Legal Question in Real Estate Law in New York

Paying realtor and owner before getting co-op board approval?

I--name removed--being asked to sign a sub-lease (required to apply for board approval), pay a brokers fee and one month security deposit before I receive co-op board approval. I--name removed--told that the lease will state that it is pending co-op board approval. They state that it is all 100% refundable if I don't get accepted. I--name removed--extremely wary of handing over my money before I have a valid lease. What is customary or legal?


Asked on 3/31/04, 9:13 am

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: Paying realtor and owner before getting co-op board approval?

$ should be held in escrow by a third party (attorney) and released when you can move in.

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Answered on 3/31/04, 7:26 pm


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