Sorry, Renters: You Still Have to Pay Brokers’ Fees for Now

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A New York State judge on Monday temporarily blocked the state’s week-old ruling that had effectively barred tenants from having to pay a broker fee, issuing at least a short-term reprieve to an industry scrambling to respond.

The justice, Michael Mackey of the New York Supreme Court in Albany County, issued the temporary restraining order on Monday after the Real Estate Board of New York, among other real estate groups and firms, sued the Department of State over the ruling.

The judge’s order means that brokers can continue to collect a commission from tenants, as had been the practice, for rentals. The decision was expected to stay in place until at least March 13, when Justice Mackey has asked the Department of State to respond in court.

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Sahred From Source link Real Estate