Application Fees: Application fees are non-refundable upon submission to Absolute Properties of NYC, LLC. Absolute Properties of NYC charges $100.00 per application (more specifically, per each applicant & each guarantor) unless the landlord’s application fee requirements are higher than $100.00. In the event the landlord’s application fee is higher, the client is responsible for paying the difference. If the landlord charges less than $100.00 per application, the client is still obligated to the cost of Absolute Properties application fees and application fees are non-refundable at all times.
Agency Deposit: A deposit in the amount of one month’s rent will be required at the time you submit your application. This deposit is held in Absolute Properties’ escrow account/trust account (as required by NYS DOS law §175.2) and does not take the apartment off the market. When you are approved for an apartment, this deposit gets credited towards the Broker’s Fee. If the apartment is a no-fee, Absolute Properties will put the deposit towards the balance of the security. The agency deposit is refundable is you are denied for an apartment by the landlord or if the apartment already has an application. The agency deposit is non-refundable if you back out of your application after you’re approved for an apartment (as the service fee is due) and there is a $750 administration fee if you back out before you are approved.
Broker’s Fee: Unless the landlord is paying your agent the fee, there will be a broker fee involved in renting an apartment. This is not set in stone and there is no standard fee, despite what other agents may tell you. Please discuss with your agent what the broker fee will be for each specific apartment you are interested in putting an application on.
Absolute Properties’ fee is 16% of the annual rent, but dependant on the listings. The fee is negotiable in most cases. In New York State, the commission or compensation of a real estate broker is not regulated by stature or regulation: therefore the amount and terms are negotiable.