Buy and Sell Manhattan

Manhattan Housing Legal Question of the Week #6- Addressing Manhattan RealEstate Branch Managers

jchiongbian — Fri, 18 May 2012 09:00:29 +0000

Manhattan Housing Legal Question of the Week #6- Addressing Manhattan RealEstate Branch Managers

Does a branch Manhattan realestate office need a branch manager? Can a Real Estate Salesperson be a branch manager?

A Manhattan realestate branch office does not need a branch manager. However, Article 12-A Section 441-a(3) of the Real Property Law states that the broker is obligated to supervise the branch office. Section 441-a(3) provides that “[e]ach such branch office shall be under the direct supervision of the Manhattan real estate broker to whom the license is issued, or a representative broker of a corporation or partnership or manager of a limited liability company holding such license, or a duly appointed office manager.” A licensed real estate principal broker who would like to maintain a branch office in addition to her principal place of business should file a Real Estate Branch Office application with the Department of State.

A salesperson cannot be a branch manager. Although Title 19 Section 175.20 of the NYCRR permits a salesperson to be a branch manager, the Real Property Law was amended in 2008 to restrict this position to a licensed associate real estate broker who works under the name and supervision of the broker to whom the branch office license is issued.

Thanks to Neil B. Garfinkel, the REBNY Residential Counsel

Search apartment listings in Manhattan now!

How to Buy an Apartment in Manhattan and Get the Best Interest Rate

The Importance of Finding the Best Representation When Buying Real Estate for Sale in Manhattan

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

Work with a trusted, Luxury Manhattan real estate broker specializing in Manhattan apts, NYC brownstones, and dog friendly apartments for rent & sale:

Soho Lofts- Tribeca Condos - WestVillage Apartments - Upper East Side NYC Apartments-Upper West Side Apartments - Battery Park City Apartments -Chelsea Apartments- Gramercy Apts - Midtown East NYC - Midtown West NYC - Murray Hill in NYC - Lower East Side NYC- East Village Apartments

Disclaimer: This web site (the “Site”) is a general service that provides legal information over the Internet. We are not a law firm and our employees are not acting as your attorney. The information contained on this Site is general legal information and should not be construed as legal advice to be applied to any specific factual situation. If you are unsure whether your particular situation requires that a document be changed, you should consult a lawyer. The information on the Site is not a substitute for the advice of a lawyer. Jennifer Chiongbian Real Estate or Rutenberg Realty DOES NOT provide any legal advice and users of this web site should consult with their own lawyer for legal advice.

Is Your Manhattan Real Estate Broker Really An Expert?

jchiongbian — Wed, 16 May 2012 09:00:40 +0000

Is Your Manhattan Real Estate Broker Really An Expert?

This has been a busy press month for this Manhattan real estate broker, part time working real estate appraiser. We shot 10 videos for Demand Media which will be featured on Ehow.com. Here is a rundown of the titles that I been vetted as an expert to help advice on various aspects of real estate.

Watch out for the videos when they are all up on YouTube.com!

How to Deliver Earnest Money to the Broker

Real Estate Agent Expenses That Are Tax Deductible

How to Make an Offer on a Co-op Apartment

Help to Redecorate a Kitchen in a Rented Apartment

The Disadvantages of Working with A Buyer’s Agent

The Advantages of Selling in A Buyer’s Market

How to Write Formal Letter to a Co-op

How to Buy a Leasehold

How to Buy a Leasehold Apartment

How to Reject a Home Appraisal

How to Get Credit Pulled for a Tenant

Work Manhattan real estate broker has been vetted as a real expert and professional. Do you research on them and make sure you contract one that can represent you above and beyond the norm. You are making one of the largest investments of your life–you deserve the best!

Search apartment listings in Manhattan now!

Further Reading: How to Buy an Apartment in Manhattan and Get the Best Interest Rate

The Importance of Finding the Best Representation When Buying Real Estate for Sale in Manhattan

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

Work with a trusted, Luxury Manhattan real estate broker specializing in Manhattan apts, NYC brownstones, and dog friendly apartments for rent & sale:

Manhattan Real Estate Brokers See Bright Future for 2012

jchiongbian — Mon, 14 May 2012 09:00:01 +0000

Manhattan Real Estate Brokers See Bright Future For 2012

Summation: 69% of Manhattan real estate brokers reported that the 1st quarter of 2012 was better than the previous quarter.

