Debbie Baum | REBNY Legal Question
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REBNY Legal Question

Recent Changes to FIRPTA

Question I am a licensed real estate broker and I am representing a seller who is not a citizen of the United States. The seller and I would like to know what “FIRPTA” is and how it affects the sale. Additionally, I have heard that…

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21 Jan 2016 Posted by Debbie Baum in REBNY Legal Question no comments

Representing Multiple Purchasers

Question I am a licensed real estate agent and I am representing two purchasers who are considering making offers on the same property. Am I allowed to represent two different purchasers who are both interested in bidding on the same listed property? Answer In Rivkin…

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10 Dec 2015 Posted by Debbie Baum in REBNY Legal Question no comments

LLC Purchasing a Co-op

Question I am a licensed real estate salesperson and I represent a purchaser who would like to purchase a co-op apartment in the name of a limited liability company (“LLC”). Do any co-ops allow the purchase of a co-op by a LLC? Answer Yes, although…

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07 Dec 2015 Posted by Debbie Baum in REBNY Legal Question no comments

Flip Taxes

Question I am representing the owner of a co-op apartment that is in the process of selling her apartment. The co-op board has just implemented a flip tax (the “Flip Tax”) and the seller is concerned that the Flip Tax is going to decrease the…

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13 Nov 2015 Posted by Debbie Baum in REBNY Legal Question no comments

Rent Security Deposits (FAQ)

Question I represent a prospective tenant who is looking to rent an apartment in New York City. One landlord asked the tenant for a sizeable security deposit. Can you please provide a brief FAQ pertaining to security deposits? Answer Question: Is the landlord required to…

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15 Oct 2015 Posted by Debbie Baum in REBNY Legal Question no comments

No Offering Plan for Co-op

Question I am a licensed real estate salesperson and I am working on a sale of a co-op apartment (the co-op was converted in the 1960s) and the co-op no longer has a copy of its offering plan. Is it unusual for a co-op not…

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03 Sep 2015 Posted by Debbie Baum in REBNY Legal Question no comments

Purchaser Making Multiple Offers

Question I am a real estate salesperson representing a purchaser contemplating buying a condominium unit in New York City. The purchaser is concerned about the lack of inventory in the marketplace and would like to submit offers on multiple properties. Can a purchaser make offers…

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30 Jul 2015 Posted by Debbie Baum in REBNY Legal Question no comments