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Chief
I don't like handing over cash unless that lease is signed.
Don’t do it even if they are legit. This is a scam tactic and so you mention that you are just protecting yourself from potential scammers. Deposit only after lease is signed
Rising Star
Is the broker asking for it, or the owner. I have provided to the later, called 311 on the former after walking out of a showing and calling them a criminal.
Rising Star
If it wasn’t clear. I agree with everyone here. If a broker asks for good faith, walk away. If the landlord asks for it, good chance they are scumbags (e.g. BLDG, Lisa Mngt, Solil etc)
I had a good faith deposit on my apartment last year, but it was only 1/3 of monthly rent. I only paid in full for security deposit and first months rent after we signed the lease…not sure if it’s just because of how crazy the market is now but I don’t think it’s completely unheard of
Idk what all these people are talking about but I’ve signed two NYC leases and both required a month of rent payment prior to lease signing. Especially in this market, people are willing to pay everything upfront to get it off the market before someone else does. Telling an agent you aren’t going to give them a deposit is a great way to never get an apartment at the moment
Not me reading this and I just paid a good faith deposit that’s one month’s rent 😳😳
Chief
I haven’t heard of this personally. I’ve only handed deposits over once the lease is signed and both parties were binded.
Chief
It shows you’re both serious and don’t have a dozen applications pending. I’d try to offer $500-$1000 though.
Chief
Haha wat? In this market the odds of having other applications in is slim. "Good faith" is not a legally binding term in this scammy market.
A small amount if they’re also going to take the place off the market isn’t unheard of. A month’s rent is steep though.
Pro
I did a good faith deposit via Nooklyn when I got my apartment (security deposit, and application fee). Was a little apprehensive but it turned out alright in the end
It’s not normal. The first month’s rent and security deposit should be paid when the lease is signed.
I did this for my first NYC apartment. I was skeptical but fortunately everything worked out ok. Wasn’t asked for one on my current one & honestly don’t think I would do one again.
Did you see the apartment in person? If not high likelihood to be a scam. The “agent” could be impersonating a real agent they found online.
Pro
I think this became illegal actually in the recent renter protection law
Be very very careful that the payee of your deposit is actually the owner of the apartment
You could be getting scammed
Reference check everyone and everything.
Don't pay anything except a nominal application fee without legal documents - a lease