Yep, it’s that time of year again. The 2022 year has ended and Realtors can go to OneKey MLS and see the final 2022 real estate activity statistics. It’s also at this time of year that, inevitably, Realtors come out of the woodwork with all sorts of marketing to say, “I’m #1!” Sadly, for me,…
Read MoreReal estate investment and housing make up a very important and critical component of the U.S. economy. Housing averages roughly 15% to 18% of the Gross Domestic Product (GDP) annually. The National Association of Home Builders (NAHB) explains that the contribution of real estate and related services to GDP occurs in two ways: (1) “Residential…
Read MoreUsually, as the year comes to a close, I often do a “year in review.” However, this year I’d like to gaze into my crystal ball (actually, it’s a Magic 8 ball) and look at what the future might hold for the real estate industry. As many of you know our industry is under attack…
Read MoreAn essential and important element of any real estate transaction is the agreement entered into by the parties. There are a variety of agreements that are entered into by the various parties in a real estate transaction, such as the listing or agency agreement between the seller and the seller’s agent, the agency agreement between…
Read MoreThere are many critical issues real estate licensees and real estate attorneys should be aware of when it comes to representing the estate of a deceased individual. It is important for these professionals to have a basic knowledge of these issues before being formally engaged by an estate, the nominated representative of an estate, or…
Read MoreFor years, people have been able to eavesdrop on others. This had been done by wiretapping phones, electronic listening devices and cameras. Sometimes these devices are obvious; other times, they’re hidden. Today, home security systems and “nanny cams” are everywhere. Recently, NYSAR came out with new disclosure forms and recommended disclosure language relating to the…
Read MoreWhile many real estate professionals are familiar with the concept of adverse possession, few consider the issues that can arise when selling and purchasing real property. The concept has been around for ages. In its basic form, the concept allows a person who takes possession of real property, makes improvements to it, possesses it in…
Read MoreFor those of you that don’t recognize the quote, it’s from The Sixth Sense. It’s a great movie and truly worth rewatching, especially now. Because we’re approaching Halloween, I thought I would revisit the concept of stigmatized properties and what are an agent’s duties to disclose. Stigmatized properties come in many forms. The ones we…
Read MoreJust over a year ago, on Sept. 1, 2021, New York City and surrounding areas were severely affected by Hurricane Ida. In just a few hours that day, unprecedented flash flooding caused horrible death and devastation. The flooding caused by Ida took the lives of 29 people in New Jersey and 16 people in New…
Read MoreHave you ever run into a situation where your homeowner tells you that they’re not going to pay your commission? When I first became involved in the real estate world, I would hear these stories and how brokers would march down to the local courthouse to file a lien on a client’s property. This raised…
Read MoreIn New York, as in many other states, the closing process is a long and arduous one and the new Remote Online Notarization (“RON”) law [see https://bit.ly/3SIBHX8] provides one of the tools to speed up the process in the future. Remote notarization laws in New York and across the nation move the closing process one…
Read MoreStudies conducted in 2014 by the New York State Energy Research and Development Authority projected precipitation in the New York region to increase by 1%-8% in the 2020s, 3%-12% in the 2050s, and 4%-15% in the 2080s. New York coastlines and the lower Hudson tidal areas are predicted to rise by 3-8 inches in the…
Read MoreOn June 30, 2022, the Supreme Court in Albany County found the “Good Cause” Eviction Statute to be null and void. The Supreme Court in Pusatere v. City of Albany found that Albany’s Good Cause Eviction law (Local Law F of 2021 [see https://bit.ly/3Rt4yOa]) was in direct conflict with and preempted by New York State…
Read MorePreparing and executing a listing agreement is common for many agents; almost too common. Because agents are used to the process, because they are excited to get a listing, and because they are anxious to get the property on the market, sometimes things are overlooked. It’s important that you take your time to ensure that…
Read MoreOn June 10th, the U.S. Bureau of Labor Statistics reported that the Consumer Price Index (CPI) rose 8.6% in May from a year ago, which marks the highest increase since December 1981. [See https://bit.ly/3Hg0hZP]. The increase in inflation was much higher than expected and will continue to put downward pressure on the economy into the…
Read MoreAs you all may recall, back in 2021, as a part of sweeping legislation designed to curb discrimination, Gov. Kathy Hochul signed into law a provision that empowered the New York State Division of Human Rights to “promulgate regulations requiring every housing provider … to provide notice to all tenants and prospective tenants … of…
Read MoreThe New York State Legislature gaveled out in the early hours of June 4th, marking the end of Kathy Hochul’s first session as governor and the beginning of what promises to be a chaotic election season courtesy of court-imposed electoral maps that will upend the political landscape in New York and beyond. Obfuscated by the…
Read MoreOver the years there have been a multitude of lawsuits filed involving whether a valid contract was entered into between purchasers and sellers of real property. Recently, in Cohen v. Holder, the Appellate Division, Second Department, issued an opinion dealing with this issue once again. The Statute of Frauds is a common law concept that…
Read MoreReal estate transactions begin and end with contracts. Lots and lots of contracts. This month, I’m going to address some issues related to these contracts. Executing a Contract While an agent is the party who meets with the client (buyer or seller), negotiates all the terms, and does all the “heavy lifting,” it’s the broker…
Read MoreThe legislative and judicial landscape continues to change for New York real estate licensees and the entire real estate industry. New developments are taking place each day and now, more than ever, it is important for real estate licensees and real estate professionals to keep up to date with all of the changes. As discussed…
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