LIEB BLOG

Legal Analysts

Friday, July 29, 2011

Foreclosure Primer by Justice Whelan

Foreclosure Primer by Justice Whelan
If you want to learn about the current landscape of foreclosure law, this opinion is the most thought-out and well drafted I have seen on the topic. Take a read by clicking here.

Also interesting is the discussion of the mortgage expert who was used in this matter by the Defendants. I have never heard of such a tactic and the Court seems dismayed as well as to why a purported expert would advance the papers as opposed to the Defendant's attorney. Yet, the key to this blog post is not what is peculiar, but instead how Justice Whelan so aptly explains the current laws in this field.

This is a must read by attorneys entering the field or anyone facing a foreclosure predicament.
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Let's Go Islanders

Let's Go Islanders
There is a very important vote for the future of Long Island coming up on August 1st, which is Monday. While this is not a political blog and I am not going to take a stand on the varying estimates that this arena may cost homeowners in tax payments, I will submit that the Islanders remaining on Long Island is crucial for our region's identity, particularly our real estate market.

Growing up on Long Island, I always knew who I was, an Islander. I was a fan of the team since an early age from watching the glory this team creates when they score a goal or knock an opponent to the ground. Yet, that is not why I am a fan or why I am writing a politically charged post on a blog designed for the real estate community. Instead, I am writing to endorse the new arena proposal for only one (1) reason, IDENTITY. I am an Islander. We only have one (1) professional sports team. The team represents us throughout the entire Country as our ambassadors. The team lets out-of-staters know who we are; that we exist. They are the welcome wagon to our beaches, restaurants, entertainment and wineries. The Islanders represent Long Island and it is imperative for our community to keep our team.

Now the owner, Charles Wang, may be bluffing when he states that this is his last go at saving the Islanders in Long Island, but I don't like playing with fire. Let's keep our team. If you are a Nassau County resident I strongly suggest voting YES for the coliseum on Monday.

Thank you. Let's Go Islanders.
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Wednesday, July 27, 2011

Recyclebank

Recyclebank
Brookhaven has launched a new program to inspire people to recycle. Check it out at www.recyclebank.com.
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Tuesday, July 26, 2011

When must a residential landlord supply heat to its tenants?

When must a residential landlord supply heat to its tenants?
According to a recent Nassau County Case (Olszewski v. Neuman) - A landlord must supply heat once October begins, but is not obligated from May through September.

While this Court made this specific decision based upon its individual facts, it is estimated that the weather during a given year would be applicable to a proper determination of a future case. Also, this decision is not from an Appellate Court and does not constitute precedent that is binding into the future.

Nonetheless, a great black line for those who dabble in the business - Get that heat on before October!!!
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Monday, July 25, 2011

Brokerage / Attorney Fee Sharing

Real Estate Commissions ,
Brokerage / Attorney Fee Sharing
Pursuant to Formal Opinion 845 of the New York State Bar Association, while an attorney can act as a real estate broker and gain a commission in a transaction, that attorney cannot share his / her fee with a referring attorney who represents a party to the real estate transaction and suggested that the party utilize the broker.

The rationale for this rule is that the referral fee would work a conflict of interest for the attorney working on the transaction where he / she would be motivated personally to have the deal close to get a commission instead of blocking a deal if such action was in their client's best interest.

The opinion does have an exception though. The exception is that if the attorney's clients gives informed consent to the referral fee and the attorney transfers the referral fee to the client such an action would be acceptable.

Therefore, the takeaway is an attorney cannot benefit financially in any way from referring a broker in a deal in which the attorney is working in a transactional representative capacity. Instead, the attorney must have unabridged motivation to guard the real estate client's best interest.
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