Wednesday, October 31, 2012

I'm in contract of sale for real estate damaged by Hurricane Sandy, what's the result?

In answering this question, the first issue is if the damage is material to the contract or is instead merely ancillary. To illustrate, lost electric or a few shingle down is likely immaterial, whereas flooding with structural damage is typically material.

If material, the contract is unenforceable at the option of the purchaser (the seller has no option). In this scenario, if the purchaser does not want to pursue the contract and therefore does not want to close on the real estate transaction, the purchaser can have their deposit (Earnest Money) returned.

If immaterial, the contract is enforceable, but the purchaser has a right to an abatement (reduction) of the purchase price reflecting the damage.

Nonetheless, if there is a prepossession agreement and the purchaser is in possession, regardless if the damage is material, the contract is enforceable as is.

These are the default rules embodied in General Obligation Law 5-1311, but a contract of sale can be drafted to amend these rules however the parties agree. Therefore, it is imperative that you review your contract of sale before you act.

Tuesday, October 30, 2012

Home Repairs & the Law - Homeowners Insurance Policy Tips

First, homeowners policies are all unique and must be read in their entirety. If you have any questions about your policy, you should contact an attorney rather than taking the word of your insurance company because they are not in the business of advocating for you and instead seek to minimize their payments / exposure.

Its important that you don't assume that you do or don't have coverage for a specific loss. There are many gray areas of coverage.

An important item to review in your insurance policy is if it pays Replacement Value or Cash Value for your damaged property.

Replacement Value refers to the cost to replace the property on the same premises with property of comparable material & quality.

Cash Value refers to the cost to replace with new property of like kind & quality, less depreciation.

To be clear, Replacement Value is much better for the insured than Cash Value as there is no depreciation taken into account when evaluating the homeowner's claim.

Next, you should check your deductible, take pictures of your losses, make a list of everything damaged / lost and promptly contact your insurance carrier to provide them with adequate notice (there are generally notice requirements to obtain your insurance coverage, including the way you provide notice and to whom).

Home Repairs & the Law - License Requirement in local Town or Village

While there are statewide laws for home improvement contracts & County / City laws, do not forget to also check your local municipality for their laws as well. Pursuant to General Business Law 775, local laws are permissible regulating home improvement contractors provided their are not inconsistent with State laws. So, a contractor may need to also be licensed on the local level. Additionally, there may be required contract provisions for your job.

While we have substantial damage from the storm throughout the region & need repairs, its important to ensure that these consumer protection statutes are followed by contractors along the way.

Home Repairs & the Law - License Requirement in Westchester County

All home improvement contractors in Westchester County need to be licensed. To read the Laws Governing the Licensing of Home Improvement Contracts in Westchester County, click here.

To look up if a home improvement contractor is licensed in Westchester County, click here.

Remember, if your contractor is unlicensed, they cannot enforce your home improvement contract against you & they are subject to arrest & prosecution.

Home Repairs & the Law - License Requirement in New York City

All home improvement contractors in New York City need to be licensed to perform the following services, among others:

construction, repair, remodeling, or addition to any land or building used as a residence. This includes, but is not limited to, the construction, replacement, or improvement of basements, driveways, fences, garages, landscaping, patios, porches, sidewalks, swimming pools, terraces, and other improvements to structures or upon land that is next to a home or apartment building. 

In New York City, there is also a license requirement called a Home Improvement Salesperson License for those who "solicit, negotiate, or offer to negotiate a home improvement contract with a property owner".

Click here to verify licensing in New York City.

Remember, if your contractor is unlicensed, they cannot enforce your home improvement contract against you & they are subject to arrest & prosecution. 

Home Repairs & the Law - License Requirement in Nassau County

All home improvement contractors in Nassau County need to be licensed to perform the following services, among others:

  • air conditioning & heating systems
  • carpentry work
  • ceramic tile & marble installers
  • cesspool builders & cleaners
  • chimney/fireplace builders, repairs, cleaners
  • doors, windows, awnings
  • dry wall contractors
  • fences and railings
  • fire escape stairs & ladders
  • floor installation & refinishing (including sub-floors)
  • garage builders
  • general contractors
  • insulation contractors
  • lawn irrigation contractors
  • masonry work
  • painting contractors
  • paving and driveway seal coating
  • power washers & sandblasters
  • reglazing/porcelain refinishing
  • retaining wall contractors
  • roofing contractors
  • sewer cleaners
  • siding installation
  • swimming pool (building, installing and maintenance)
  • tree surgery
  • vacuum cleaner central systems
  • waterproofing
  • well drilling

Check your contractor's licensing & open complaints by contacting Office of Consumer Affairs at (516) 571-3871.  To view the Nassau County Local Law, click here. Remember  if your contractor is unlicensed, they cannot enforce your home improvement contract against you & they are subject to arrest & prosecution. 