The Real Estate Board of New York (REBNY) has released the results of its Residential Brokers Survey for the first quarter of 2012. With the unseasonably warm weather and favorable market conditions, Manhattan real estate brokers saw an uptick in activity this quarter and are optimistic about next quarter. Of the Manhattan real estate brokers surveyed, 69% reported that they thought the 1st Q. of 2012 was better than the previous quarter. Additionally, 76% of Manhattan real estate brokers reported that they expect the 2nd Q. of 2012 to be better than the first, a 16% increase from last quarter.

Their optimism was based on the improving activity in the Manhattan realestate market. The survey found that 70% of Manhattan real estate brokers reported completing executed contracts of sale this quarter, a 9% increase from last quarter. Another highlight from the 1st Q. of 2012 was that 74% of brokers reported closing rental transactions at or above asking prices, which is a 13% increase from this time last year. In addition, 26% of the Manhattan real estate brokers reported closing sales at or above asking price, a 9% increase from the 4th Q. of 2011 and a 4% increase from the 1st Q. of 2011.

“Brokers feel changes in the market first and we count on them to help us gauge where the market is headed,” said REBNY President Steven Spinola. “Based on the survey results, it’s clear that broker’s optimism is coming from an improving market and that their view that 2012 will be a strong year for New York City real estate is justified.”

The survey also found a near perfect record of 99 percent of brokers reporting that they received a coop board approval in less than 90 days from the time a completed coop board application was submitted.

Similar to last quarter’s findings the top features/amenities this quarter were: 1) doorman building, 2) laundry in unit, 3) private storage space, and 4) on-site fitness center.

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1st Q. 2012 Residential Manhattan Real Estate Broker Survey From the Board

jchiongbian — Thu, 10 May 2012 09:00:43 +0000

1st Q. 2012 Residential Manhattan Real Estate Broker Survey From the Board

BROKERS SEE BRIGHT FUTURE FOR 2012’s RESIDENTIAL REAL ESTATE MARKET

– 69% of brokers reported that the 1st quarter of 2012 was better than the previous quarter –

NEW YORK, April 27, 2012 – The Real Estate Board of New York (REBNY) has released the results of its Residential Brokers Survey for the first quarter of 2012. With the unseasonably warm weather and favorable market conditions, brokers saw an uptick in activity this quarter and are optimistic about next quarter. Of the brokers surveyed, 69 percent reported that they thought the first quarter of 2012 was better than the previous quarter. Additionally, 76 percent of brokers reported that they expect the second quarter of 2012 to be better than the first, a 16 percent increase from last quarter.

Their optimism was based on the improving activity in the market. The survey found that 70 percent of brokers reported completing executed contracts of sale this quarter, a nine percent increase from last quarter. Another highlight from the first quarter of 2012 was that 74 percent of brokers reported closing rental transactions at or above asking prices, which is a 13 percent increase from this time last year. In addition, 26 percent of the brokers reported closing sales at or above asking price, a nine percent increase from the fourth quarter of 2011 and a 4 percent increase from the first quarter 2011

Similar to last quarter’s findings the top features/amenities this quarter were: 1) doorman building, 2) laundry in unit, 3) private storage space, and 4) on-site fitness center.

The survey was sent to REBNY’s Residential Broker Members. 404 brokers took the survey this quarter.

Search apartment listings in Manhattan now!

How to Buy an Apartment in Manhattan and Get the Best Interest Rate

The Importance of Finding the Best Representation When Buying Real Estate for Sale in Manhattan

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

Work with a trusted, Luxury Manhattan real estate broker specializing in Manhattan apts, NYC brownstones, and dog friendly apartments for rent & sale:

Manhattan Housing Legal Question of the Week #5- How Long Do We Keep Manhattan Apartment Client Files?

jchiongbian — Tue, 08 May 2012 09:10:00 +0000

Manhattan Housing Legal Question of the Week #4- How Long Do We Keep Manhattan Apartment Client Files?

According to Title 19 Section 175.23 of the NYCRR, licensed Manhattan real estate brokers must keep records of each transaction concerning the sale or mortgage of one- to four-family dwellings for three years.

Section 175.23 provides: “Such records shall contain the names and addresses of the seller, the buyer, mortgagee, if any, the purchase price and resale price, if any, amount of deposit paid on contract, amount of commission paid to broker or gross profit realized by the broker if purchased by him for resale, expenses of procuring the mortgage loan, if any, the net commission or net profit realized by the broker showing the disposition of all payments made by the broker.”

