landlord's charge broker's fees or not?

Posted by Stacy on December 03, 2001 at 14:34:02:

I'm trying to pin down what exactly counts as key money, and I'm getting a whole mess of contradictory information.

For a non-rent-stabalized apartment in New York City, can a managing agent also charge a broker's fee? Several tenant's guides say landlords/owners/managing agents cannot collect broker's fees on apartments they own/manage. However, I can't find the law or regulation that prohibits it. I've called the NYS licensing division that handles real estate broker licensing, and the guy I talked to said it's a "can of worms" but probably legal. The state attorney general's office said they can't answer legal questions about what exactly constitutes key money.

So, anyone out there know if it's true that managing agents can't collect broker's fees on their own apartments; and if so, what law covers this?


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