Home Repairs & the Law - License Requirement in Suffolk County

All home improvement contractors in Suffolk County need to be licensed to perform the following services, among others:
Cabinet Makers
Flag Poles
Storms & Screens
Tree services
Swimming Pools
Tennis Courts
Termite Control
Tile Installers

Check your contractor's licensing & open complaints by contacting Office of Consumer Affairs at (631) 853-4600. There are more than 12,000 licensed vendors, so you can certainly find one for your job. Remember, if your contractor is unlicensed, they cannot enforce your home improvement contract against you & they are subject to arrest & prosecution.

Home Repairs & the Law - New York State Home Improvement Contract Law

If you had damage in the storm & plan to hire a contractor in New York, we will be providing you with some tips & laws to get you on your way.

Lets start with General Business Law 771, which contains the requirements for home improvement contracts as follows:

1. Every home improvement contract subject to the provisions of this article, and all amendments thereto, shall be evidenced by a writing and shall be signed by all the parties to the contract. The writing shall contain the following:
(a) The name, address, telephone number and license number, if applicable, of the contractor.
(b) The approximate dates, or estimated dates, when the work will begin and be substantially completed, including a statement of any contingencies that would materially change the approximate or estimated completion date. In addition to the estimated or approximate dates, the contract shall also specify whether or not the contractor and the owner have determined a definite completion date to be of the essence.
(c) A description of the work to be performed, the materials to be provided to the owner, including make, model number or any other identifying information, and the agreed upon consideration for the work and materials.
(d) A notice to the owner purchasing the home improvement that the contractor or subcontractor who performs on the contract or the materialman who provides home improvement goods or services and is not paid may have a claim against the owner which may be enforced against the property in accordance with the applicable lien laws. Such home improvement contract shall also contain the following notice to the owner in clear and conspicuous bold face type:
“Any contractor, subcontractor, or materialman who provides home improvement goods or services pursuant to your home improvement contract and who is not paid may have a valid legal claim against your property known as a mechanic's lien. Any mechanic's lien filed against your property may be discharged. Payment of the agreed-upon price under the home improvement contract prior to filing of a mechanic's lien may invalidate such lien. The owner may contact an attorney to determine his rights to discharge a mechanic's lien”.
(e) A notice to the owner purchasing the home improvement that, except as otherwise provided in paragraph (g) of this subdivision, the home improvement contractor is legally required to deposit all payments received prior to completion in accordance withsubdivision four of section seventy-one-a of the lien law and that, in lieu of such deposit, the home improvement contractor may post a bond, contract of indemnity or irrevocable letter of credit with the owner guaranteeing the return or proper application of such payments to the purposes of the contract.
(f) If the contract provides for one or more progress payments to be paid to the home improvement contractor by the owner before substantial completion of the work, a schedule of such progress payments showing the amount of each payment, as a sum in dollars and cents, and specifically identifying the state of completion of the work or services to be performed, including any materials to be supplied before each such progress payment is due. The amount of any such progress payments shall bear a reasonable relationship to the amount of work to be performed, materials to be purchased, or expenses for which the contractor would be obligated at the time of payment.
(g) If the contract provides that the home improvement contractor will be paid on a specified hourly or time basis for work that has been performed or charges for materials that have been supplied prior to the time that payment is due, such payments for such work or materials shall not be deemed to be progress payments for the purposes of paragraph (f) of this subdivision, and shall not be required to be deposited in accordance with the provisions of paragraph (e) of this subdivision.
(h) A notice to the owner that, in addition to any right otherwise to revoke an offer, the owner may cancel the home improvement contract until midnight of the third business day after the day on which the owner has signed an agreement or offer to purchase relating to such contract. Cancellation occurs when written notice of cancellation is given to the home improvement contractor. Notice of cancellation, if given by mail, shall be deemed given when deposited in a mailbox properly addressed and postage prepaid. Notice of cancellation shall be sufficient if it indicates the intention of the owner not to be bound. Notwithstanding the foregoing, this paragraph shall not apply to a transaction in which the owner has initiated the contact and the home improvement is needed to meet a bona fide emergency of the owner, and the owner furnishes the home improvement contractor with a separate dated and signed personal statement in the owner's handwriting describing the situation requiring immediate remedy and expressly acknowledging and waiving the right to cancel the home improvement contract within three business days. For the purposes of this paragraph the term “owner” shall mean an owner or any representative of an owner.
2. The writing shall be legible, in plain English, and shall be in such form to describe clearly any other document which is to be incorporated into the contract. Before any work is done, the owner shall be furnished a copy of the written agreement, signed by the contractor. The writing may also contain other matters agreed to by the parties to the contract.

