GOOD FAITH DEPOSITS: A PART OF THE PROCESS OR A DESPICABLE SCAM?

Welcome to 2019! I have no doubt this post will be as relevant tomorrow as it was last year. I get phone calls and emails on a regular basis from readers who come across this post – and I happily address each one!!! Thanks for reading, and here is to a wonderful and successful 2019!

Unreal Estate

It is that time of year again! Spring is here and the rental market is heating up. As New Yorkers reluctantly re-enter the market, and tens of thousands of new hires, relos, students, etc. start their apartment search, a refresher on Good Faith Deposits can’t hurt! I originally posted this article 4 years ago. Unfortunately, the same deceptive practices exist and therefore the following information is valuable and relevant…

I am often asked by clients about “good faith deposits” and whether they should be skeptical about providing a deposit when submitting an application for an apartment. The answer is, it depends. If the deposit is going to the landlord, that is likely above board. However, if the deposit is being paid to the broker, your skepticism is well founded and you should be prepared to ask MANY questions. I will prepare you for both scenarios…

Landlord requires a “Good Faith…

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