It is anticipated that this regulation may be updated in the near future. For the time being, if the information required by Section 175.23 is not available, each luxury Manhattan real estate broker should, at the very least, keep a copy of: (1) the contract of sale, (2) the commission agreement, (3) the closing statement, and (4) a statement showing how the proceeds of the mortgage loan were distributed.

Signed Agency Disclosure Forms must be kept for three years under Article 12-A Section 443 of the Real Property Law. In addition, an Affirmation that the Agency Disclosure Form was presented, but not signed, must be kept for 3 years, as well.

Broker’s Tip: As it is fairly economical to scan and store files digitally, it is recommended that all files be kept in a digital format. In the event of a lawsuit or Department of State investigation, the ability to access these files after the year period may be very helpful.

Thanks to Neil B. Garfinkel, the REBNY Residential Counsel

Search apartment listings in Manhattan now!

How to Buy an Apartment in Manhattan and Get the Best Interest Rate

The Importance of Finding the Best Representation When Buying Real Estate for Sale in Manhattan

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

Work with a trusted, Luxury Manhattan real estate broker specializing in Manhattan apts, NYC brownstones, and dog friendly apartments for rent & sale:

The Manhattan Real Estate Broker Appraisal Learning Curve

jchiongbian — Sun, 06 May 2012 09:00:13 +0000

The Manhattan Real Estate Broker Appraisal Learning Curve

Many times our job overlaps with other real estate duties such as mortgage brokers, appraiser and even property management. I decided last year to get an assistant appraisal license to further buttress my Manhattan realestate brokerage business to help give my clients an edge that most Manhattan real estate brokers cannot provide. In the end, I was left yearning for more knowledge and learning the execution side of actual appraisal reports and how they are completed.

I actively sought out a part time appraisal position to further hone my skills to a working level.

We all know school and the real world can be 2 totally different things all together. Now that I have been lucky enough to secure a part time position in this uber-cliquish industry, I feel so much more blessed to be able to have this opportunity and again provide my clients with an even higher form of brokerage, that is like finding a needle in a haystack.

It has been a while since I have actually picked up a new skill or knowledge that is truly like having a second job—except when I decided to become a part time appraiser.

The past 4 weeks has just been a flood of information that can only butress my skills to be a much stronger Manhattan real estate broker.

My first day on the job, I learned an very efficient way to draw a floor plan in the event there is none available. This pertinent information needs to part of an appraisal report as you may already know. I know it sounds easy…But the trick was to follow all the windows to draw an outline of the apartment (largest rectangle). This large rectangle will later be filled with many more rectangles. If you have a studio, that is only one rectangle; a one bedroom, maybe a couple of boxes, and soetimes you will have 15 rectangles that will make up the mother of all of them. This actually keeps your hand drawn floor plan, which you will be later expected to render with special software– almost in the right scale. You will of course still have to take even 1 actual measurement. The rest of the values can be extrapolated from this single value.

Another neat trick I learned is while drawing this floor plan was, always face the same direction–the window facing direction. Doesn’t matter the the bath is to your left and the closet is at your back or there’s a wall in front of you. When you face the same direction, you never have to figure out the orientation riddle of where it should be on your hand drawn floor plan. Simple– but brilliant!

This past week as I have begun to churn out Manhattan apartment appraisal reports, it has been a total whirlwind of information and guidelines for valuation such as doing positive and negative adjustments for floor level differences, building service differences (intercom vs. doorman), views, apartment condition, outdoor space, location, etc. and has given me a new insight and respect into how these reports are constructed. And they are far more in depth and analytical than I had expected.

Ask your Manhattan real estate broker if they can provide you with this type of property appraisal knowledge that gives you an exceptional form of real estate expertise. If the answer is yes, you are head and shoulder’s above the competition as both a buyer or a seller.

Search apartment listings in Manhattan now!

Further Reading: How to Save Your Manhattan Housing from A Low Appraisal

The Importance of Finding the Best Representation When Selling Real Estate for Sale in Manhattan

How to Buy an Apartment in Manhattan and Get the Best Interest Rate

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

Work with a trusted, Luxury Manhattan real estate broker specializing in Manhattan apts, NYC brownstones, and dog friendly apartments for sale & rent:

The Best Email Marketing Systems

jchiongbian — Fri, 04 May 2012 21:41:55 +0000

The Best Email Marketing Systems

May 1, 2012 by Mike Michalowicz of the Toilet Paper Entrepreneur

15. Email Strategies That Work!

I like to tailor my emails to the specific readers such as for accountants, attorneys, for sale by owners, etc.

