Since Jan. 4, 2017, the New York Department of State amended 19 NYCRR §175.1, dealing with commingling client monies, to now read as follows: “A real estate broker shall not commingle the money or other property of his principal with his own and shall at all times maintain a separate, special bank account to be…
Read MoreThe loss of employment can be one of the most stressful events in a person’s life. Purchasing a home, while it is a very exciting time, can also be an extremely stressful event. If one loses his or her job, however, while in contract to purchase a home it can certainly be devastating. A purchaser…
Read MoreNEWBURGH—The City of Newburgh filed suit on Aug. 6 in the United States District Court for the Southern District of New York seeking to halt on-going contamination of the city’s water supply by cancer causing per- and polyfluoralkyl substances (PFAS) originating at Stewart Air National Guard Base and Stewart International Airport, now operating as New…
Read MoreWASHINGTON—The National Association of Realtors has commended US Rep. Mike Coffman for his introduction of the 21st Century Internet Act. Rep. Coffman’s bill comes in response to the Federal Communications Commission’s 2017 decision to dismantle net neutrality regulations, with the legislation ensuring that Internet Service Providers, or ISPs, cannot block or throttle online content or…
Read MoreThe Women’s Council of Realtors Empire Local Westchester hosted a panel discussion on July 9th entitled “Deal Breakers.” It was a privilege to be part of the panel and to listen to the panelists’ invaluable insight into the many issues need to be carefully understood in connection with a real estate transaction. This article highlights…
Read MoreWhile the vast majority of landlords are law-abiding, some continue to flout the law when it comes to renting out apartments that are not legally suitable for occupancy. These illegal apartments are typically, but not always, found in single- or dual-family homes. Undocumented immigrants are frequently preyed upon by this practice. This article is about…
Read MoreIt is with a heavy heart and immense sadness that I author this month’s article in the “Legal Corner.” On June 5, 2018, our world, the real estate industry and the legal profession lost one of its most influential and outstanding members, Edward I. Sumber, Esq. While the column is usually the subject of legal…
Read MoreThe National Flood Insurance Program expires on July 31st of this year. Congressional action is needed. We thank the House for passing H.R. 2874, the 21st Century Flood Reform Act that would comprehensively reform and reauthorize the National Flood Insurance Program for five years. We urge the Senate to take up H.R. 2874 to avoid…
Read MoreALBANY—New York Gov. Andrew Cuomo announced on Monday that New York will be joining a lawsuit against the federal government’s alleged failure to enforce the Fair Housing Act. The lawsuit seeks to force the U.S. Department of Housing and Urban Development to enforce a rule requiring local and state governments to address segregated housing patterns…
Read MoreThe New York Department of State Regulation Section 175.25 (a)(2) defines a real estate team in this way: “ 'Team’ means two or more persons, one of whom must be an associate real estate broker or real estate salesperson, associated with the same real estate brokerage who holds themselves out or operate as a team.”…
Read MorePosting on social media platforms, such as Facebook, Instagram or Twitter, has become commonplace for real estate professionals. Every day agents post new listings, photos, open houses and much more on their social media sites, and may not even realize they are engaging in advertising. It is important to be aware that any advertisement, in…
Read MoreSome New York State real estate brokers also happen to be attorneys-at-law. These members should refrain from performing both roles simultaneously for a real estate client. A 2017 decision from the New York State Bar Association’s Committee on Professional Ethics reaffirmed the traditional prohibition on this practice. Opinion 1117 issued last April states that a…
Read MoreOn March 27, 2018, the National Fair Housing Alliance, the Fair Housing Justice Center Inc., Housing Opportunities Project for Excellence, Inc. and the Fair Housing Council of Greater San Antonio filed a lawsuit against Facebook, Inc. in the United States District Court, Southern District of New York (see https://bit.ly/2HprYkb), alleging that Facebook’s advertising platform violates…
Read MoreInsurance Regulation 208, which can be found at 11 NYCRR 228, was made effective on Dec. 18, 2017. This regulation, passed by the New York Department of Financial Services was finalized pursuant to certain consumer complaints regarding the title insurance industry. Since the regulation became effective, customary marketing and business prospecting tools that many title…
Read MoreWASHINGTON—With six months remaining in the 2018 federal fiscal year the National Association of Realtors supported the passage of the $1.3-billion omnibus appropriations bill that was approved by the U.S. House and Senate on March 22, and signed by President Donald Trump, despite some misgivings, the next day. The measure funds the federal government through…
Read MoreRealtors from across New York State journeyed to Albany for Lobby Day on Tuesday, March 20th to make their voices heard by the state’s elected representatives. Three proposals at the top of HGAR’s agenda were discussed. The Realtor community supports two of the proposals, but a third proposal is considered to be a direct…
Read MoreMany HGAR members hold real estate licenses in New York as well as Connecticut. Those licensees should be aware that the Connecticut Department of Consumer Protection does not exempt anyone from completion of Connecticut Continuing Education for real estate. You are required to complete approved courses via a Connecticut DCP approved school and retain certificates…
Read MoreRecent decisions from the New York State Appellate Division serve as reminders to brokers, associate brokers and licensed salespersons of the importance of entering into written agreements and the strict fulfillment of fiduciary duties, such as dual agency disclosure, in order to preserve rights to commissions. The failure to do so will likely place commissions…
Read MoreALBANY—A contingent of more than 40 members of the Hudson Gateway Association of Realtors are expected to travel to the state capital later this month to meet with state lawmakers and advocate for consumer and real estate industry reform legislation. The contingent will be led by Leah Caro and John Olivero, co-chairs of the HGAR…
Read MoreCommercial brokers fared well in the recently passed “tax reform bill”. Specifically, 1031 like kind exchanges were kept intact and middle-income housing tax credits were kept that encourages developers to build affordable housing in expensive housing markets. Still on the drawing board is the ADA Education and Reform Act (2018). The original Americans with Disabilities…
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