Know your broker before you agree to work together in New York

On Behalf of | Jun 14, 2018 | Real Estate Transactions

As someone looking to make a real-estate purchase, it’s your right to work with an agent who is on your side. While many people work with realtors, another option is to work with a real estate attorney. Your attorney has ways to help protect you that will help you make good decisions about your purchases.

There is always a potential for things to go wrong with a real estate sale in New York. Sometimes, the problem comes down to the realtors. Take, for instance, this report from June 12. It discusses that the state has fined and suspended several dozen real estate agents over their actions.

In one case, a woman had to fight for her security deposit back from her broker. It took over two years, and the broker tried to get her to remove negative reviews from social media in exchange for the money that should have already been released to her. Shortly after she was awarded the funds by the Department of State, an administrative judge was able to revoke that broker’s license.

Deceptive practices are just one issue you could run into if you don’t do your research before choosing who you want to represent you. For people who aren’t sure about using the DOS’s database to look up and research brokers, the next best option is to turn to real estate attorneys. Since attorneys have a firm understanding of law and contracts, this is often a better choice, particularly if you’re interested in investing in a valuable property or into a property that you plan to use for business or for rentals.

Source: The Real Deal, “New York has fined and suspended dozens of real estate agents. Here’s why consumers are left in the dark,” Kevin Sun, June 12, 2018