Q: What is the process and what are the fees for renting a house in the Hamptons? (broker fee, application, necessary paperwork)
A: Finding the perfect Hamptons rental can be a daunting process, which is why having a knowledgeable real estate agent to guide you through the process from start to finish is absolutely essential. In selecting your agent, make sure you pick someone who understands your needs. Then, together you can outline the details, such as budget, location, property size and required amenities. The agent will then curate the available listings on the market that meet your criteria and show you the options that he or she feels are the best fit. Once you find a house, a rental agreement will be drawn for you to sign. You are typically required to pay half of the full payment upon signing, and the balance seven days prior to occupancy, as well as a security deposit (the standard is 10%). Unless there are any issues or damages to the property as a result of your occupancy, you will get your security deposit back after your rental term is up.
Generally, the owner of the home will pay the broker a commission of 10%. After a successful and wonderful summer, you can call your broker and either decide to buy, or do it all over again the next summer!
If you would like us to help pair you with the right Hamptons rental agent, we would be happy to do so!