Monday, October 29, 2012

Commercial Landlord Liability - Hurricane Sandy

Commercial landlords secure your property as soon as the storm passes. While a property owner is not liable for injuries occurring on their premises during a storm in progress, the landlord only has an objective reasonable time to remedy the situation or face liability thereafter.

So, landlords, its your job tomorrow, following the storm, to inspect your properties and immediately institute corrective measures. If the dangerous condition existing on your premises will take time to remedy, you are charged with providing adequate warnings and barriers to protect those who are to be rightfully in and on the premises. 

Good luck and be safe. 

Homeowners Insurance Storm Tip

Back on August 28, 2011 I blogged about homeowners insurance in the wake of Hurricane Irene. Click here to read that article as its still applicable.

TIP: If you have an opportunity, take your cell phone out & take pictures of your home before damage occurs, both inside and out. Therefore, if you do have coverage, you can prove the damage.

More legal tips will be posted throughout the day, so stay tuned.

Trees are down - stay safe - Hurricane Sandy

I originally blogged about tree law back in 2010, but will provide you with a refresher in the face of Hurricane Sandy. Here is the law on trees in NY:

  • If a property owner has no knowledge that a tree is decaying or unsafe and it simply falls from wind or storm onto his neighbors’ property, he has no liability & the neighbor where it fell is responsible for removal for the portion on his property.
  • If a property owner knows of a tree's dangerous condition; that the tree is unsound and/or decaying, regardless if wind contributes to its fall onto his neighbors' property, he is liable. 

The issue is if the tree was sound before it fell. 
  • If so, removal is charged to the property owner in which it lies after it falls. 
  • If not, removal & liability for damage is charged to the property owner from which it fell.

To be clear, there is no duty to inspect your trees to determine if they are sound, instead only where there are indicia of decay or disease does such a burden fall upon a homeowner. The standard is if a defect in the tree is "readily observable" to an ordinary landowner upon reasonable inspection.

However, if your tree falls on a highway, the law is as follows: (see Highway Law 325)
If any tree shall fall, or be fallen by any person from any inclosed land into any highway, any person may give notice to the occupant of the land from which the tree shall have fallen, to remove the same within two days; if such tree shall not be removed within that time, but shall continue in the highway, the occupant of the land shall forfeit the sum of fifty cents for every day thereafter, until the tree shall be removed. 

Stay safe. 

Tankless Water Heaters Explained

At our continuing education class on Thursday of last week, To be Green or Not to be Green, a student inquired about historic tankless water heaters v. their modern efficient & green cousins that are now promoted by the energy efficiency movement. While I was sure about the effect of the difference, that the modern electric tankless models are quite more efficient, I was not sure about the specifics. So I researched until I found this article, which I think is quite informative. Click here to learn more.

Basically, the historic version included boiler-integrated tankless coils, which uses a home's space heating system to heat water as explained here whereas the modern cousin is an on-demand tankless model that only provides water when needed as explained here.

Tuesday, October 23, 2012

The most lucrative shopping mall in the world

As reported on Business Insider, Bal Harbour Shops in Miami is #1.

To read the article, click here

Real estate agents seeking to niche in shopping centers should definitely take an excursion to Miami and learn what sets this shopping center apart in order to benchmark their concepts for your local clients. 

Monday, October 22, 2012

Broker's Agent Confusion

There appears to be a lot of confusion about a Broker's Agent among real estate agents.

The license law defines such an agent at RPL 443(1)(k) as follows:

“Broker’s agent” means an agent that cooperates or is engaged by a listing agent, buyer’s agent or tenant’s agent (but does not work for the same firm as the listing agent, buyer’s agent or tenant’s agent) to assist the listing agent, buyer’s agent or tenant’s agent in locating a property to sell, buy or lease respectively, for the listing agent’s seller or landlord, the buyer agent’s buyer or the tenant’s agent tenant. The broker’s agent does not have a direct relationship with the seller, buyer, landlord or tenant and the seller, buyer, landlord or tenant can not provide instructions or direction directly to the broker’s agent. Therefore, the seller, buyer, landlord or tenant do not have vicarious liability for the acts of the broker’s agent. The listing agent, buyer’s agent or tenant’s agent do provide direction and instruction to the broker’s agent and therefore the listing agent, buyer’s agent or tenant’s agent will have liability for the broker’s agent.

Interestingly, a broker's agent should not have a client, but only a customer as the term customer is commonly utilized in the industry, albeit not defined by License Law.

The license law defines a client as follows:

Client - The one by whom a broker is employed.

As a result, the definition of Broker's Agent does not permit for a client because it states that a broker's agent is "engaged by" (otherwise known as employed) the "listing agent, buyer’s agent or tenant’s agent" and not by a vendor or vendee. Yes, technically the agent who employs is the client, but DOS Opinions clearly state that a real estate agent needn't make a formal disclosure by way of the form to another real estate agent working on the same matter. Therefore, the agency disclosure form is only necessary to customers (those who the broker's agent is attempting to procure for the deal).

Moreover, the definition of Broker's Agent mentions "vicarious liability", but agents misinterpret this to be their liability and specifically, their insulation from liability. It is not. Instead its the "seller, buyer, landlord or tenant"('s) liability is at issue, not the real estate agents. To be clear, if you are a broker's agent, you can be liable for your wrongs. If you are a seller's agent or buyer's agent who engages a broker's agent, you can be liable for their acts. All the statute states is that a client who has a broker's agent working on their matter in addition to their own real estate agent is not liable for that broker's agent's misconduct.

Making Home Affordable - Performance Report

MHA recently posted their performance report through August 2012. This is the Federal Program that oversees mortgage modifications, short sales, and deeds in lieu of foreclosure. The most interesting statistic was that "81% of eligible non-GSE borrowers entering HAMP in August have received some form of principal reduction with their modification".

To read the report, click here.

Douglas Elliman Reinvent - Thank You

This is our first day back from the excellent convention hosted by Douglas Elliman at the Borgata in Atlantic City. The event was spectacular and the real estate agents at Elliman should be proud. At the event we launched our newest continuing education course, Deal Killers and taught agents how to avoid deal killers in order to save their deals. We also taught Conflicts of Interest, which fulfills NAR's ethics requirement for members of HANFRA, LIBOR, and HGAR. There were many other terrific speakers who attended the event and I had the opportunity to see Bette Midler and Randi Zuckerberg. All in all it was a great experience. Thanks.

Friday, October 12, 2012

Court of Appeals hears brokerage agency case

On October 9, 2012, New York's highest Court heard the case of Douglas Elliman LLC v. Tretter.

To watch the Court's oral arguments, click here and click on the button for webcast.

During the arguments, the Court was faced with the issue of the extent of a broker's fiduciary duty when working as an exclusive agent for a seller and concurrently trying to have potential customers become customers or clients of the broker on different homes / apartments.

The Tretters argument was that if you have an exclusive a broker can't show prospective purchasers another property, especially not one that is not an exclusive listing at your brokerage house.

Douglas Elliman suggested the following rule to the Court: "A broker can show a buyer other properties, the broker can be informative, can be honest, can be straightforward, but cannot prefer the property over the property of their principal". As restated by counsel to Douglas Elliman, the rule is: "The broker can be informative and honest about the unit, but cannot sell the unit over their principal".