When I receive the click/ open reports, I send a personalized email to those who clicked through to a link, my website, etc. and touch upon that subject to try to open up communication with the reader.

Thanks to Jennifer Chiongbian of Rutenberg Realty

Debunking the Top 10 Manhattan Real Estate Myths

jchiongbian — Fri, 04 May 2012 09:00:53 +0000

Debunking the Top 10 Manhattan Real Estate Myths

Just when you think you’ve found out everything you need to know about the “dirty, little secrets Manhattan real estate brokers don’t want you to know” from gazillions of misinformed but well meaning Manhattan real estate web sites, here’s what you really need to know:

Forget the hype. Forget the books you need to buy, the online services you need to subscribe to and start looking at what’s really going on. Here’s the straight story:

1) Manhattan Real Estate Brokers are Always Late for Appointments

False. There is no excuse for habitual tardiness among professionals. None. It doesn’t matter if it’s your doctor, your Manhattan at home vet or your luxury Manhattan real estate broker.

Every person deserves respect, and respect is earned by providing what is promised and being on time is a simple courtesy. If your luxury Manhattan real estate agent has a god-like, self-deluded impression of his/ her own importance– don’t take the bad attitude and find another one. Manhattan real estate agents should be on time, and show up! Don’t laugh– I have had some clients that have told me that their Manhattan real estate broker never showed up for an appointment.

Don’t let a few bad apples give the entire industry a perception it doesn’t deserve.

2) The More You Pay for a House, The More The Luxury Manhattan Real Estate Broker Makes

False. Ever hear a friend say this: “Every dime more you pay for that house makes the agent more money, so don’t trust that agent.” That’s a misunderstanding. The difference between $500,000 and $530,000 is about $450 to an agent when everyone takes their cut. Do you really think the agent pays any attention to the commission difference of a $30,000 spread?

3) The Less Commission You Pay to Sell, The More you Make

False. Discount brokers like to propel this myth. They claim to save sellers money by charging less. The truth is, the top Manhattan real estate agents who excel in this business do not discount services. Why? Because we don’t have to.

Less-than-full-service agents can’t afford all the bells & whistles paid for by full-service agents, who tend to draw higher offers. It boils down to you get what you pay for. A 2% commission reduction doesn’t amount to much when your price is discounted 10% or more because your agent couldn’t afford full market exposure.

Further Reading: Mr. & Mrs. Seller, I Have Already Reduced My Manhattan Apartment Commission Structure And You Want More?

4) Agents Must Show You Homes On Demand

False. Unless you have a signed contract with the Manhattan Realtor or that agent represents the seller, that Manhattan real estate broker you call does not have to show you anything. You can’t call a local real estate office and demand service or demand to be shown homes, because agents don’t work for free.

If you aren’t planning on writing an offer with the agent you call, be upfront or don’t waste that agent’s time. But don’t expect that agent — who is likely to earn nothing — to be too excited about jumping at your request to show. That agent is not obligated to show you anything.

The listing agent is obligated to show you a listing if you are represented by another Manhattan real estate broker.

5) Agents Get Kickbacks from Lenders / Closing Attorneys / Manhattan Real Estate Appraisers

False. Since 1974, agents have been prevented from receiving any kind of kickback or favor from real estate vendors. It’s against the law. It’s against RESPA: the Real Estate Settlement Procedures Act. Some agents are slower than others to realize how the law affects them, but most have heard of RESPA and would not jeopardize their license, regardless of the temptation.

6) All Real Estate Agents Make Too Much Money

False. A Manhattan real estate agent’s average annual salary is about $20-30,000 a year starting out. This is why most become fly by nights or do it part time. Although the stats will show otherwise, I can tell you from experience and working with other agents, this is a reality. The $100,000- $125,000 average you read about is due to the that superstar who moves about a hundred million a year in inventory, and averaged into the statistics. You will find that about less than half the agents in any large brokerage can close less than 2 sales deals a year if they are lucky, and have to hang on to the rough and tumble world of the Manhattan apartment rental. Nobody can live on 20-30K a year in Manhattan. Once office fees are paid, board fees, licensing fees, continuing education, marketing fees, errors & omissions insurance and office supplies are paid, you are left with nothing in this uber-expensive city.

7) Manhattan Real Estate Brokers Sell Their Own Homes for More Money Than Yours

False. Busy Manhattan real estate brokers and Manhattan top producers don’t have the luxury of time to waste when selling their own home. They also understand the market better than your average home seller, which means if a home isn’t selling within a reasonable period of time, we adjust the price to do produce the results we look for, with less emotional attachment.

