LIEB BLOG

Friday, March 14, 2014

The Happiest Job in America? Being a Real Estate Agent.

Around this time in 2013, Forbes reported that CareerBliss' employee-generated reviews determined that being a Real Estate Agent is the happiest career in America. Click here for the article. The results are old, but the underlying reasons are what interested me, not to mention they are still relevant today. Let's find out why being a Real Estate Agent is such a happy job:

The study asked employees to review ten factors that affect their workplace happiness:

Relationship with boss
Relationship with co-workers
Work environment
Job resources
Compensation
Growth opportunities
Company culture
Company reputation
Daily tasks
Control over which tasks to perform each day

Being a Real Estate Agent is not your typical 9-5 cubicle job where your job is to simply finish the work that is handed to you. Every agent knows that they are solely responsible for their success. As a Real Estate Agent, your rewards are proportional to your effort, professionalism, and skill. If you want to just "show up" and coast, you are going to fall flat on your face. On the flip side, if you want to be in control of your career, all of the tools are laid at your feet.

When a Real Estate Agent joins a brokerage, they are giving away part of their hard earned commissions in exchange for the benefits being a member of a brokerage provides. When you look at the ten factors above, you see ten things which Real Estate Agents want in their careers, and ten things brokerages want to provide to help their agents succeed.

A Real Estate Agent at a major brokerage can check off each of the ten factors:

A professional relationship with their boss who rises and falls with their agent's success.
A professional relationship with their co-workers who share the same goals and have the same desire to succeed. In addition, all the benefits which accompany having a large network of agents which makes it easier to connect buyers and sellers. Your co-workers are a resource to be utilized and respected.
A positive work environment which is a product of the other nine items on this list.
Access to MLS or a similar listing service, a strong legal team, professional office space, advertising, brand recognition, and other brokerage specific resources which help you do your job better, faster, and more efficiently.
Compensation that rewards you for your work - your extra effort finds its way directly into your pocket.
Unlimited growth opportunity - the only ceiling is your own desire and will succeed.
A company culture that rewards success and promotes independence.
Brand recognition and reputation that lends itself to any agent who operates under their brokerage's umbrella.
A work day which is almost never the same as the day before, or the next day. There are always new challenges to tackle and new faces to interact with.
Nearly completely autonomous control over what to do, when to do it, and how to do it.

Brokerages - Think about what your agents want and how you can help them succeed. After all, their success is your success.

Real Estate Agents - Think about all the benefits your brokerage provides and make sure you are utilizing each them to their full extent.

Non real estate professionals - How can you incorporate some of the things from this list to make your work (or your employees) more enjoyable and more productive?

As for the unhappiest job in America, I guess CareerBliss forgot to interview Lieb at Law employees.

Smart Home Must Haves

Andrew M. Lieb, Esq., MPH Real Estate Technology , Real Estate Tips

Donald Bell of CNET goes through simple smart home upgrades that are must haves for those techies in the real estate world.

Mr. Bell discusses the best in smart lights, outlets, smoke detectors, thermostats and locks that will change your home and change your life.

Go check it out

Broker Entitled to Implied Commission even without Agreement

Andrew M. Lieb, Esq., MPH Real Estate Commissions , Real Estate Tips

The Appellate Court recently decided Harris v. Clancy, a case where the Court ruled that a seller had the burden to prove that a broker had "agreed to forgo a commission" or the Court stated that one would be implied by the Court regardless of the nonexistence of a brokerage agreement.

The Court found support in precedent that held "[a]bsent an agreement not to pay a commission, where a broker has performed as a broker and the seller has accepted the broker's services, an agreement to pay a commission will be implied even in the absence of an agreement regarding a commission ..., and the court will be charged with determining the amount of the commission".

So brokers, while you should always have a brokerage agreement with your client or co-broker to prove how much you are owed, its really your client or co-broker who benefits the most from the agreement, not you. Remember this case the next time that your client or co-broker resists signing your brokerage agreement; then, you may want to share this case with them and say that you are only asking them to sign your agreement to help them out.

Lieb School Expands to Long Island City

Lauren Lieb Agency Disclosure , Lieb School

Lieb School now offers free continuing education courses in Queens. The first course will be held on May 2nd in the iconic Citigroup Building in Long Island City. For more information visit www.liebschool.com

Agency Disclosure

Credits: 3

Instructor: Andrew Lieb, Esq.

