Friday, May 19, 2017
Monday, May 15, 2017
Here is the video introduction to Lieb School's 1 Hour Agency Disclosure course. Finally the most complicated topic broken down into plain english!
Friday, May 12, 2017
Your real estate investment is your legacy. Here are the top five estate planning considerations for keeping your property in the family, in order to produce income for generations to come.
Read the full article by Andrew Lieb, Esq. published in Dan's Papers here.
Read the full article by Andrew Lieb, Esq. published in Dan's Papers here.
Friday, April 21, 2017
On 4/12/17 the NYS Board of Real Estate continued its mission of optimizing the regulation of real estate brokers in our state by holding its meeting in NYC and Albany. To remind real estate brokers and salespersons, the public is welcome at these meetings where the public can bring comments from the floor. It is encouraged that Lieb School students attend these meetings to have your voices heard.
"[T]he Board has general authority to promulgate rules and regulations affecting real estate brokers and salespersons in order to administer and effectuate the purposes of Article 12-A of the Real Property Law."
A complete video of the meeting is available on youtube.
While there was no quorum, the following was discussed:
"[T]he Board has general authority to promulgate rules and regulations affecting real estate brokers and salespersons in order to administer and effectuate the purposes of Article 12-A of the Real Property Law."
A complete video of the meeting is available on youtube.
While there was no quorum, the following was discussed:
- An education audit program was conducted from December through March on licensees seeking license renewal where approximately 360 such audits were conducted resulting in a finding of approximately 80% compliance and approximately $27,000 in fines;
- Many schools are offering classes at 1 and 2 hours in response to the change in regulations;
- The possibility of changing the Preliminary Statement of Complaint so real estate brokerage firms can make complaints about their salespersons and associate brokers with the Department of State;
- That the Department of State received a question about clarifying whether property managers must comply with the Corporate Title Opinion Letter from April 26, 2013 and will address such question accordingly; and
- A public comment that NYS Department of State should coordinate with the Attorney General's Office to enforce unlicensed activities, particularly against auctioneers.
The next meeting is scheduled for September 13, 2017.
Wednesday, April 19, 2017
Fast paced and tech savvy law firm seeks Associate Attorney
who can hit the ground running. Ideal candidate is a work product producer with
impeccable research, writing and oral advocacy skills. You will be thrown into
complex litigation and will quickly learn to thrive while engaging with the
leaders of the field.
This role will start off working across all aspects of the firm's litigation practice inclusive of real estate litigation, contractual litigation, premises liability, ownership disputes, plaintiff personal injury, estate litigation and more. You will draft legal memos, pleading, discovery demands, discovery responses and motions. You will negotiate and prosecute personal injury claims against insurance adjusters and then, defend real estate brokerage and title claims while reporting to insurance adjusters. You will also help prepare for depositions, mediations, arbitrations and trials.
Proven competency quickly leads to more challenging and rewarding litigation opportunities such as oral arguments, depositions, trials and appeals. Those that succeed will be charged with developing their own personal niche as their career evolves. Business opportunities exist.
Types of clients include high net worth individuals, start-ups, national real estate brokerage firms and title insurance companies.
The firm offers an environment that supports personal and professional growth without micromanagement or dogmatic resistance to fresh and innovative ideas. Competence trumps experience and career growth is limited only by your own ability, ambition and desire to learn. We will push you to evolve and earn career "wows".
This position is located in Center Moriches, which is in Suffolk County within the Riverhead / Westhampton Area. Clients span across Metro New York area.
Compensation: Commensurate with experience, includes full benefits package.
This role will start off working across all aspects of the firm's litigation practice inclusive of real estate litigation, contractual litigation, premises liability, ownership disputes, plaintiff personal injury, estate litigation and more. You will draft legal memos, pleading, discovery demands, discovery responses and motions. You will negotiate and prosecute personal injury claims against insurance adjusters and then, defend real estate brokerage and title claims while reporting to insurance adjusters. You will also help prepare for depositions, mediations, arbitrations and trials.
Proven competency quickly leads to more challenging and rewarding litigation opportunities such as oral arguments, depositions, trials and appeals. Those that succeed will be charged with developing their own personal niche as their career evolves. Business opportunities exist.
Types of clients include high net worth individuals, start-ups, national real estate brokerage firms and title insurance companies.
