Thursday, January 25, 2018

New Statute - Residential Rentals must be Code Compliant or Face Premises Liability Exposure

New section of the Real Property Law protects tenants from illegally converting dwellings in all residential leases. This statute will place an exorbitant risk on the landlords; a risk only magnified by the likelihood that a property insurance carrier will disclaim coverage for such a claim.

Read the full article by Andrew Lieb, Esq. published in the Suffolk Lawyer here.

Friday, January 19, 2018

Lieb School | Free CE | NYC | Deceptive & Misleading Advertising | Registration Now Open

Deceptive & Misleading Advertising

Instructor(s): Andrew Lieb, Esq., MPH
Sponsor(s): Quontic Bank
Credits: 3.00 CE Hours

This 3 hour real estate brokerage continuing education course maps out the rules to advertise property in the State of New York. Did you know that real estate salespersons, associate brokers and brokers cannot just say whatever they want in real estate advertisements? Moreover, agents can’t be forced by their clients to manipulate the true description of property while marketing. In this course, you will learn that there is no freedom of speech in this regulated industry. In fact, the New York State legislature empowered the Department of State to enforce advertising regulations and such regulations are actually enforced.

After taking this course, you will be able to recite, with precision, the do’s and don’ts of real estate advertising. Instead of passing this integral function off to your team members or 3rd party vendors, you will know the importance of actively managing every aspect of promotion and mastering this craft. You will learn what you can and cannot include in advertisements. We will go over team advertisements, classified advertisements, mail, telephone, websites, e-mail, business cards, signs, billboards, flyers, for-sale signs, photographs, web-based promotion and more.

We will review court cases of deceptive and misleading advertising and you will understand the consequences of such action. We will discuss advertising statutes, regulations and opinion letters from the Department of State so that agents can advertise right up to the limit of what is permissible while complying with the laws of the State of New York.

Advanced Registration Available Here

Thursday, January 18, 2018

New York State Senate Says Aye to Bill Allowing Title Insurance Marketing Expenses

With 61 ayes and 0 nays, the New York State Senate passed S6704 which provides a definition for “an inducement for, or as compensation for, any title insurance business” in Insurance Law 6409. The new definition allows title companies and agents to continue usual and customary marketing activities such as taking clients out for coffee or lunch. The only requirement is that these marketing expenses must not be offered as a quid pro quo for a particular piece of title insurance business.

Nonetheless, title insurance companies and agents are still holding their breath as it is still in the Assembly’s hands to approve A8467 and effectively ease Regulation 208’s prohibitions on inducements for title insurance business.

You can track the Assembly’s actions on A8647 through this link

Tuesday, January 16, 2018

Title Regulation Testimony before the NYS Assembly - A Must Watch

The NYS Assembly held a hearing before the Committee on Insurance on January 12, 2018, which goes into great detail about new Insurance Regulations 206 and 208.

During the first approximate 2 hours of the hearing, Superindent Maria T. Vullo of the Department of Financial Services made a statement and fielded many questions about these regulations and the industry as a whole. Then, a second panel of the big 3 title insurance underwriters discussed their take on the regulations. Next, a consumer advocacy panel and then, a title insurance agency representative testified, which were followed by the President of the New York State Land Title Association and an independent title closer. Finishing up the testimony, the Executive Director of TIRSA testified.

Beyond this hearing, real estate professionals should continue to track New York State Bills A8467 and S6704, which each relate to the definition of the phrase "an inducement for, or as compensation for, any title insurance business" as set forth in Insurance Law 6409 and can further change the title insurance industry, if signed into law.

Tuesday, January 02, 2018

Top 5 Real Estate Laws of 2017