Every broker must send their agents to this continuing education course to learn Agency Disclosure.

This course will answer the maddening questions that are always in the back of every real estate agent’s mind in brokerage: How do I fill out the form? Who do I work for? How can I get both sides of the deal? Can the Department of State fine me if I mess this up? Why does my broker care so much? Does this affect my commission? How about my license?

You will learn the whole enchilada about agency from disclosure in the presence of another broker to disclosure by electronic means to disclosure at an open house to disclosure when your client / customer refuses to sign the form, and so much more. You will be familiarized with the applicable statute, the relevant regulation, court cases that decipher your duties and DOS Administrative Decisions that fine violators. This course even includes a skills component where you will learn how to fill out the Agency Disclosure Form in every possible scenario. Finally, you will get it right. It’s mandatory to practice Agency Disclosure and after taking this course, you will.

Making Home Affordable - New Handbook Available - Version 4.4

Andrew M. Lieb, Esq., MPH HAFA , Mortgage Industry

To access the new Handbook for MHA, inclusive of HAMP and HAFA, click here.

This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comply.

Is your buyer precluded from buying US Real Estate?

Andrew M. Lieb, Esq., MPH foreign buyers ,

Check with the Office of Foreign Assets Control at the US Treasury before you help your client buy.

To use the Office's search features by person and country, click Resources on the page and find the feature that fits your need.

Remember, The Office of Foreign Assets Control administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals.

So, its important to check the Office's Resources frequently as sanctions change and you need to know what the rules are today when working in real estate brokerage.

Taxation of Foreign Investors in Real Estate

Andrew M. Lieb, Esq., MPH foreign buyers ,

Today we are teaching our course, Foreign Buyers, in NYC. Our students will begin to understand the implications of alienage in terms of real estate. We will also discuss the different rules for passive investments v. active investments. Real estate can be held in both fashions and its imperative to understand whether a 30% flat tax will apply on Gross Revenues or if instead a graduated tax will apply to Net Revenues. To help our students understand this topic further, we recommend reading U.S. TAXATION
OF FOREIGN NATIONALS.

DECISION: A Licensed Building on Public Land is Allowed Without State Approval

Anonymous

Licensing a building on parkland has been addressed by New York’s Court of Appeals last Thursday. If you ever have a commercial client who is interested in building a restaurant or food stand on public land, this is an important case to be familiar with.

In 2008, the New York City Department of Parks and Recreation renovated Union Square Park with the intention of building a restaurant on the pavilion in the northern part of the park. When Chef Driven Market, LLC was given a license to run a restaurant on the pavilion in 2012, the community rose in an uproar, claiming that such a restaurant does not have a purpose in the historic park and hence violates the “public trust doctrine.” The community groups exclaimed that a restaurant in the park itself was unnecessary since there were many restaurants to choose from in the nearby area. The pavilion could be used for better purposes, such as dance classes or debate sessions.

However, New York’s highest court has ruled in favor of the city’s Department of Parks and Recreation, disagreeing with the community groups that the restaurant is in violation of the public trust doctrine. The restaurant, with its reasonable prices, outdoor seating available to the public, and charity events, would add to the park’s appeal beauty, and safety and improve the community as a whole. The community groups may have a different opinion as to what the pavilion should be used for, but this does not mean that the restaurant itself is illegal.

It is also important to note that if the Department had leased, not licensed, the pavilion to Chef Driven Market, LLC, then the restaurant would certainly be unlawful without approval from the State. However, since Chef Driven Market, LLC holds a valid revocable license to run a restaurant with ample oversight from the Department of Parks and Recreations, there is no need to get the state’s approval at all. The difference between a license and a lease is that the license gives the Department ultimate control over the day-to-day activities of the restaurant, even the right to terminate the agreement at will. A lease, on the other hand, would give Chef Driven Market, LLC control over the restaurant and use of the property instead.

Brokers, keep in mind that a brokerage license is required for leases, but NOT for licenses, pursuant to RPL 4401(1). If you know anyone that would like to obtain a license to operate a building on parkland, he or she does not necessarily need the help of a licensed real estate broker to do so!

Continuing Education Q &A: NY Real Estate Salespersons that hold 2 licenses

Lauren Lieb License Renewal , Lieb School

Question: I hold two NY Real Estate Salespersons licenses with different expiration dates. Do I need 22.5 credits of continuing education for each license? If not, do I have to track my credits against both licenses or one, if so which one? Please help clarify...

Answer: Generally it is the first license issued which sets the cycle for continuing education. This isn't an exact science as sometimes agents let either license expire for periods of time. See below example for clarification:

If an agent is renewing license B, but they completed education within two years immediately preceding renewing license A, then license A set the two year cycle for CE and no education would be required for renewal of license B. Of course, the licensee would continue to use license A as the term in which CE must be completed prior to renewal.

Why Should a Homeowner Hire YOU to Sell Their Home?

Anonymous Professional Advice , Real Estate Tips

Part of my regular reading is a wonderful blog from a local real estate brokerage analytic company called Keeping Current Matters. While browsing the blog I found an infographic from a Park City Utah based real estate brokerage titled "Top 10 Reasons to Hire a Real Estate Agent". The list discusses the value a seller obtains by hiring a real estate agent instead of listing for sale by owner. The list is helpful in establishing the basic value of a real estate agent, but in my opinion it does not go far enough. Any real estate agent can convince a homeowner why hiring an agent is better than listing for sale by owner, but a superstar can convince a homeowner why hiring them is the only option.

As a real estate agent, it is crucial that you maintain a constant self awareness of the value you provide above and beyond any other real estate agent or brokerage. Create a list of things that you do better than any other real estate agent. Always work to expand that list and focus on building upon the strengths you already possess. If you are aware of the value you provide, it will naturally find its way into your representation. As your network and reputation grows, these value adds will stay attached to your name and brand.

This self awareness of what makes you indispensable and unique not only makes it easier for you to pitch your services to a potential client - it also helps you grow as a professional. Why should I hire you when it's time to sell my home?

Fannie Mae and Freddie Mac are Setting Records in Profits

Anonymous Fannie Mae , Foreclosure Defense

Due to the housing bubble burst in 2008, the federal government took ownership of the mortgage giants, Fannie Mae and Freddie Mac, and bailed them out of financial ruin. Not only did this bailout cost $187.5 billion in taxpayer dollars, but it also took years for Fannie Mae and Freddie Mac to recover from their monumental losses and begin to profit again.

However, there is good news! Now that the mortgage giants are profitable again, they have more than repaid the government for their 2008 bailout by paying dividends to the U.S. Treasury of $192.5 billion. Fannie Mae alone broke records with its $84 billion profit in 2013, completely exceeding the government’s expectation of recovery.

Fannie Mae and Freddie Mac do not expect to make as huge a profit in 2014 as they did in 2013, but they are hopeful that they will remain profitable in the long run. The Obama Administration, however, still wants to overhaul the mortgage giants and take away their monopoly on the mortgage market. There is currently a bipartisan bill in the Senate called the Housing Finance Reform and Taxpayer Protection Act of 2013 that focuses on financial reform and will hopefully take center stage this year.

Brokers, keep in mind that the housing market may drastically change in the next 5 years as private lending replaces the government-sponsored enterprises. However, now that the mortgage giants are turning such huge profits, reform may experience some delays. It is difficult to enact reforms when times are good, even though another financial crisis always looms on the horizon.

Google's Project Tango & The Interior Design Profession

Andrew M. Lieb, Esq., MPH Real Estate Technology , Real Estate Tips

If you haven't yet read up on Project Tango, you should.

This technology will enable 3D scanning of indoor environments with your cell phone or better yet, Google Glass, in the very near future.

Imagine a world where you put on your Google Glasses and its Apps suggest furniture that fits the space and thereafter places visuals of the furniture before your eyes.

Will you need an interior designer in the future?

As we always say to real estate brokers at our School, we are out of the days when you could simply match clients to earn money as a professional and we are now part of a value-add industry.

Perhaps, you will still need an interior designer in the future, but their job will have a different purpose.

Only the future can tell.

Your Property Has No Access to a Public Highway or Street - What to do...?