If we need to sell, we might even cut the buyer a better deal than the buyer can get on the open market. After all, the person most likely to be persuaded by a sales pitch is a person who sells for a living.

8.) Agents Should Tell You About Crime, Schools & Ethnic Make-up of Neighborhoods

False. Federal Fair Housing laws prevent a real estate agent from discriminating against a number of protected classes, which automatically prohibits an agent from disclosing anything remotely relating to the protected classes.

Therefore, it may come as a shock to many people that agents cannot disclose crime rates, school stats or ethnic mixes of neighborhoods. If that kind of information is important to you, an agent can tell you where to find it but cannot provide it.

Those who tell you otherwise are misinformed.

9) Agents Will Say Anything to Make the Sale

False. Although it is true that some agents will lie to you, it’s unfair to paint all agents with such a broad brush. Top producing Manhattan real estate brokers, those who enjoy a solid reputation in the community and practice real estate honestly and truthfully, are very careful to uphold a client’s trust.

Making misrepresentations or a false statement is against the law. Agents who break fiduciary relationships or fail to disclose material facts are subject to prosecution and a loss of their license to sell real estate.

10) All Manhattan Real Estate Agents Are Brokers

False. The term “broker” is used very liberally in Manhattan. In reality, a Broker can run their own office, manage an office, hold a position of power in a large organization and definitely has a higher level of expertise than a “broker” who holds a real estate salesperson license.

One cannot achieve Broker status until you have passed all higher level NY State licensing requirements.

Search apartment listings in Manhattan now!

Further Reading: How to Save Your Manhattan Housing from A Low Appraisal

The Importance of Finding the Best Representation When Selling Real Estate for Sale in Manhattan

How to Buy an Apartment in Manhattan and Get the Best Interest Rate

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

Work with a trusted, Luxury Manhattan real estate broker specializing in Manhattan apts, NYC brownstones, and dog friendly apartments for sale & rent:

Apartments in New York Manhattan: The City of Sky High Rent

jchiongbian — Wed, 02 May 2012 09:00:11 +0000

Apartments in New York Manhattan: The City of Sky High Rent

The NY Time released an article this week about how much the rents have gone up in Manhattan and all this landlord bullying has forced some people to become Manhattan property buyers instead of renters. With the average rent being $3418 a month, it’s not surprising that people have turned to becoming first time buyers, even if it is purchasing smaller spaces than they would’ve liked or been able to rent for.

The problem is, some people are trapped into renting the rest of their lives because they don’t have the adequate down payment and/or bad credit to be able to secure a loan. If you do have the funds or access to borrow the funds, and– have good credit, take that leap of faith.

Ironically one lady interviewed in the article lamented that she felt like she wasn’t been seen as a person anymore by her landlord. Well– I hate to burst her bubble, but these landlords don’t care about you being “human”. They care about what you CAN pay and what they can continue to SQUEEZE you for. With prices all over the city rising faster than inflation and your salary, they don’t care that you are human.

Borrow the down payment if you can, clean up your credit and kick that big bully out of your playground and from stealing your lunch money.

Here is the full NY Times article: The City of Sky High Rent

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Manhattan Housing Legal Question of the Week #4- Do You Need a Signed Agency Disclosure in a Commercial Transaction?

jchiongbian — Mon, 30 Apr 2012 09:05:12 +0000

Manhattan Housing Legal Question of the Week #2- Do You Need a Signed Agency Disclosure in a Commercial Transaction?

No – you are only required to provide the Agency Disclosure Form in residential transactions. However, it should be noted that Title 19 Section 175.7 of the NYCRR requires Manhattan real estate brokers to always disclose which person or entity they are representing in all transactions. There is no distinction between residential and commercial transactions for that purpose. Unlike the Agency Disclosure Form, the disclosure for commercial transactions does not need to be in writing.

Thanks to Neil B. Garfinkel, the REBNY Residential Counsel

Search apartment listings in Manhattan now!

How to Buy an Apartment in Manhattan and Get the Best Interest Rate

The Importance of Finding the Best Representation When Buying Real Estate for Sale in Manhattan

What Home Buyers Should Consider When Deciding What Type of Manhattan Housing to Buy

Work with a trusted, Luxury Manhattan real estate broker specializing in Manhattan apts, NYC brownstones, and dog friendly apartments for rent & sale: