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Adverse Possession

If a person takes possession of a property, improves it, possesses it in a public manner and continues to do so for an extended period of time, traditionally that person would be deemed to have acquired the property by “adverse possession”. The concept of adverse possession is well known in both North America and Europe and has been around for centuries.
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Errors and Omissions Coverage: An Essential Element of Being an Agent

It is important for Realtors® to understand the fundamentals of Errors and Omissions Insurance coverage. Errors and omissions coverage, commonly known as E&O insurance, affords licensees and real estate brokerage firms protection against claims or lawsuits initiated by clients who feel that his or her agent failed to provide adequate services. Although most licensees have heard of E&O insurance, and in most instances have E&O coverage, very few actually review the specific terms of the policy to ensure that they are fully protected.
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When a Sales Associate Changes Offices – 2009

Approximately 19 years ago, this column addressed the rights of salespersons and real estate brokers at the time that a salesperson changes offices. Marketplace circumstances and dramatic changes in the way that business is conducted necessitates an update of this information.
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Illegal Immigrants, Rentals and Fair Housing Discrimination

The fastest growing component to the U.S. population in the past decade has been the Hispanic community. The expansion of the Hispanic population, including illegal immigrants, has generated a highly emotional issue for many Americans. What rights should be granted to illegal immigrants? What rights do illegal immigrants have to housing? Do the Fair Housing Laws apply to illegal immigrants? In an environment in which one out of nine residences in the U.S. is estimated to be vacant (there are an estimated 14 million apartment units, homes and condominiums currently vacant) these issues assume heightened importance for immigrants, for landlords and for Realtors.
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Mutually Dependent Transactions and the Creation of Dual Agency

The Department of State has for many years published a series of Legal Memoranda, one of which (Legal Memorandum LI12) is entitled “Be Wary of Dual Agency”. The Memorandum discusses the nature of dual agency. It essentially discourages consumers from dual agency because of the loss of the undivided loyalty of the agent first hired by the consumer. The Memorandum reflects the longstanding disdain of the New York State Department of State to dual agency which emanated from views expressed by the legal staff of the Secretary of State during the 1980s.
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Commission Escrow Act

The Westchester-Putnam Multiple Listing Service, Inc. has amended its exclusive listing agreements to include provisions which enable listing agents to comply with Section 294 of the Real Property Law which became effective January 1, 2009. The New York State Association of Realtors worked actively for more than 15 years to provide the residential brokerage community with some means of protection when sellers do not pay agreed upon commissions under listing agreements.
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RESPA – More Is Not Better

Our office has handled thousands of residential real estate transactions over the 35 plus years in which this author has practiced law in the Hudson Valley. It is rare indeed that any client in those real estate transactions ever took the time to read through the mortgage documents, examine the good faith estimates, carefully reviewed a HUD-1 settlement statement or understood fully all of the nuances of his or her real estate transaction. I can remember and count a far greater number of attorneys, who sitting across the table, when asked by a client about the meaning of a particular document, could not adequately articulate its intent and meaning.
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Short Sales – Legal Aspects

At the May, 2008 mid-year meetings of the National Association of Realtors (NAR), the Board of Directors of NAR adopted changes to the model Multiple Listing Service (MLS) Rules to reflect the realities of short sales. Every MLS must now give to the Participants, the ability to disclose to other Participants any potential for a short sale.

Definition of a Short Sale

Short sales are defined by NAR as follows:

“…a transaction where title has transferred; where the sale price is insufficient to pay the total of all liens and costs of sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.”

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When Can a Realtor Obtain a Credit Report of a Customer or Client?

When real estate licensees are acting on behalf of a landlord to bring a tenant to the premises, it is commonplace for the real estate licensee to obtain a credit report regarding the prospective tenant. The right of a real estate agent to obtain such a report was set forth long ago in a Federal Trade Commission “Staff Commentary” on section 604 of the Fair Credit Reporting Act (“FCRA”).
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Is Your Property in a Flood Plain?

More homeowners are faced with purchasing flood insurance than ever before. The cost of flood insurance can be quite burdensome and especially frustrating for homeowners who have never experienced floods but whose homes are now in designated flood plains. Real estate brokers have an affirmative duty to disclose the location of properties which are in designated flood plains and which require flood insurance. The flood plain maps for Westchester County were updated beginning in 2003 and became effective as of September 28, 2007. Existing flood plain maps for Putnam County are in the process of being updated and should be finished in mid 2009.
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