When is a deal not a deal in NYC real estate? I'll help you figure it out. Picture this: John and Jane buyer are married with a child on the way. They are both hard-working professionals with advanced degrees from outstanding universities. Together, they earn a very good living by any objective measure and have been diligently saving money over the past few years for a downpayment on their first...
A Detailed Description of the NYC Home Buying Process I really enjoy working with first-time homebuyers in NYC real estate because I feel like I add the most value to them, financially, strategically, and emotionally. Financially, with the rebate; strategically, with my market knowledge, written analyses, and guidance throughout; and emotionally, as the buying process can be extremely frustrating and...
Every week, REBNY sends its members a "Legal Line Question of the Week" email, which answers a legal question asked by one of REBNY's members. This week's topic dealt with the legality of the real estate brokerage commission rebate and the answer, copied below, was written by Neil Garfinkel, REBNY Broker Counsel. This is nothing new, as per Section 442 of New York’s Real Property...
Digs Realty and the Broker Commission Rebate in New York What is the typical commission structure of residential real estate deals in New York City? In New York City residential real estate deals, the seller typically pays 6% of the purchase price to his or her broker. This is split with the buyer’s broker if the buyer has a broker. On larger transactions, the commission can be 5%. Buyers do not pay...
Typical Transaction Costs when Purchasing Real Estate in NYC All buyers incur transaction costs on their NYC home purchases. This is an unfortunate reality of the NYC real estate market that you cannot avoid. Co-ops generally have lower purchase closing costs than condos or houses. However, it is still difficult to avoid high closing costs on co-op purchases. Below is a brief description of the various...
Is The Real Estate Broker Commission Rebate Legal in New York? Clients frequently ask: Is the real estate broker commission rebate legal in New York City? Thus, the topic of my first blog post -- is the commission rebate legal? The answer is, in New York, the rebate is most definitely legal. Section 442 of New York's Real Property Law was amended to carve out rebates from the provision which otherwise...