Posts Tagged ‘New York Real Estate’
There has for some time been confusion about the permissibility of brokers giving part of their commissions to their buyers.
The money obviously can be perceived as an incentive for the buyer to ask for representation by a broker.
One reason that brokers may demur, however, is the New York Real Property Law, which declares the following: (more…)
Real estate brokers in the state number 52,855, nearly half them in New York City.
Number of complaints filed with New York’s Department of State last year: 952.
Given what most consumers think of real estate agents and the number of times that I alone have observed violations of state law, those numbers just don’t square with reality.
There’s a simple explanation. (more…)
The New York Department of State says in a stunning opinion letter distributed Monday by the Real Estate Board of New York (REBNY) that many of us real estate salespersons and associate real estate brokers, including me, are violating the law.
Associate Attorney Whitney A. Clark states in the letter that those of us who adopt or receive corporate titles such as vice president on upward are in violation of the real property law if we are not actually officers of the corporation — for example, any incorporated brokerage.
In the one-and-a-half-page missive, which amounts to a bombshell, Clark declared: (more…)
Weekly Roundup: New development sales, eccentric buyers, agents’ frothy remarks, free mortgage tutorial, economics of price changesApril 19, 2013
There is a section of property law that declares tenants’ right to live in conditions not dangerous, hazardous or detrimental to their life, health or safety.
Under the “warranty of habitability,” tenants have the right to a livable, safe and sanitary apartment.
Under the warranty — in other words, guarantee — a unit must provide heat or hot water on a regular basis. Other issues include, leaks, mold, broken plumbing, elevator service in high-rise building and insect infestation.
It is up to the landlord to remediate conditions that make a rental unit unlivable, no matter the cause. If a landlord fails to act, the warranty of habitability provides tenants with the opportunity to obtain financial relief in one of three ways. (more…)
When I wrote about proposed new advertising rules for real estate brokers, I was unable to find specific penalties.
Now Whitney A. Clark of the Department of State has enlightened me with a response to my search for answers, and the good news is that virtually all violations of New York Real Property Law can produce the same costly punishments. (more…)