The lease is for 12 months. I wrote it. Renters signed it.
Did some digging and found their forms on a different website.
They take a 15% fee! GASP!!!
"15% of the first years annual rent for a rental of one (1) year or more"
My guess is broker and agent split it and thus can say they take 7.5%.
So the tenant's actual rent is 5,405 and not 4,700. Insane!
I never thought to look at the fees the renters have to pay. Everyone says the cap is 10%. Wow what a lesson. Now I'll know how to pick an agent. I'm in shock.
It appears the broker/agent is representing the renter, and collecting the transaction fee from the renter, which is exorbitant. I have no idea what NY real estate laws are, but this seems a little sketchy. In almost every state, an agent can not be paid directly by a principal to the transaction. I hope and am sure you have, stipulated in your rental agreement that you are not responsible for any representations made by the broker/agent and that the fees were paid directly to them by the renter as a buyer broker agreement which you are not a party to (or something like that) Over thirty years I have pretty much seen it all and was never surprised if things went sideways. That is why I was meticulous in writing contracts, representing my clients best interest and always thinking ahead of the what ifs. Best wishes.