Monthly Archives: November 2011

If I showed myself an apartment for rent, do I owe a 7.5% or a 15% broker fee?

Q:  If I showed myself an apartment for rent, and was not represented by my own broker and dealt directly with the broker who represents the owner of the building, do I owe a 7.5% fee or a 15% fee? Read More.

As the guarantor, I’m concerned people have access to all of our personal information. They have not affirmed that they will destroy it. How should I proceed?

Q:  My daughter and her boyfriend signed a lease for an apartment. As the guarantor I am concerned that the broker, landlord, and management company have access to all our personal information, and they have not affirmed that they will destroy it. In fact, they have not answered my e-mails. How I should proceed? Read More.

I own a co-op and won’t be allowed to sublet as of 2013. Can my niece live there?

Q: We own a co-op on Fifth Avenue. My son no longer lives there and we would like to keep it, but not empty. Can my niece live there? We won’t be allowed to sublet as of 2013. Read More.

If a buyer offers asking price and the seller turns it down, can the broker sue for the commission?

Q: In these days, one is lucky to get multiple offers and bids upwards. I thought legally if a buyer offers asking price  and you as a seller turn it down, the Broker can sue you for the commission? I am in the market to sell my big house in East Hampton and would love multiple offers!!!  THANKS SO MUCH. Read More.

What percentage of occupancy do condos need to allow financing?

Q: I recently refinanced my condo. We have 183 units, 70 of which are subleased out by the individual owners, as permitted by the bylaws (39%). A local Realtor told me that 39% percent was very high since she thought that banks only allowed 10% of a condo or townhouse complex to be occupied by non-owners. Read More.

What is the purpose in charging a renter the brokerage fee?

Q: What is the purpose in charging a renter the brokerage fee? Why wouldn’t the property owner be responsible for paying this fee? Read More.

How do I go about removing my deceased mother’s name from the title/mortgage?

Q: My mother passed away in January, 2011.  We co-own our homes….both of our names are on the title/mortgage, etc. I plan on staying in the home myself, but how do I go about removing my mom’s name from the title/mortgage? Where do I begin?  Thanks for any help. Read More.

What is a condop?

Q: What exactly is a condop? Read More.

Are there agents in your office who speak Spanish?

Q: What kinds of service do you offer for non-English-speaking families looking to move into Quogue, New York? Are there any agents in your office who speak Spanish? Read More.

How can we refinance combined apartments?

Q: We are in possession of two apts.  We have combined them into one large unit.  Since NYC does not allow two kitchens in one unit, we removed the kitchen from the smaller apt.  We are trying to figure out how we can refinance the smaller unit which is at 5 3/4 % at the present time.  Our credit is excellent.  We have asked the condo about combining the deeds; however, they do not allow it.  If you have any suggestions, I would appreciate your input.  My husband is 100% disabled and we purchased the second apartment to give him more space.  Thank you for your help. Read More.