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Why Real Estate Insurance Premiums Are On The Rise—And What Owners Can Do To Prepare

Why Real Estate Insurance Premiums Are On The Rise—And What Owners Can Do To Prepare
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Court Order Nullifies Guidance Issued by the New York State Department of State Regarding the Collection of Brokerage Fees from a Tenant by a Landlords Agent | Kilpatrick Townsend & Stockton LLP

To embed, copy and paste the code into your website or blog: At the request of several brokerage advocacy groups, on February 4, 2020, the New York Department of State issued a memorandum entitled Guidance for Real Estate Professionals Concerning the Statewide Housing Security and Tenant Protection Act of 2019 and the Housing Stability and Tenant Protection Act of 2019 (the “ Guidance”). The Guidance interpreted the provisions of the Statewide Housing Security and Tenant Protection Act of 2019 (“ Act”) and the Housing Stability and Tenant Protection Act of 2019 (L. 2019, ch. 36), Part M of which is the Act. In relation to a residential dwelling unit, Section 10 of the Act states that:

New yorkUnited statesNew york departmentReal estate professionals concerningStatewide housing securityTenant protection actHousing stabilityபுதியது யார்க்ஒன்றுபட்டது மாநிலங்களில்புதியது யார்க் துறைமாநிலம் தழுவிய வீட்டுவசதி பாதுகாப்புவாடகைக்காரர் ப்ரொடெக்ஶந் நாடகம்வீட்டுவசதி ஸ்திரத்தன்மை

The New York broker fee ban was illegal

Advertising For a brief moment in 2020, prospective renters in NYC had some relief when New York made it illegal for landlords to require a broker s fee, but now that new law is gone and brokers can continue to collect a fee. It s hard enough finding the right apartment and one that you can afford. Broker s fees have notoriously been a stumbling block for many New Yorkers since it s usually one month rent or up to 15% of the annual rent paid in one lump sum and this is on top of an application fee and a credit check. But on January 31, 2020, state regulators issued new guidance on the Housing Stability and Tenant Protection Act, which became law in June 2019. The new guidance suggested that it was illegal for prospective renters to pay a broker if that broker is acting on behalf of a landlord. It went into effect immediately, causing real estate brokers to panic.

New yorkUnited statesAlbany countyPaulette soltaniMike mckeeJames whelanYork state association of realtorsTenants political action committeeNew yorkersHousing stabilityTenant protection actReal estateNew york state associationStatewide housing securityNew york cityNew york state

Yang in flaps on abortion, street vendors — State cuts social distancing requirements in schools — Gateway project review by May

Yang in flaps on abortion, street vendors — State cuts social distancing requirements in schools — Gateway project review by May
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Those Hefty Broker s Fees Are Returning Following State Judge s Ruling

Those Hefty Broker s Fees Can Still Be Collected Following State Judge s Ruling arrow Apartment hunters can continue to be asked to shell out steep broker’s fees, a judge ruled Friday, after state regulators sought to suspend them following a sweeping update of the state’s rent laws in 2019. In a nine-page ruling, Albany County Judge Shannon Kushner said the passage of the Statewide Housing Security & Tenant Protection Act of 2019 does not allow the Department of State to prohibit brokers from collecting fees from renters. The act dramatically overhauled the state’s prior rent laws that critics said contributed to inequality in the city. Included in one provision of the act was a passage that states brokers acting on a landlord’s behalf can no longer charge certain fees “before or at the beginning of the tenancy.” Kushner ruled the state misinterpreted that portion of the act and erred in issuing guidance early last year that sought to clarify that brokers ca

New yorkUnited statesAlbany countyBrian kavanaughJames whelanShannon kushnerYork state association of realtors incAlbany county judge shannon kushnerStatewide housing securityTenant protection actSenator brian kavanaughReal estate boardNew york state associationNew york stateHousing stabilityReal deal