While hearing the arguments, the Court focused greatly on a case that they heard back in 2001, called Sonnenschein v. Douglas Elliman. To read the prior case, click here.
The precedent discussed in Tretter from the Sonnenschein decision is as follows:
This Court has not addressed the parameters of a real estate broker's duty under these circumstances. Other jurisdictions have held that, in the absence of an agreement with a principal to the contrary, a broker owes no duty to refrain from “offering the properties of all [its] principals to a prospective customer” (Coldwell Banker Commercial Group v. Camelback Off. Park, 156 Ariz. 226, 230, 751 P.2d 542, 546; *376 McEvoy v. Ginsberg, 345 Mass. 733, 737, 189 N.E.2d 546, 547; see generally, Foley v. Mathias, 211 Iowa 160, 233 N.W. 106; Lemon v. Macklem, 157 Mich. 475, 122 N.W. 77). We find this approach to be consistent with the nature and fundamental requirements of the real estate marketplace in New York. Unless a broker and principal specifically agree otherwise, a broker cannot be expected to decline a prospective purchaser's request to see another property listed for sale with that broker. Any other rule would unreasonably restrain a broker from simultaneously representing two or more principals with similar properties for fear of ***67 **862 violating a fiduciary obligation in the event a buyer chose the property of one principal over that of another. Similarly, such a limitation would frustrate the interests of sellers, who benefit from the opportunity to market their properties to as many potential purchasers as possible, as well as the interests of potential buyers, who often request exposure to a number of properties in order to select the one most suitable to their needs and budget. For these reasons, we decline to impose upon all broker/principal relationships the restrictive view of broker duty that plaintiffs espouse. Of course, a principal remains free to enter into an explicit agreement with a broker to achieve such an exclusive arrangement.

We will stay focused on the decision, but the oral arguments are terrific and both attorneys represented their clients well.

Rich Dad, Poor Dad - Bankruptcy Dad

Robert Kiyosaki's Rich Global company filed for Chapter 7 bankruptcy as a result of a judgment obtained by The Learning Annex for $24M. Kiyosaki is the famed author of "Rich Dad, Poor Dad". While many are reporting this in a mocking manner in that Kiyosaki is famed for telling people how to make money, I believe its yet another example of Kiyosaki's message in a positive light.

The message is to separate your assets into different entities that are independent of each other. As a result of Kiyosaki's entity structures, its reported that he is still worth around $80M after the bankruptcy without any of the money being in jeopardy. Now, that is a good benchmark for success.

To read more about Kiyosaki's bankruptcy, go to a great article by by clicking here.

Wednesday, October 10, 2012

Nation's largest lender of home mortgages sued by US Government

Wells Fargo was sued yesterday by the US Attorney's office for mortgage fraud because it allegedly certified loans improperly. The lawsuit seeks hundreds of millions of dollars in damages. The lawsuit was brought under the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.  The lawsuit deals specifically with the lender's participation in the FHA's Direct Endorsement Lender Program. 

Basically, the lawsuit says that FHA had to pay millions in insurance for defaulted loans based upon receiving inaccurate information by Wells.

This is yet another example about how the days of the smoke in the mirror test are over & lenders are now required to perform necessary due diligence to ensure that borrowers should be given loans.   

To read the US Attorney's Press Release concerning this lawsuit, click here

Saturday, October 06, 2012

The Suffolk Lawyer - Focus on Real Property

I am delighted to share a link to this month's The Suffolk Lawyer, which is the official publication of the Suffolk County Bar Association.

This month's edition Focuses on Real Property. Click here to read the publication.

Inside, you can read articles such as "Accommodating Companion Animals" written by the leading experts on the topic over at Jackson Lewis; or you can learn to "Avoid Non-Payment" by the likes of Alicia M. Menechino; and don't every forget the need for a Buyer's Real Estate Agent in  a terrific article by Denise Langweber and her daughter Rebecca entitled "Buyer Beware"; or there is "The Diligence That is Due" by Lance Pomerantz; and lastly everything you need to know about transactions for "Residential Waterfront Properties" by the refined Heather Wright.

I owe a debt of gratitude to these authors for making my task as the Special Section Editor for Real Property  one of the best experiences of my professional life.

Thursday, October 04, 2012

Green Guides - FTC's Regulations for Marking

The Federal Trade Commission has promulgated regulations to "help marketers avoid making environmental marketing claims that are unfair or deceptive under Section 5 of the FTC Act, 15 U.S.C. [section] 45".

To read the FTC's press release concerning the Green Guides, click here.

For a Summary of the Green Guides, click here.

For the complete Green Guides, click here.

To learn more about these Green Guides and how they relate to Long Island Real Estate, register for our upcoming continuing education course, "To be Green or not to be Green" by clicking here.

