The real estate landscape in New York is undergoing significant changes, and understanding these shifts could save you thousands of dollars whether you're renting, buying, or selling property.
At the forefront of these changes is the newly implemented FAIR Act, which fundamentally alters how broker fees work in rental transactions. Despite widespread confusion, the rule is actually straightforward: whoever hires the broker pays the fee. If you're a renter seeking assistance, you'll pay the broker fee. If a landlord hires a broker to find tenants, they—not the renter—must cover that cost. This legislation brings much-needed transparency to transactions that historically lacked clarity.
For property owners with tenants who want to sell, the podcast offers crucial advice: build positive relationships rather than pursuing costly evictions. With tenant protection laws in New York being exceptionally strong, eviction proceedings can drag on for years, costing landlords substantial amounts in legal fees while receiving zero rental income. The smarter approach? Work collaboratively with tenants, potentially helping them relocate or offering reasonable compensation. This strategy typically costs less than lengthy legal battles and results in faster, more profitable sales.
The Department of Buildings has also stepped up enforcement, actively monitoring real estate listings for unpermitted work. When purchasing property, always request floor plans and property cards during your title search—these documents reveal illegal modifications and can serve as powerful negotiation tools. Taking photographs throughout renovation processes provides essential protection against potential violations later.
Ready to stop renting and start building equity? Many tenants are surprised to discover they qualify for mortgages. Connect with us to explore your options and take that first step toward homeownership—where you're sleeping and making money simultaneously through property appreciation and equity building.
Have questions about navigating New York's complex real estate environment? Reach out to our family business where we pride ourselves on transparency, expert guidance, and lifetime relationships with our clients that extend well beyond closing day.
