LEGAL CORNER: NAR’s Updated Clear Cooperation Policy: Seller Options, Listing Requirements and Brokerage Responses
These requirements aim to balance seller choice with the need for a transparent, cooperative marketplace, ensuring buyers and agents have equitable access to property information.
LEGAL CORNER: Navigating Obligations for New York State Real Estate Licensees: Website Requirements and Corporate Title Prohibitions
The New York State Department of State has established clear guidelines for real estate brokers regarding the content that must be publicly available on their brokerage websites.
LEGAL CORNER: The Recent Decision in Gelles v. Sauvage—A Review of Adverse Possession
For real estate professionals, particularly real attorneys and real estate agents, it is important to be aware of potential adverse possession issues that could exist when marketing a property.
LEGAL CORNER: The California Wildfires Effect on the Real Estate and Insurance Industries
The insurance industry will certainly bear a substantial brunt of the cost for rebuilding all of the properties destroyed in the wildfires. Unfortunately, as a result, many insurance companies will consider pulling out of these markets and substantial increases in premiums are inevitable.
LEGAL CORNER: A Legal Update and Look Back at 2024: A Year ‘for the Ages’
Fines issued by the DOS in these Consent Orders have ranged between $500 and $6,000. Brokers must carefully monitor all websites and social media pages of their associated licensees.
LEGAL CORNER: NYC Passes the FARE Act and Restricts the Payment of Commissions by Tenants
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
LEGAL CORNER: The New Federal Corporate Transparency Act: Key Features, Compliance Requirements and Impact on Real Estate Industry
Unfortunately, many small businesses, including most real estate brokerage firms, and real estate investment and holding companies, will not meet these criteria and will therefore be required to comply fully with the CTA’s filing requirements.
Moving Forward: The NAR Settlement, Updated Forms and the Future
It is important for brokers and agents to note that where a similar form has been made available by both HGAR and NYSAR, those forms do contain varying provisions. Every broker must carefully review each form, and ultimately determine which they would like to utilize.
LEGAL CORNER: New Real Property Law Section 424: Transfer on Death Deeds in New York
The TOD deed is non-testamentary, which means that the interest in the real property transfers automatically to the designated beneficiary named in the TOD deed by operation of law and no probate or administration proceeding is required.
LEGAL CORNER: Beware of Deed Theft Fraud: Targeting The Elderly, The Ill and the Unsuspecting
According to the FBI’s 2023 Internet Crime Complaint Center Report, there were more than 101,068 complaints filed by individuals over 60 years old resulting in more than $3.4 billion in losses in 2023.
LEGAL CORNER: The Amended Property Condition Disclosure Act Update
It is important for an attorney to inform the seller the Property Condition Disclosure Statement does not require a seller to make any independent investigations relating to the subject matter contained in each of the questions contained therein.
LEGAL CORNER: A Small but Significant Change: A ‘Squatter’ is Not a ‘Tenant’
A noteworthy legislative amendment was the exclusion of “squatters” from the definition of “tenant” under the current tenancy laws.