Key money is a sum of money paid by a tenant to a landlord in order to secure a lease on a property. The money is typically used to cover the costs of refurbishing the property or to compensate the landlord for lost rent while the property is being prepared for the new tenant. In some cases, key money may also be used to buy out the existing tenant's lease.
What is key exchange fee? A key exchange fee is a charge assessed by a real estate agent or broker when keys are exchanged between the parties to a real estate transaction. The fee is typically a percentage of the total purchase price, and is paid by the party who is requesting the keys. Is key money an asset? Key money is not an asset. It is a one-time payment made to a landlord in order to secure an apartment or rental property. The payment is typically equal to one month's rent, and it is non-refundable.
Is key money legal in NYC? Key money is a type of payment made by a potential tenant to a landlord or broker in order to secure an apartment lease. While key money is legal in NYC, there are some restrictions on how it can be used. For example, key money cannot be used as a security deposit, and it must be disclosed to the landlord or broker up front. What is key money in London? Key money is a sum of money that a tenant pays to a landlord in order to secure a lease on a property. In London, key money is typically one month's rent, and is paid in addition to the security deposit and first month's rent. What is key money Japan? In Japan, key money is a payment made by a tenant to a landlord at the start of a lease, in addition to the monthly rent. The key money is intended to show the landlord that the tenant is serious about the lease, and is also used to cover the costs of any damage to the property that the tenant may cause.