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State Adheres to Court Ruling on New York Broker Fee

The Department of State has updated its guidance to the real estate industry to reflect an April court decision protecting broker fees. ....

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State Senators Bring Back Broker Fee Ban in New Bill

Broker fees in the city are typically about 15 percent of the annual rent, which when combined with the first month of rent and a security deposit can mean tenants must come up with a five-figure sum just to move in. For instance the broker fee for a Manhattan apartment asking the borough’s median rent of nearly $3,100 would be about $5,580.
The real estate industry, which argued that such a ban was a “death knell” for agents and brokerages, filed for a temporary injunction and sought to overturn the guidance.
The core question of the case was whether or not lawmakers and the Housing Stability and Tenant Protection Act of 2019 intended to ban the tenant-pays practice. ....

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NYC Broker Fee Ban an Error, Court Rules

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BHS CEO Bess Freedman, Sotheby’s CEO Philip White, REBNY head James Whelan, Douglas Elliman executive chairman Howard Lorber and Corcoran CEO Pamela Liebman (Getty, iStock)
An Albany judge sided with the real estate industry Friday, declaring New York state regulators’ attempt to ban tenants from paying landlords’ broker fees an “error of law.”
The decision comes more than a year after the Department of State issued guidance banning the practice. That guidance offered regulators’ interpretation of the Housing Stability and Tenant Protection Act, which became law in June 2019.
In response, prominent real estate trade groups and residential brokerages filed for a temporary injunction against state regulators and sought to overturn the guidance, which they said wreaked “havoc and confusion” on agents and renters. ....

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Law Beat: Colonie justices flouting new law requiring reason for recusal

Law Beat: Colonie justices flouting new law requiring reason for recusal
timesunion.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesunion.com Daily Mail and Mail on Sunday newspapers.

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