Andrew M. Lieb, Esq., MPH Land Use , Real Estate Tips

You just bought your dream summer home right after the completion of a subdivision of an old grand estate. You knocked down some walls to modernize the place, put in a hefty amount of trees and hedges for privacy, and even replaced the exterior wooden shingles. After leaving the city in rush hour and spending hours sitting in traffic, you drive up to your home to discover your driveway has been replaced with a vegetable garden enclosed by monuments. Your lawyer informs you that the survey of the property clearly shows that the driveway is outside of your boundary line and reminds you that you decided to cheap out on Title Insurance (no Fee or Owner’s policy). There is no way the insurance company would ever provide coverage.

Ultimately, you decide that your next course of action is to approach the neighbor who planted the vegetable garden with freshly baked cookies and pray on sympathy to access the street from your house. Remember, people are quite possessive of their property and don't like to share especially when they pay taxes on it, right? Guess what. The law offers you a solution for this problem called an Easement by Necessity. This legal right can free the landlocked property owner and give them the access that they desperately need to the street regardless of the neighbor's gleaming personality.

So, regardless of your neighbor, you can still get from your car to your house. An Easement means a right to use someone else's land for a specific purpose and the word Necessity means that the right that you seek is indispensable. So, the legal solution says exactly what you, the homeowner needs; a right to cross over someone else's property because it’s an indispensable need to use one's own property. And it gets better. While an Easement is typically something bought and sold as it limits the property owner's right to their own property, an Easement by Necessity is granted by a Court in what is called a Declaratory Judgment Action, wherein the Court declares a right of a party. In New York, this action would be brought pursuant to a statute called the Real Property Actions and Proceedings Law at Article 15, which deals with claims to real property. Other States have similar laws on this topic, it is important to check your local State's laws and regulations with a qualified attorney before making any claims about any rights that you may have.

In New York, a claim similar to this one was just addressed by our Appellate Division, Second Department, in a case called Faviola, LLC v. Patel. Therein, the Appellate Court explained that a property owner who seeks an Easement by Necessity must establish the following to prove their case: "there was a unity and subsequent separation of title, and that at the time of severance, an easement over the servient estate was absolutely necessary to obtain access to the party's land". In English, this means your little property was once part of the property contained within the estate, but that when the properties were divided, the only way to get to your property was through the property that remained part of the mansion and was not subdivided away with yours. In Faviola, the Court made clear that you will only get this Easement by Necessity if the right-of-way was absolutely necessary and "not a mere convenience" to you.

So, the law understands your plight and levels the playing field between you and your neighbor.

Welcome to Hamptons Rental Season

Andrew M. Lieb, Esq., MPH Hamptons Real Estate , Real Estate Tips

East End Landlords - its time to make sure your rental permits are in order, you have a valid Certificate of Occupancy, and you have a sample lease / house rules drafted to rent out your place for the season.

Real estate agents should ask their clients to see the rental permit / Certificate of Occupancy to avoid their own License Law liability.

Throughout the coming months, this blog will focus in on the tricks of the trade to enhance landlord profitability & to minimize landlord exposure.

Starting this up with a bang, Lieb School just submitted a new continuing education course, Property Manager Liability, to kick the season off.

In this course you will learn NYS laws for property managers license requirements, security deposit rules, unique exposure for offering services to foreign owners, premises liability, and fair housing / discrimination.

Most of all, you will learn to make your landlord money so that they can increase their portfolio of properties.

Gold Cost Mansions on PBS

Andrew M. Lieb, Esq., MPH

This program is a must watch for anyone involved in New York real estate.

Simply put, to not understand the treasures of New York's grand mansions is to not understand our market in the first place.

PBS is airing this program twice; first on 2/17/14 (Monday) at 9:15pm on WLIW/21 and again on 2/21/14 (Friday) on WNET/13.

Hope you get inspired and find the right mansion for you.

Fire Insurance Issues - Leverage the Law to get Commissions

Andrew M. Lieb, Esq., MPH Insurance Policy , Real Estate Tips

Fire insurance policies were just addressed by NY’s highest Court. Real estate agents should get familiar with these policies because value-add agents are successful agents, particularly in the commercial setting where fires often spur relocations and the availability of multiple brokerage commissions.

