On April 24, 2008 the unanimous opinion of the New York State Court of Appeals, the State’s highest court, was rendered in the case of Oleg Rivkin v. Century 21 Teran Realty, LLC, et al. The underlying case had worked its way through the Federal Court System and resulted in an appeal to the United States Court of Appeals for the Second Circuit. The Federal Appeals Court requested a determination by New York’s highest court as to what the law is in New York with respect to the obligations of a buyer-agent to inform a buyer-client who is interested in a particular property, that other salespersons affiliated with the same firm, are making offers on behalf of other principals in connection with the very same property.
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Category: Articles
“I Do Not Have a C of O For the Fourth Bedroom But What Can You Do For Me?”
On many occasions we have addressed the ability of the Department of State to determine that a licensee is “untrustworthy” or “incompetent” because of various violations of the License Law. Sensitivity to the Regulations of the Department of State regarding advertising is a clear necessity particularly when dealing with owners who have properties which are not in compliance with local zoning ordinances.
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Exclusive Listing Agreements – The Essential Elements
The Westchester-Putnam Multiple Listing Service, Inc. has, without attempting to do so, become a regional MLS. Over the past decade, brokerage firms from outside of Westchester and Putnam Counties have chosen to become Participants of the MLS. When the National Association of REALTORS® created Board of Choice, it also indicated that a Multiple Listing Service’s primary market area can be determined by the MLS based upon natural market factors. As a result, WPMLS now requires that all Participants submit to WPMLS listings taken in Bronx, Westchester, Putnam and Dutchess Counties.
As listings are now submitted electronically to WPMLS it has become apparent that there are a wide variety of listing agreements in use. Some do not conform to the requirements of New York Law. The essential elements, therefore, of an Exclusive Right to Sell or an Exclusive Agency Agreement should be reviewed by every firm.
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Recent Appellate Division Decisions: A Buyer’s Breach, a Seller’s Breach and a Broker Who Doesn’t Get Paid
Recently the Appellate Division issued several decisions concerning real estate transactions which failed to close and in which buyers, sellers and brokers were negatively affected by provisions in each of the relevant contracts. The cases below all point out the importance of strictly abiding by provisions of a contract that governs the relationships between buyer and seller, as well as the broker.
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New York City Unincorporated Business Tax: A Trap for the Unwary Independent Contractor
Recently the Board of Directors of the Westchester-Putnam Multiple Listing Service, Inc. elected to require that Participants of the Multiple Listing Service who take listings in the Borough of the Bronx submit to the MLS all of their listings and not only the listings they select. The reason the Board of Directors made this decision was based upon the fact that WPMLS had approximately 1,100 listings of properties in the Bronx and real estate agents typically now regularly cross the magical line to market properties in Westchester and the Bronx.
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Lead Paint Disclosure Requirements The EPA is at The Door!
The Environmental Protection Agency (“EPA”) reports that it has been investigating real estate agents for the past seven years and for the most part, has found the agents to be in compliance with the requirements of the Residential Lead-Based Paint Hazard Reduction Act (the “Act”). In some instances, there are agents who have not been in full compliance. The public’s attention to lead paint has been heightened by incidents unrelated to the EPA (i.e., imported toys and other products containing lead based paint). Non-compliance by agents of the EPA regulations, although infrequent according to the EPA, can produce harsh consequences and burdensome fines.
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How to Comply with Westchester’s New Well-Water Testing Law
On May 23, 2007, the County of Westchester adopted Local Law No. 7 of the year 2007 which is entitled “The Private Well-Water Testing Law”. The new Law becomes effective on November 19, 2007. Regulations contemplated by the new Law were published by the County of Westchester on Tuesday, September 18, 2007 and the Law and the Rules and Regulations are posted on the Health Department’s website at http://www.westchestergov.com/health/.
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Understated Taxes – Overstated Square Footage!
In a market environment in which having a larger size home with lower taxes can be a significant marketing advantage, Realtors must be particularly cautious about overstating the size of a residence or understating the applicable taxes. Complaints are often lodged against real estate agents about such misrepresentations. Misrepresentations have significant consequences both from a regulatory perspective and from the perspective of litigation liability.
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Section 8
High Court Rules:
Once a Landlord Takes a Section 8 Tenant the Landlord is Bound Forever
The New York Court of Appeals, on July 2, 2007, in the matter of Rosario, et al., respondents and Gumanovsky, et al., plaintiffs v. Diagonal Realty, LLC, et al., appellants, et al., defendants, ruled that a landlord’s acceptance of federal Section 8 rent subsidy payments is a “term and condition” of a lease executed with a rent stabilized tenant. As such the rent stabilized tenant must be offered a renewal lease containing the same terms and conditions as in prior leases. The landlord thus may not “opt-out” of the Section 8 program upon a lease’s termination.
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Can I Sell My House If My Father Owns a Life Estate?
Life estates during the past twenty years, have become a significant estate planning and elder law planning device. The complexities of a life estate however, can create significant problems for the person who is to receive the fee interest after the death of the life tenant. Without the consent of the life tenant and the execution of a deed releasing the life estate, the property cannot be sold.
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