The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
In December of 2018 the Westchester County Executive George Latimer signed legislation into law to guarantee a measure of protection to prospective co-op purchasers.
Thus far, more than 300 rejections of prospective buyers have occurred since the co-op law went into effect. This is an inordinate number of rejections. and there are many questions that remain unanswered regarding the reasons for the rejections.
So far, only two fines have been issued for violations. In many cases the Human Rights Commission did not receive contact information, such as a phone number or e-mail address when they received a rejection notice from a co-op board. They do not have stats on an actual rejection rate. They do not know how many acceptances there have been.
There are significant changes that both HGAR and the Human Rights Commission support. HGAR, and the Human Rights Commission support a mandatory standardized form for use by all co-ops. Both support a mandatory reason in writing that specifies why a person is being denied be provided by the relevant co-op boards. Many Realtors have also stated that the co-op board should be mandated to tell the prospective purchaser the specific financial reasons why they were denied.
Another component of any additional legislation that we support is a mandatory acceptance of an offer after the 60-day timeline (from the time the offer is presented) if the board has not given any response to the prospective purchaser in that time frame. This is viewed as the best way to force the co-op board to act in a timely manner.
Some legislators are suggesting they would support this while other legislators suggest they would not and instead support major fines if the board does not act in 60 days. In every jurisdiction where a co-op law has passed, it included automatic acceptance of the offer if the board did not respond in the time frame that the law mandated, with the exception of Nassau County. Stay tuned for updates as legislation moves forward.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
Despite representing different parties, Latimer and Lawler share a bipartisan focus on housing policy solutions. Both have expressed support for raising the cap on the State and Local Tax (SALT) deduction.
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.
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.
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