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Updated by Victor Doyle on Jan 31, 2020
Headline for 5 Real Estate Questions To Ask in NYC
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Victor Doyle Victor Doyle
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5 Real Estate Questions To Ask in NYC

You're about to move into a new apartment in NYC. Or you've relocated. Chances are, you're not ready for the wild journey you're about to embark on. So have a quick read through our top 5 Real Estate questions to ask when moving within or to NYC!

Source: https://luxuryrentalsnewyork.com/new-york-no-fee-luxury-rentals/10-questions-to-ask-your-agent/

1

What is a No Fee Apartment or No Fee Broker?

What is a No Fee Apartment or No Fee Broker?

This is one of the most popular questions in the NYC real estate domain! No Fee always refers to how the broker or agent working with you gets paid. So if you're working with a broker who states he is a no fee broker, you won't have to pay his fee! The same goes when you're visiting an apartment that is a no fee apartment, you won't be expected to pay a broker fee when moving into that apartment!
You might wonder, well then how do brokers get paid? Brokers and agents who are No Fee often get paid by the Owners of the Buildings that you move into.

2

How Much are the Application Fees for this Apartment?

How Much are the Application Fees for this Apartment?

New York City has long been renown to be a place with steep application fees. Thankfully, this is no longer the case due to a recent change in tenant laws by the Department of State. There have now been limits placed on how much a building and agent can charge a client for application and background check fees. These fees have been limited to 20$ per person! Make sure you stay ahead of the game and read up on the official senate PDF regarding this recent change in the law. The PDF can be found here: PDF

3

What does Net Rent and Gross Rent mean?

What does Net Rent and Gross Rent mean?

The main difference between both terms: Gross and Net Rent can be best explained as the following:
Net Rent is what you’ll be truly paying for the unit you decide to move into.

The advertised “Gross” Rent will always be higher than the Net if there are concessions on the current unit (Such as 1 month free). The Net rent is simply the Gross rent minus all concessions put forward to the particular unit you have chosen.

4

Ask Yourself, How do you find the right Agent or Broker?

Ask Yourself, How do you find the right Agent or Broker?

Finding the right broker or real estate agent is incredible important when looking for apartments!

In a city that is constantly bustling and high paced, it's important to find someone who is willing to dedicate their time and expertise for your well being and for your apartment search to go well! The most important qualities you should find in a broker or agent are that they are attentive to your needs.
They should also have information and details regarding what your ideal apartment would look and feel like. Additionally, you should find agents or brokers that have an important amount of experience in the neighborhoods you are researching in. Most importantly, you should always feel comfortable with them!

5

What is a Disclosure Form?

What is a Disclosure Form?

A disclosure form is the form your agent or broker will present to you upon first contact. It is a legally required document that must be presented by all real estate agents, salespersons and brokers when initiating first contact with a client. It is up to you whether to sign it or not. The form itself is a disclosure of information in regards to agency – it serves the purpose of informing you who your real estate agent represents and whose interests the real estate agent serves.