In the case before the Court, the insurance company disclaimed coverage because its policy had a time limit for claims, but required that the cost of replacement be known in order to recover for a loss. However, the cost wasn't known until construction was complete, which didn't happen until after the time limit for the claim. Hence the predicament for the insured building owner.

Specifically, in Executive Plaza LLC v. Peerless Insurance Company, it took the building owner over 3 years to renovate over one million dollars in damages to its property, but the policy only gave the owner 2 years to submit its loss.

Great news – the Court ruled that “such a contractual limitation period, applied to a case in which the property cannot reasonably be replaced in two years, is unreasonable and unenforceable.”

So, the policy’s purpose of insurance except where you need it was negated by the Court.

Now, you understand a predicament faced by your commercial building owners and you understand that in NY, insurance companies can no longer play the game of impossibility to avoid paying out a claim. So, go armed with knowledge when you help commercial tenants relocate after a fire and when you help a new building owner with their purchase and getting insurance.

StreetEasy is Free

Andrew M. Lieb, Esq., MPH Real Estate Technology ,

Zillow just announced that StreetEasy is now a completely free service and no longer has its $10 per month fee for advanced search features.

Plus, StreetEasy now has a terrific new website - so, go check it out!

Now users can get access to past sale prices, building permit applications, tax abatements and much more.

Lieb at Law, P.C. is hiring a Litigation Attorney

Lauren Lieb Legal Jobs , Lieb at Law UPDATES

Energetic, collaborative and technologically advanced law firm with a focus on real estate litigation seeks attorney with 1- 5 years of experience in litigation to join a team of driven professionals in representing brokerage companies, landlords and individuals. Trial experience a plus but not required. Excellent career opportunity. Firm culture: No case, no statute, no talk.

Send cover letter and resume to careers@liebatlaw.com.

*Office location in Center Moriches with cases throughout NY Metro Area.

Obama Backs and Encourages Mortgage Finance Reform in his State of the Union Speech

Anonymous Mortgage Industry ,

In his state of the union speech on January 28, 2014, Obama asked Congress to focus on mortgage finance reform in the upcoming year. He stated, “Since the most important investment many families make is their home, send me legislation that protects taxpayers from footing the bill for a housing crisis ever again and keeps the dream of home ownership alive for future generations.”

There have been proposals in the Obama administration to overhaul Fannie Mae and Freddie Mac, the mortgage giants which own or guarantee about 60% of all mortgages in the United States. These government-sponsored enterprises (GSEs) have prospered for decades by buying and selling mortgages to provide capital to lenders and borrowers. However, when the housing bubble burst in 2008, the federal government took ownership of the mortgage giants, costing billions of dollars in taxpayer dollars to bail the companies out of financial ruin. The housing market is now in recovery and Fannie Mae and Freddie Mac are profiting once again, but many government officials fear that another financial crisis is still possible. The goal is to take away Fannie Mae and Freddie Mac’s monopoly on the mortgage market, limit the federal government’s role and risk, and to focus on private lending instead. However, it will take years before the current system is completely overhauled and replaced with one dominated by private lenders.

It is imperative that brokers understand that the housing market is on its path to recovery, but may be facing drastic changes over the next two to five years. Middle class consumers may have difficulty obtaining a 30-year mortgage in a market that is run by private lenders unless the reforms allow for some substantial governmental intervention. We may only be in the early stages, but these proposals in Congress will lead to one of the biggest reforms this country has seen in the last decade.

Case Escalations: Power to the Homeowner

Anonymous HAMP , Legal Updates

Have you applied for a loan modification and felt that your servicer did not properly review you for HAMP and other Making Home Affordable programs? Perhaps your servicer lost your documents or failed to provide you with the proper update on your file? Well, what are you waiting for? Escalate your case today and demand your servicer to be in accordance with the MHA guidelines!

Homeowners may contact the MHA Hotline at 888-995-HOPE to request assistance in the escalation of their cases. The MHA Support Center, acting as an intermediary between the homeowner and servicer, ensures that the servicer is complying with the MHA guidelines and is reviewing homeowners’ case escalations in a timely fashion. However, homeowners may also contact their servicers directly or authorize their attorneys to go through the HAMP Solution Center (HSC) to seek resolution. No matter what route is taken, it may take up to 30 or more days for an escalated case to be reviewed and resolved, so homeowners should act immediately if they believe to have been wrongly denied a MHA Program.

