A real estate broker whispers to you that they have an off-market listing that is to die for, but you have no idea what an off-market listing is. More so, the way the real estate broker told you about the listing just sounds to you like something is not right about the transaction. Is this pocket listing even legal?
A pocket listing means that the real estate broker has a listing that is not being advertised to the public markets. Isn’t that an illegal monopoly? In the State of New York, contracts or agreements that refrain trade are illegal and void pursuant to the General Business Law §340, or what is commonly referred to as the Donnelly Act. The Donnelly Act is New York’s version of the federal Sherman Antitrust Act where the state and federal laws require identical basic elements.
When selling real estate with an executor’s / administrator’s deed or as heirs at law, incident to the death of the owner, seller’s counsel must address both federal and state estate tax liens that automatically attach to real property on the date of death. Importantly, these liens attach and are effective without recorded notice. Read the full article published in The Suffolk Lawyer by Andrew Lieb, Esq.
Brokerage Lawsuits ONLINE is a 4 credit online video real estate CE approved by NY DOS for license renewal.
This course was developed and instructed by Andrew Lieb, Esq., a premiere NY real estate litigator and compliance trainer that focuses his legal practice on real estate brokerage litigation.
While enjoying the comfort of your home, you can learn how to sue them for your commission! It’s not simple and it usually takes forever to obtain a favorable resolution. More so, litigation creates exposure for the real estate brokerage and salesperson regardless if they are the plaintiff or the defendant.
This 4 hour course will explain the process of different dispute resolution options such as negotiations, mediation, arbitration and litigation. After completing this course, you will be able to articulate the impact of the Real Estate License Law on such lawsuits, the availability of pre-action Affidavits of Entitlement and Mechanic's Liens to real estate brokers, and how ethics complaints work before the Department of State.
More so, you will understand how the law determines if they are right in their claim or defense by explaining the potential lawsuits for commission and the most common claims against brokerages.
A new tax incentive is almost available for purchasing your first home. Legislation has passed both the NYS Senate and Assembly (it is returned to the Assembly before going to the Governor).
The program will work for the purchase or construction of a home, townhome, condominium or unit in a cooperative housing corporation.
Under the account, up to $100,000.00, exclusive of gain, can be invested and withdrawn without state personal income tax if the money is used for purchasing or constructing a first home purchase.
Better yet, parents can create these accounts for their children, where a child would be called a “designated beneficiary” under the statute.
However, to constitute a first time home buyer, whether as a designated beneficiary or on one’s own account, an individual cannot have had any prior “ownership interest in a principal residence at any time” both in the “United States or abroad.” To clarify, an individual does not have an ownership interest if they expect to inherit property or even if they own the remainder interest under a trust.
If the first time purchaser qualifies there is a requirement to utilize the home as a primary residence for “not less than two years after purchase.”
Stay tuned as the legislation makes its way to the governor's desk and then, parents can start saving for their children's first home like they do on a 529 Plan for college.
Mr. Lieb is available for outside compliance counsel, policy drafting and implementation and discrimination trainings. Contact andrew@liebatlaw.com or call 631.878.4455
Negotiating is first and foremost about preparation.
The following is the first half of a negotiating list that is your go to guide for your next real estate transaction. Whether you are buying or selling, renting or just contracting for a home improvement, you will need to negotiate the deal. To get ready, go over this list, tailor it to your situation and then practice, practice, practice with friends and family. Don’t skimp on practice: any weakness in your negotiating game will be exploited by your counterpart.
You must take control to successfully negotiate your next real estate deal. This is the first in a two-part series.
To Obtain CLE Credit for the Program Prior to Listening to the Program: Download an affirmation form
Tune into 90.3 FM and be sure to listen for a program verification code that will be announced by the host. Listen for the Code! Code must be written on the affirmation form in order to receive CLE credit.
Fees for licensing have increased by $5 as of April 20, 2017. For real estate brokers the fee is now $155 and for real estate salesman (a/k/a, real estate salespersons) the fee is now $55.
Real Property Law 441-b(1) now reads (words in brackets are the former statute and capitalized words represent the now current statute):
The fee for a license issued or reissued under the provisions of
this article entitling a person, co-partnership, limited liability
company or corporation to act as a real estate broker shall be [one
hundred fifty] ONE HUNDRED FIFTY-FIVE dollars. The fee for a license
issued or reissued under the provisions of this article entitling a
person to act as a real estate salesman shall be [fifty] FIFTY-FIVE
dollars. Notwithstanding the provisions of subdivision seven of section
four hundred forty-one-a of this article, after January first, nineteen
hundred eighty-six, the secretary of state shall assign staggered expi-
ration dates for outstanding licenses that have been previously renewed
on October thirty-first of each year from the assigned date unless
renewed. If the assigned date results in a term that exceeds twenty-four
months, the applicant shall pay an additional prorated adjustment
together with the regular renewal fee. The secretary of state shall
assign dates to existing licenses in a manner which shall result in a
term of not less than two years.
Many homeowners on the East End rent out their property for various parts of the summer season in order to recoup their carrying costs on the property and to have an additional source of income. Some even rationalize their initial purchase of their vacation home by calling it an investment property, where they plan to designate a set period of time that the property will be used for investment purposes and another limited time where it’s designated for pleasure. So when a friend asks to rent this vacation property, knowing of its availability, it may sound like a godsend: you can have an easy experience, avoid using a real estate broker, and save on brokerage fees while also helping out a friend who will love your property as you do. However, before letting your friend lease your property, you need to ask yourself: do I want to lose my friendship with this prospective tenant if the rental doesn’t work out?
If your answer to this question is that it’s completely inapplicable to you because your plan is to simply allow your friend to live at your expense and you have no problem with the financial burden resulting from the lost income stream, you should nonetheless consider possible liabilities that your friend can cause you. Beyond the liabilities of town/village code violations for noise violations, parking violations, rental permit violations, and so on, there is property damage and don’t forget feeling unappreciated when you are doing a good deed.
Regardless, all landlords should ask themselves the following questions before just jumping to the conclusion that renting to a friend is a good idea:
Some employers want to know if they can chose to take the penalty and forego the NY required sexual harassment prevention training, policy a...
About
Attorney Andrew Lieb is an Attorney, Legal Analyst, & Political Strategist who actively appears on regional and national news and print media including Newsweek, FOX LIVE, NBC, NBCLX, TV 55, CBS, ABC, Court TV, FOX 5 NY, PIX 11, News 12, Newsy, and NewsNation. Radio appearances include America’s First News with Gordon Deal, The Ross Kaminsky Show, Jimmy Barrett, KPRC, KTRH, 1010 Wins, WFAN, NPR, WHPC, KOA, WRCN Radio.
Attorney Andrew Lieb is the Founder of Lieb at Law and Lieb School.
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