The firm offers an environment that supports personal and professional growth without micromanagement or dogmatic resistance to fresh and innovative ideas. Competence trumps experience and career growth is limited only by your own ability, ambition and desire to learn. We will push you to evolve and earn career "wows".
This position is located in Center Moriches, which is in Suffolk County within the Riverhead / Westhampton Area. Clients span across Metro New York area.
Compensation: Commensurate with experience, includes full benefits package.
Requirements:
- Minimum of 1 year Litigation Experience
- Experienced in court appearances, motion writing, legal research with Westlaw, pleadings, discovery, oral arguments a plus, depositions a plus, client management a plus.
Monday, April 17, 2017
Foreclosure litigation involves much more than simply enforcing a contract. Follow this top 10 checklist when representing private lenders to successfully navigate the nuances of foreclosure practice.
Read the full article by Andrew Lieb, Esq. and Jay Sheryll, Esq. here.
Read the full article by Andrew Lieb, Esq. and Jay Sheryll, Esq. here.
This is a direct note from the New York, Department of State.
This notification is to inform you of an increase in Real Estate original and renewal application fees, effective immediately.
The new application fees are as follows: Real Estate Broker Application $155, Real Estate Branch Office Application $155, Real Estate Salesperson Application $55.
Please stop using the old applications immediately. The new applications are available on the Department of State website, here are the links:
http://www.dos.ny.gov/forms/
http://www.dos.ny.gov/forms/
http://www.dos.ny.gov/forms/
http://www.dos.ny.gov/forms/
http://www.dos.ny.gov/forms/
http://www.dos.ny.gov/forms/
http://www.dos.ny.gov/forms/
http://www.dos.ny.gov/forms/
http://www.dos.ny.gov/forms/
Also, as a result of an ongoing Real Estate Licensee Qualifying Audit, we are finding that many licensees are noncompliant. The majority of noncompliant licensees state they did not know, and were not told, that prior to applying for a license education, requirements include completion of the 75 hour course, passing the final school exam and receiving a certificate of completion.
Lieb School reminds our real estate brokerage students to treat everyone equally in the terms, conditions and privileges of housing during the 2017 Fair Housing Month (and the rest of the year). Remember, you should only discuss the quality of the property, the terms of the offer and the weather when acting in real estate brokerage. Each prospect should be viewed as dancing dollar bills, not by their demographic profile, during real estate negotiations.
Lets make the world a more inclusive place one transaction at a time.
Lets make the world a more inclusive place one transaction at a time.
Friday, March 31, 2017
This 1 hour Video CE course instructed by Andrew Lieb, Esq. was designed to be the ultimate refresher course on agency. Students will learn to select the appropriate agency forms for varying scenarios, how to translate agency terms into simple English in order to communicate with transacting parties, and how to properly fill-out the forms in compliance with New York license law.
This is a skills class where students can expect to perfect their agency disclosure abilities. In fact, agency disclosure skills are the most important skill for real estate salespersons today. Learn how to fulfill your license requirement, protect yourself from litigious clients and customers, and most importantly, how to leverage the law by making agency into a value add when offering your services to prospects.
This 1 credit CE course fulfills your NY continuing education requirement on the law of agency (except for new agents who must take 2 hours).
This is a skills class where students can expect to perfect their agency disclosure abilities. In fact, agency disclosure skills are the most important skill for real estate salespersons today. Learn how to fulfill your license requirement, protect yourself from litigious clients and customers, and most importantly, how to leverage the law by making agency into a value add when offering your services to prospects.
This 1 credit CE course fulfills your NY continuing education requirement on the law of agency (except for new agents who must take 2 hours).
Wednesday, March 29, 2017
Friday, March 10, 2017
Thursday, March 09, 2017
This radio segment features Andrew Lieb, Esq. discussing the top 5 legal concepts that can make or break a speculative development real estate project.
Topics Include:
Topics Include:
- Getting Financing
- Structuring the Venture
- Setting a Realistic Vision
- Owning the Plans
- Hiring the Contractor
Wednesday, March 08, 2017
On
Monday, February 27, 2017, Fannie Mae, acting as
administrator of Home Affordable
Modification Program (HAMP), implemented portions of the Supplemental
Directive 16-02
regarding the termination of Making Homes
Affordable Program (MHA).
Now,
borrowers who have applied for a modification on or before the termination of
the MHA on December 31, 2016 under HAMP Tier 1, HAMP Tier 2, Streamline HAMP, Second Lien
Modification Program
(2MP), Treasury Federal
Housing Administration HAMP (Treasury FHA-HAMP), and Rural Development HAMP
(RD-HAMP) must have modification effective dates on or before December 1, 2017.