Case escalations give power to the homeowner and keep disorganized servicers in check. Please go here if you would like to know how to escalate your case today!

The Intersection of Pet Policies and Anti-Discrimination Laws in Real EstateBreach of Contract in Real Estate Cases

Lauren Lieb Lieb at Law UPDATES , Pets and Real Estate

Learn about pets/animals in housing, hotels & shopping centers by reading Andrew Lieb's featured article in the American Bar Association's Journal

The Intersection of Pet Policies and Anti-Discrimination Laws in Real EstateBreach of Contract in Real Estate Cases

Free CE on 2/28 in NYC: Foreign Buyers (limited seating)!

Lauren Lieb foreign buyers , Free CE

Foreign Buyers

Instructor: Andrew Lieb, Esq., MPH

Credits: 3

Price: Free

February 28th, 2014: 11:00am to 2:45pm

Registration: Advanced Registration Required through www.liebschool.com

International clients are all the rage … sometimes. Learn diverging perspectives on their ownership of US soil. Explore cultural sensitivity and anti-discrimination statutes while gaining an understanding of the real estate agents / educators need to familiarize foreigners with our local customs and laws. This course will split hairs between different levels of citizenship and the resulting rights and obligations afforded to purchasers. You will be familiarized with a multitude of reporting requirements and tax withholding statutes for purchasers, sellers and their property managers that can turn a foreign purchase into your worst nightmare, if ignored. After this course, the student will know what it takes to be a foreign buyer or the seller / property manager to such a buyer in New York.

Google and the Smart Home

Anonymous Real Estate Technology ,

Google is on its way to creating the “Smart Home,” revolutionizing the way we live in the home and bringing advanced technology to everyday appliances and devices. In the beginning of January, Google bought Nest Labs for 3.2 billion dollars. For those of you that do not know, Nest is the founder of the Learning Thermostat, which adapts to your daily routine, saves energy in the home, and can be controlled from your phone. Millions of Americans have outdated and complicated thermostats that are left at the same temperature all day, which, in turn, waste energy and increase heating bills. The Nest Learning Thermostat brings efficiency to home heating and is the hottest home appliance on the market. More and more homeowners are attracted to the idea that the home will now “adjust to us” and our schedules.

There are already talks of Google creating more tools and appliances that are connected to the internet. This “Internet of Things” began with the smartphone but is expanding to include vacuums, toasters, thermostats, refrigerators, smoke detectors, carbon monoxide detectors, and many other mundane but essential household items. Some are afraid that the Google-run Smart Home will invade homeowners’ privacy by gathering and analyzing their personal information in order to improve the Internet of Things and user-based advertisements. However, Tony Fadell, CEO of Nest, has recently announced that there will be no change in the current privacy policy for Nest. This technology should considered as something that is exciting and revolutionary and will only make our lives easier.

Tony Fadell is also the co-creator of the iPod and iPhone. Instead of selling the company to Apple, he has decided that Google is the company that can best support Nest’s growth and development. Google understands Nest and is eager to take people’s interests to a whole new level.

School District Education

Andrew M. Lieb, Esq., MPH

Many customers and clients ask their real estate agent about the local school district as part of their search for a new home. While this seems like an easy conversation for the real estate agent, its not. There are a lot of discriminatory undertones to this conversation and real estate agents need to self-protect while answering questions. Remember, the Fair Housing Act prohibits racial steering, among its aims to provide equal access to protected classes of purchasers / renters.

Still further, boundary lines are confusing and often may result in a trickier situation than is appreciated by both the buyer and their agent; particularly when the home for sale is not being sold by a family with school aged children who would know.

Regardless, the best real estate agents know to refer their customers and clients to third-party sources when things can get hairy and instead focus on the introduction of the parties and the negotiations. This is particularly true in the modern age of the internet where websites have far more data than a real estate agent could possibly remember. So, a great agent will just provide their customers / clients with the names of the websites.

Do you want to know where to send your customers and clients when they ask you about schools?