Wednesday, October 03, 2012

The National Mortgage Settlement Takes Effect: An Update to “Robosigning Settlements” from February 9, 2012

The National Mortgage Settlement between the Attorney Generals of 49 States and five banks and mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo) takes full effect today.

For Borrowers that are eligible under this Settlement, it provides sweeping changes in the modification process, servicing of loans, payments to the States and possible payments to borrowers who have already lost their homes in foreclosure.

Perhaps, one of the most important changes for borrowers attempting to modify their mortgage at the same time as being in active foreclosure, the settlement agreement will greatly inhibit “dual tracking” of borrowers. “Dual Tracking” occurs when a borrower is in active foreclosure litigation at the same time as attempting to modify their loan.

Prior to today, the foreclosure litigation continued in earnest, at the same time borrowers were being evaluated for a loan modification. In the past, many borrowers submitted loan modification applications but lost their homes to foreclosure before their applications were reviewed by the lender.

Although the Directives under the Home Affordable Modification Program (HAMP), specifically states that “Foreclosure sales may not be conducted while the loan is being considered for a modification or during the trial period”, this was of no assistance to borrowers with lenders and/or servicers, that did not participate in HAMP.

As delineated in the “Servicing Standards Highlights” on the New York State Attorney General’s National Mortgage Settlement webpage, some of the key features of the Dual Track restrictions are as follows:
C. Dual track restricted
1. Pre-foreclosure referral
*            If bank/servicer receives a complete loan modification application by day 120 of delinquency, bank/servicer must review and make a determination on the application prior to referring the loan to foreclosure.
*            If bank/servicer receives a substantially complete loan modification application by day 120 of delinquency, bank/servicer must provide borrower an additional 10 days in which to complete the application.  If bank/servicer receives a complete application by the end of the 10-day extension, bank/servicer must review and make a determination on the application prior to referring the loan to foreclosure.
2. Post Foreclosure Referral
*            Once a loan has been referred to foreclosure, if the borrower submits a complete loan modification application within 30 days after the attorney letter is sent to the borrower, the bank/servicer must not move for a foreclosure judgment or seek a foreclosure sale until it has completed its review and determination of the application.  If servicer offers the borrower a loan modification, the servicer must continue to delay any action in the foreclosure proceeding until the borrower accepts or denies the offer.  If the borrower accepts the offer, the foreclosure proceeding is suspended unless the borrower fails to perform on the loan modification. The borrower may accept verbally, in writing or by making the first trial payment.
*            If borrower submits a complete loan modification at any time after 30 days following the mailing of the attorney letter but prior to 37 days before a scheduled foreclosure sale, the servicer must complete its review of the application prior to going to foreclosure sale.  If the servicer offers the borrower a loan modification, servicer must delay the sale if necessary to provide the borrower 14 days in which to accept or deny the offer, and, if the borrower accepts, must continue to delay the sale unless the borrower fails to perform on the modification.
*            If borrower submits a complete loan modification with 37 to 15 days before a scheduled foreclosure sale, the servicer shall conduct an expedited review.  If the servicer offers the borrower a loan modification, servicer must delay the sale to provide the borrower 14 days in which to accept or deny the offer, and, if the borrower accepts, must continue to delay the sale until the borrower fails to perform on the modification.

There are many more details and assistance to borrowers in this monumental Settlement. The impact the Settlement has on the struggling housing market, remains to be seen. With actual oversight of lender compliance, enforcement of the Settlement Agreement and assistance to borrowers by providing contact information about organizations to aid borrowers, through the Office of Mortgage Settlement Oversight and the National Mortgage Settlement Administrator and State Attorney General’s Offices, perhaps this is a step in the right direction. Hopefully, other lenders, that are not parties to the Settlement,will voluntarily adopt similar Servicing Rules. Such a voluntary act would certainly assist the entire Industry and create uniformity, which would positively impact the struggling housing market.

For more information please visit:
The New York State Attorney General’s Settlement info at:
The National Mortgage Settlement Administrator:
The Office of Mortgage Settlement Oversight:

Tuesday, October 02, 2012

What should my Cap Rate be on my commercial space?

During our recent class on Property Management I was asked about Capitalization Rates for property in Long Island. A great website to get this type of information and other commercial real estate statistics is ReisReports. Click here to visit their site.