Broker & owner are essentially the same - legal?
Started by JoyceWilson
over 12 years ago
Posts: 0
Member since: Jul 2013
Discussion about
Hi, I found an apartment listed, and it explicitly stated a one month broker fee required. I've emailed with the broker to set up an appointment. When I called the number listed though, I got an answering machine (not a cell phone), and the message said I'd reached (name changed) "Lexington Avenue Associates." When I did some research into the building on PropertyShark, I found that the owner of... [more]
Hi, I found an apartment listed, and it explicitly stated a one month broker fee required. I've emailed with the broker to set up an appointment. When I called the number listed though, I got an answering machine (not a cell phone), and the message said I'd reached (name changed) "Lexington Avenue Associates." When I did some research into the building on PropertyShark, I found that the owner of the building has the same last name (different first name) as the "broker," and the LLC that owns the building is in fact "Lexington Avenue Associates." So if it's actually a by-owner rental, is the owner (or someone employed by / related to the owner) allowed to act as a broker, thus getting more money toward the same entity? Is this legal? If this is legal, is it a red flag? Or is this a common practice? Any help appreciated. Thanks! [less]