Sure you do; try these:

National Center for Education Statistics: Federal entity that collects and analyzes data related to education. Use the NCES's School Search tool to learn about public schools, private schools, colleges and public libraries near any house anywhere in the US. Interestingly, this tool will provide your clients with the race / ethnicity of students without having to touch on this discriminatory topic. You will also learn such important information as total district students, total classroom teachers and student/teacher ratio.
Greatschools: Non-profit that supports families to champion their children's education. Use the Greatschool's Moving With Kids tool to learn the best children's books on moving, how to have a Plan B!, imagine your ideal school, consider your child's needs and to learn about traditional school alternatives. Also, and similar to NCES's School Search, Greatschools offers such a Find a School feature and it offers many of the same quantitative data as the NCES, but also gets qualitative with reviews by people in the community, which will really hit home to your customers and clients.
SchoolDigger: A project by Claarware LLC, a software development shop, which should be the go to place for district boundaries for schools as their maps just make it so easy. Once you find your area on their interactive map you can click on the school you believe to be applicable to a given area and check their boundaries to see what areas are included in the district. However, knowing the difficulties that boundary lines bring to any question, the site has an important disclaimer that "Not all boundaries are included". So, make sure to check the seller's tax bill to be sure what school district goes with the property.

Now go sell a house to someone who is educated.

Welcome Breslin to The Moriches

Andrew M. Lieb, Esq., MPH

Breslin Realty, welcome to Center Moriches; we at Lieb School and Lieb at Law are glad to be your neighbor. On their website, Breslin offers its site plan to bring big box retail to the quaint Moriches community.

While many may dislike the thought of big box retail in such a historic community in their initial gut reaction, this project should be viewed positively as it offers life to a very dead downtown that should benefit from some out-of-town traffic and life. More so, Breslin knows the community's unique character and seems to be embracing our culture with their marketing efforts. Specifically, the site plan's comments read as follows:

"Being one of the Gateways to the famous Hamptons of Long Island, this site affords major big box retailers the unusual opportunity to capitalize on one of the most sought after markets on Long Island. The location enjoys a non-competitive advantage on the South Shore, due to lack of developable, zoned retail properties; and due to the access from Sunrise Highway and Montauk Highway, your customer can access the site within minutes of Southampton, as well as the Moriches and surrounding trade areas."

We guess the secret of Center Moriches' marvelous location, being situated as the Gateway to the Hamptons, is out and more and more people will want to share in our pristine waterfront properties and striking downtown charm.

Welcome Breslin!

The Plight of the Broker

Andrew M. Lieb, Esq., MPH Real Estate Commissions , Real Estate Tips

Many look with envy at the good fortune of the broker, who reaps a large pot from simply introducing the parties to the deal, but to those who do not live in his shoes, think this:

"[A] broker is never entitled to commissions for unsuccessful efforts.

The risk of failure is wholly his.

The reward comes only with his success.

That is the plain contract and contemplation of the parties.

The broker may devote his time and labor, and expend his money with ever so much of devotion to the interests of his employer, and yet if he fails, if without effecting an agreement or accomplishing a bargain, he abandons the effort, or his authority is fairly and in good faith terminated, he gains no right to commissions.

He loses the labor and effort which was staked upon success.

And in such event it matters not that after his failure, and the termination of his agency, what he has done proves of use and benefit to the principal.

In a multitude of cases that must necessarily result.

He may have introduced to each other parties who otherwise would have never met; he may have created impressions which, under later and more favorable circumstances, naturally lead to and materially assist in the consummation of a sale; he may have planted the very seeds from which others reap the harvest; but all that gives him no claim.

It was part of his risk that failing himself, not successful in fulfilling his obligation, others might be left to some extent to avail themselves of the fruit of his labors."

This is the life of a broker as articulated by NY's Highest Court in the case of Sibbald v. Bethlehem Iron Co. in 1881, which remains true to this day. A broker deserves everything he gets as he must live in an all or nothing world. Here is to the broker who makes the deals happen!

Supplemental Directive 13-09 to Take Effect in Two Days

Anonymous Foreclosure Defense , HAMP

The time has come! Supplemental Directive 13-09 to the Making Homes Affordable handbook will take effect in two days on January 10, 2014.

