Category: John Dolgetta

Considering the devastation caused by Hurricane Harvey, Agents should be aware of what to do when a natural disaster or other casualty loss occurs. In New York City, Westchester, Putnam, Rockland, Orange and Dutchess Counties, Long Island and many of the surrounding areas, many (although not all) attorneys utilize the standard form contract of sale for real property prepared by the New York State Bar Association and the Committee on Real Property Law of the Bar of the City of New York (“Form Contract”) (see http://bit.ly/2f1XXKm). It is important to note that the Form Contract, as well as many other forms or real estate contracts used by attorneys and real estate agents alike, do not specifically address what happens in the event a catastrophic event major casualty loss.
Continue reading “What Agents Should Know When Natural Disasters or Other Casualty Losses Occur!”

One of the most important assets an individual will own in his or her lifetime is real estate. For most, it represents one of the largest investments a person will make and one of the most complex transactions in which a person will be involved. But what happens when an individual who owns real property dies or when real property is titled in the name of a Trust? This article will address the interplay between the sale and ownership of real estate and how those issues become more complicated when dealing with Trust and Estate administration. This article will address the issues a licensed real estate agent may confront when representing clients with real property owned by an Estate or a Trust.
Continue reading “Real Estate and Trusts and Estates: What Real Estate Agents Should Know!”

On April 26, 2017, the President’s long-awaited proposed changes to the Internal Revenue Service Tax Code appeared to be delivered in an anti-climactic manner, and appeared to be more of a policy statement than a detailed tax plan, when a one-page outline entitled “2017 Tax Reform for Economic Growth and American Jobs” was revealed to the press and to the American people. (See http://cnn.it/2u3QbZ9).
Continue reading “President Donald J. Trump’s Proposed Tax Reforms: Real Estate Agents and Associate Brokers Could Benefit by Receiving Commissions Through “Pass-Through” Business Entities”

On April 26, 2017, a Federal District Court in California dismissed a lawsuit filed by a plaintiff against Domino’s Pizza, LLC (“Domino’s”) (Robles v. Domino’s Pizza, LLC, see http://bit.ly/2s1hUJ7) on the basis that the U.S Department of Justice (“DOJ”) failed to issue specific website accessibility guidelines and therefore, the court held that the defendant, Domino’s, could not be held liable for a violation of the Americans with Disabilities Act, as amended in 2008 by the enactment of the Americans with Disabilities Act Amendments Act, (collectively, the “ADA”), when no such guidelines or specific rules exist.
Continue reading “Website Accessibility and the ADA: An Update Dismissal of a Recent Case – Robles v. Domino’s Pizza, LLC”

The renewal process for a real estate licensee is usually a simple one. A licensee receives an email alert and is prompted to renew his or her license online. The licensee signs in, answers a few relatively straightforward questions and submits the credit card information in order to pay the renewal fee. However, if any false or incomplete answers are provided it will likely result in the eventual revocation of the agent’s license. Another scenario which could lead to a termination or revocation of a license is where the applicant has been convicted of a crime, is involved in a pending criminal proceeding or has had a separate license revoked by a different agency. While revocation in any form is certainly not welcome by anyone, it is especially devastating when a principal broker’s license is revoked, as this will automatically cause the license of every salesperson and associate broker associated with that principal broker to be suspended as well. This would have a devastating effect on hundreds, and in some instances, thousands, of agents.
Continue reading “The DOS: The Renewal or Revocation of a Real Estate Licensee’s License”

Real estate closings in parts of New York State do not always go as smoothly as one would like. In many other states, real estate transactions are handled primarily by the real estate agents, and not the attorneys, who negotiate the offers between sellers and buyers and primarily deal with the preparation of contracts. Title companies and escrow or settlement agents usually facilitate the actual closing process. In these “escrow states,” the closing process is many times quicker, usually occurring within 30 to 60 days.
Continue reading “Important Elements of The Real Estate Transaction: The “On or About” Closing Date and “Time of the Essence” Letter”

In recent years, numerous municipalities within the State of New York, whether it be a city, town, village or hamlet, have witnessed the passing and implementation of rental registry laws. This article will focus on municipalities within the territory and jurisdiction of the Hudson Gateway Association of REALTORS®, namely, Clarkstown, Airmont and New Rochelle, just to name a few. It is important to note that each municipality may have a rental registry or rental permit ordinance of its own.
Continue reading “Rental Registry Laws: Shifting Burden and Responsibility to the Broker – Again?”

On January 31, 2017, the Consumer Financial Protection Bureau (“CFPB”) filed major consent orders (“Consent Orders”) against Prospect Mortgage, LLC (“Prospect”), a major U.S. lender, and three other parties, including two real estate brokerage firms in California (i.e., RGC Services, Inc. d/b/a ReMax Gold Coast (“ReMax Gold Coast”) and Willamette Legacy, LLC d/b/a Keller Williams Mid-Willamette “KW Mid-Willamette”)) and a mortgage servicer in Connecticut (i.e., Planet Home Lending, LLC (“Planet”)). The consent order entered into with Prospect (the “Prospect Consent Order”) (see http://bit.ly/2knzzq6) calls for the payment of a civil penalty of $3,500,000. The other parties were required to pay an additional $495,000.
Continue reading “The CFPB: Knocked Down But Not Out!”

The long-awaited Fairness in Cooperative Home Ownership Act (the “Co-op Act”) may very well see its way to becoming law this year. The legislation passed the New York State Senate (Senate Bill S.5644) in June 2016, at which time it was also delivered to the New York State Assembly (Assembly Bill A.6395) (the “Bill”). The Bill was subsequently referred to the Assembly’s Housing Committee for consideration, but failed to advance. It is currently still in the Housing Committee and it remains to be seen whether the Assembly will move the Bill to the floor for a vote in 2017 so that it may finally be sent to Governor Cuomo for signature and enactment.
Continue reading “Transparency and Disclosure in Cooperative Housing: Will 2017 be the Year the Bill is Finally Signed into Law?”

As of January 1, 2016, if a purchaser (or seller) would like to conduct an inspection of real property as it relates to mold, they will need to make certain that a licensed mold assessment and licensed mold remediation professional is engaged. Since real estate agents are usually the first professionals engaged by a purchaser or seller of real property, they are customarily the first ones asked about what inspections should be conducted and who they should contact to perform such inspections. Therefore, in light of this new regulation, it is critical for real estate agents to inform their clients as to when inspections should be conducted on a parcel of real property, especially when actively providing referrals to other professionals in the field of inspections. Furthermore, while real estate agents should never provide legal advice to clients, they should be aware of newly enacted laws (as well as existing laws), be able to inform their clients of same and, if necessary, recommend that they discuss the matter with their attorneys.

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