Some buyers and sellers may not realize that brokers aren’t alone.
State law allows lawyers to collect commissions — without having a real estate license — though they cannot employ other salespersons to work under them unless they do obtain a license.
However, lawyers may not automatically charge a commission. They must have a signed agreement with whomever they are representing or an agreement with the listing broker.
At the same time, lawyers may not double dip. It is a conflict of interest for a lawyer to act as both attorney and real estate broker in the same transaction.
Interestingly, Continue reading
The estate auction of two co-ops and eight houses in Queens is to take place on Dec. 12.
Queens Public Administrator Lois Rosenblatt scheduled the auction of properties ranging in price between $100,000 and $600,000 in neighborhoods including Long Island City, Jamaica and Jackson Heights.
Below are the residences headed for the auction block, Continue reading
When it comes to showing an apartment to its best advantage, the little things count.
A listing broker can’t change an awkward layout, dress up a kitchen with granite countertops or eliminate blocked exposures.
But a savvy broker knows how to alter a listing so that prospective buyers can imagine themselves in it. The things that mar the listing in the photograph above overwhelm the eye and cloud the vision, but they are, in the scope of things, small matters easily fixed.
I saw this three-bedroom, three-bath co-op on Riverside Drive in the very low 90s not long after it had been offered for sale, at $2.795 million with maintenance of $2,867 a month.
The 1,905-sf unit has much going for it Continue reading
Home equity loans have regained some of their popularity in the wake of the housing crisis.
But borrowers need to be clear about the extent of their tax deductibility — at least until (and if) Washington completes wrangling over the deficit. You’ll find the nitty-gritty in a 16-page PDF published by the IRS, from which I’ll try to furnish just the broadest of strokes.
In essence, you can deduct no more than $100,000. Except. . . Continue reading
Despite strong early interest, two distinctive suburban properties in separate auctions suffered little competition among bidders on Sunday.
Only two of four registered bidders raised their hands in the auction of a 3,988-sf residence designed by architect Norman Jaffe in the Laurel Hollow village of Oyster Bay on Long Island’s North Shore
At the Mark Hotel on the Upper East Side, the house was gaveled down after receiving a mere three bids — a $1 million minimum opener, then $1.010 million and finally Continue reading
There’s more than one way to lose a buyer, and today’s post centers on a common one — that pesky “as is” clause.
Contracts for the sale of condos and co-ops in Manhattan and elsewhere in New York City generally include the clause, which stipulates that the buyer accepts the apartment “as is.” If the clause is not included, contingency language allows the buyer to cancel the contract in the event that the seller doesn’t agree to remediation.
Including an “as is” clause, especially for units in new buildings, shifts risk from the owner to the buyer. And the risks — e.g. shortcomings in workmanship or code issues — are manifold in new developments. So be it: caveat emptor. Continue reading
“Move right in!” goes the broker’s pitch.
Well, yes, you can. But don’t think that you won’t want to change a thing.
Even in new construction, you’ll find plenty of flaws in the finishes, items that demand an upgrade, paint colors to modify and so on.
When dealing with a resale, “move-in condition” is altogether a misstatement.
Remember Continue reading