Skip Navigation
StreetEasy

Broker sales language in coop sublease listing?

Started by macurnan@aol.comx
over 10 years ago
Posts: 1
Member since: May 2009
Discussion about
I plan to sublease my coop apartment, after complying with all applicable rules. When the broker presented a rental listing agreement, it contained language creating an exclusive right for the broker to also sell the apartment. Since the broker will receive 15% of a year's rent as compensation, is this language normal and necessary?
Response by bramstar
over 10 years ago
Posts: 1909
Member since: May 2008

This is not at all uncommon for brokers to add in case your subtenant were to decide to purchase the apartment from you--the broker would have been the procuring agent in that case. But there should be a time limit in the clause. You can also negotiate with the broker to remove this language if you are not comfortable.

Ignored comment. Unhide
Response by crescent22
over 10 years ago
Posts: 953
Member since: Apr 2008

You have choice in this market. Find another broker if you cant get them to remove any reference to a future sale.

Ignored comment. Unhide
Response by Admin2009
over 10 years ago
Posts: 380
Member since: Mar 2014

use another broker

Ignored comment. Unhide
Response by chen99
over 10 years ago
Posts: 17
Member since: Oct 2013

Our broker put the same term in the contract, but only valid for the first year.

Ignored comment. Unhide

Add Your Comment

Most popular

  1. Cost to Build Affordable Housing
    20 Comments
  2. sub tenant in place
    13 Comments
  3. Mamdani heading towards raising property taxes
    144 Comments
  4. Are there any post-election fire sales?
    13 Comments
  5. Park Avenue on Sale
    23 Comments