As discussed in a previous entry, this Supplemental Directive makes the loss mitigation process easier, clearer, and more efficient. It is an alignment with the final Consumer Finance Protection Bureau (CNPB) Mortgage Servicing Regulations, which prohibit high risk lending and will also take effect on January 10, 2014.

Servicers must review documents and submit Incomplete Information Notices in tighter timeframes than ever before. This makes sense because most borrowers submit incomplete initial packets anyway and should be advised of missing documents immediately to move forward from the initial stage. By contacting the borrowers earlier and responding to them quicker, servicers are now able to maximize borrower protection in their review of loan modification applications.

The Department of the Treasury and the Department of Housing and Urban Development did not want to completely overhaul the Making Homes Affordable guidebook because they did not want to alter or destroy the integrity of the programs. All changes to the Making Homes Affordable handbook were kept to a minimum and in accordance with the final CFPB Mortgage Servicing Regulations. Remember, the CFPB regulations are the bare bones of requirements for servicers, so when servicers review borrowers for HAMP, they still must consider the Making Homes Affordable handbook and state laws as well.

Also, HAMP still remains top priority even though CFPB regulations require borrowers to be considered for all loss mitigation options at the same time. If the servicer participates in the HAMP program and the borrower is eligible for HAMP, the borrower must be given HAMP over other in-house loan modifications.

The Closing Disclosure Replaces the HUD-1 in Real Estate Transactions in 2015

Andrew M. Lieb, Esq., MPH HUD , Legal Updates

According to the Consumer Financial Protection Bureau, the new form, "The Closing Disclosure form replaces the current form used to close a loan, the HUD-1, which was designed by HUD under RESPA. It also replaces the revised Truth in Lending disclosure designed by the Board under TILA."

Consumers must receive this form "at least three business days before the consumer closes on the loan." Strikingly, if many possible loan components are changed following the provision of The Closing Disclosure form, such as changing the product or adding a prepayment penalty, a "consumer must be provided a new form and an additional three-business-day waiting period after receipt".

Look forward to this final rule, which is effective on August 1, 2015.

Ringing in the New Year With Real Estate Brokerage Advertising Regulations

Anonymous Advertising Regulations , NY Real Estate License

If you've been following our blog, you've known for months about the Real Estate Brokerage Advertising Regulations which became effective on January 2, 2014. Hopefully you have been preparing to ensure compliance, but if you haven't, here's one last reminder that you most likely need to overhaul the way you advertise.

The Department of State has overhauled the Advertising Regulations found in 22 NYCRR 175.25. If you've visited their page before, make sure you refresh your browser to see the updated January 2014 regulations. What used to be two paragraphs has exploded into twenty-eight paragraphs over two pages covering everything from for-sale signs to e-mail correspondences. Even the simplest things fall under the new regulations. For example, salespersons and brokers must display their full licensed names on their advertisements, no nicknames, and phone numbers must be clearly labeled based upon their type (cell, desk, home, etc). By defining advertising as "promotion and solicitation related to licensed real estate activity" the Department of State has thrown a broad net in order to capture as much activity as possible under the new regulations.

It is imperative that brokers become familiar with the new regulations so they understand what they need to change, and it is even more important that brokers conduct trainings with their agents who most likely are unknowingly violating the new regulations on a regular basis. Determining what information is required on each type of advertisement requires a careful reading of the regulations. Consult your trusted attorney for guidance so you can avoid potential penalties and continuing running your brokerage without a hiccup.

Friday, March 14, 2014

Sunday, March 09, 2014

Thursday, March 06, 2014

Tuesday, March 04, 2014

Friday, February 28, 2014

Thursday, February 27, 2014

Wednesday, February 26, 2014

Monday, February 24, 2014

Monday, February 17, 2014

Sunday, February 16, 2014

Friday, February 14, 2014

Thursday, February 13, 2014

Friday, January 31, 2014

Wednesday, January 22, 2014

Monday, January 20, 2014

Sunday, January 12, 2014

Thursday, January 09, 2014

Wednesday, January 08, 2014

Tuesday, January 07, 2014

Monday, January 06, 2014

Get New Posts by Email:

Podcast

HOT TOPICS

Recent

Featured

Popular Posts

About

Blog Archive

Contact Form