Additionally, closing dates for a transaction under Home Affordable
Foreclosure Alternatives Program (HAFA) must be on or before December 1, 2017.
In
conjunction with the termination of the MHA on December 31, 2016, Supplemental
Directive 16-02 provides guidance to servicers regarding non-Government Sponsored
Enterprise (GSE) Mortgages of borrowers who have requested assistance prior to
December 31, 2016. Specifically, this Directive applies to: the HAMP, the Home Affordable Unemployment Program (UP), HAFA, 2MP, Treasury
FHA-HAMP, and RD-HAMP. In
addition, this Supplemental Directive provides guidance with respect to the
eligibility of certain GSE HAMP Loans to receive pay-for-performance incentives
through the Troubled Asset
Relief Program
(TARP).
So,
the MHA has ended. However, no need to worry if you have applied on or before
December 31, 2016 for a home loan modification through MHA because you still
have time to receive the benefits of the MHA if you complete the modification
process by December 1, 2017.
Alternatively,
if you have not yet applied for a home loan modification, New Yorkers may
continue seek mortgage modifications under Civil Practice Law
and Rule §3408.
Dr. Ben Carson, former Republican Presidential Candidate and Neurosurgeon, has been confirmed as the new Housing and Urban Development Secretary (HUD).
HUD, formed by an act of Congress in 1965, is tasked
with implementing federal policies directed at the housing market.
As Secretary, Dr. Carson will have vast power in
regards to the organization and structure of the agency, specifically the field
structure at the local level. Nonetheless, Dr.
Carson’s discretion is bound by the confines
of federal mandates.
As real estate industry professionals, we wish Dr. Ben
Carson much success in his new role.
The Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury renewed a Geographic Targeting Order (GTO), on February 23, 2017, requiring “U.S. title insurance companies to identify the natural persons behind shell companies used to pay ‘all cash’ for high-end real estate in six major metropolitan areas.” The counties covered in this renewal are: all New York City Burroughs, Miami-Dade County, Broward County (FL), Palm Beach County (FL), Los Angeles County, San Francisco County, San Mateo County (CA), Santa Clara County (CA), San Diego County, and Bexar County (TX).
Each county will have a different monetary
threshold for transactions
covered by this GTO to become applicable. In New York, covered
transactions shall be all cash payments for real property at or above a total
purchase price of $1,500,000 in Brooklyn, Queens, Bronx, Queens, and Staten
Island. In Manhattan, covered transactions are set at or above a purchase price
of $3,000,000.
A title insurance company involved in a covered transaction
will be required to file a FinCEN Form 8300
detailing, inter alia, the identities of any persons representing the purchaser
and any “Beneficial Owners” (an individual who owns 25% or more in equity of
the purchaser) “within 30 days of the closing.” For New York, this GTO will
continue to prevent anonymous high-end purchasers in the five boroughs.
Tuesday, March 07, 2017
The remnants of the Mortgage Debt Forgiveness Relief Act only apply in 2017 to debts that were subject to a written agreement which was entered into in 2016. So, as of today, all new agreements that forgive debt (i.e., short sale, deed-in-lieu or mortgage modification with principal reduction) will expose the debtor to income tax, which tax will be based upon their corresponding debt savings.
H.R.110, the Mortgage Debt Tax Forgiveness Act of 2017, seeks to "amend[] the Internal Revenue Code to make permanent the exclusion from gross income of income attributable to the discharge of qualified principal residence indebtedness."
S.122, the Mortgage Debt Tax Relief Act, seeks to "amend[] the Internal Revenue Code to extend through 2018 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence."
While H.R.110 is preferable to forever eliminate a tax on unfortunate homeowners incident to having their debt forgiven, please support either bill by contacting your local congressman and having your voice heard.
H.R.110, the Mortgage Debt Tax Forgiveness Act of 2017, seeks to "amend[] the Internal Revenue Code to make permanent the exclusion from gross income of income attributable to the discharge of qualified principal residence indebtedness."
S.122, the Mortgage Debt Tax Relief Act, seeks to "amend[] the Internal Revenue Code to extend through 2018 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence."
While H.R.110 is preferable to forever eliminate a tax on unfortunate homeowners incident to having their debt forgiven, please support either bill by contacting your local congressman and having your voice heard.
