On July 14, 2018 a
Exhibit,Appendix
was filed
involving a dispute between
Ellyn Berk,
Pamela Goldstein,
Paul Benjamin,
Tony Berk,
and
Houlihan Lawrence Inc.,
for Commercial Division
in the District Court of Westchester County.
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 183 RECEIVED NYSCEF: 11/08/2018
EXHIBIT 22
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 183 With a Dual Agency: What You Need to Know RECEIVED NYSCEF: 11/08/2018
10/30/2018 Working | Fox Business
9 E BUSINE55
Working With a Dual Agency: What You Need to Know
By Donna Fuscaldo | Published June 12, 2013 | Home Mortgage | FOXBusiness
With a housing market favoring sellers, buyers are resorting to different tactics to get their offer
accepted.
Home sales and prices have been on a steady increase over the last few months as the market
remains on a stable path of recovery, but low inventory in some markets have created stiff
competition-with some areas reporting bidding wars.
To help compete, some buyers are incentivizing agents by offering
them the opportunity to
represent them as well as the seller. Under these circumstances, dual agents get the full
commission as both buyer and seller.
"One of the best ways to convince the agent to take a
somewhat- less qualified offer is to
listing
well,"
let them represent you and give them the commission as says Eric Tan, a RedFin
listing
this."
agent in Los Angeles. "A lot of buyers are catching
on to
In certain real estate markets around the country, inventory is tight and houses are selling
above market price. On top of that, foreign investors are jumping into the market and making
all-cash offers. If buyers can lure the real estate agent into their corner, experts say the
commission potential could help them win a home-even if they don't have the best offer.
While it could work in
winning a home, working with a dual agent or agency may not always be
in the best interest of both the buyer and the seller. After all, if the real estate broker is
representing
both the buyer and the seller, each party will never fully know whose corner the
agent is actually in.
sense,"
"In very rare circumstance the dual agency makes says Tan. "We've done a lot of market
research and according to the data, on average you lose about $5,000 in the sale of a home
agency."
when you use a dual Even though buyers are losing money, RedFin's survey, which
was conducted last year, found that one in 10 homes in the U.S. are sold by a dual real estate
agency.
Although real estate agents are required by law to disclose if they represent both the buyer and
the seller, but often that disclosure isn't so black and white. Every state has its own laws
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 1/3
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
10/30/2018
NYSCEF DOC. NO. 183 Working With a Dual Agency: What You Need to Know | Fox Business
RECEIVED NYSCEF: 11/08/2018
regarding dual agencies according to John Murphy, a realtor in Plymouth, Minn., and that
buyers and sellers will often run into dual agencies when dealing with big brokerage firms.
"Real estate is a very entrepreneurial environment and is perfect for small brokers. There are
many that are out there, but there also continues to be consolidation like we see in many other
bigger,"
industries where the big brokers continue to get bigger and says Murphy. "It's in the big
situations."
broker environment where you run in to dual agency
Even in situations where the dual agent is disclosed, home buyers aren't necessarily informed
on what this means. Murphy says he sees a lot of dual listings with new construction sales since
most buyers are so focused on purchasing a home and will make sacrifices.
In Minnesota, Murphy says dual agents would go from fully representing one party to having
limits placed on the representation of both. For example, agents aren't allowed to argue to
benefit one party over the other. "It is like a boxing match where we would move from being the
coach in the corner giving explicit guidance, direction and coaching to our boxing client to
"
becoming the referee where we have to remain impartial, says Murphy. I don't think real estate
estate."
consumers fully understand this aspect of real
Going with a dual agent arrangement makes a lot of sense for buyers looking for an edge, but in
a normal real estate market, critics advise homebuyers to avoid that situation if at all possible.
"In today's market, where the dual agency method can get the property it's tough to avoid the
system,"
dual agency but it really does harm the says Tan. "You jeopardize the rights of the
deal."
buyer and the seller. You'll never know if you really got a good
Check out mortgage rates in your area.
URL
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know
Quotes delayed at least 15 minutes. Real-time quotes provided by BATSBZX Real-Time Price. Market Data provided by Interactive Data
(New Terms & Conditions). Powered and Implemented by Interactive Data Managed Solutions. Company fundamental data provided
by Morningstar. Earnings estimates data provided by Zacks. Mutual fund and ETFdata provided by Lipper. Economic data provided by
Econoday. Dow Jones & Company Terms & Conditions.
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 2/3
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
10/30/2018
NYSCEF DOC. NO. 183 Working With a Dual Agency: What You Need to Know | Fox Business
RECEIVED NYSCEF: 11/08/2018
This material may not be published, broadcast, rewritten, or redistributed. ©2018 FOXNews Network, LLC.All rights reserved. FAQ- New
Privacy Policy
https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 3/3
Document Filed Date
October 01, 2018
Case Filing Date
July 14, 2018
Category
Commercial Division
For full print and download access, please subscribe at https://www.trellis.law/.
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 183 RECEIVED NYSCEF: 11/08/2018 EXHIBIT 22 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 183 With a Dual Agency: What You Need to Know RECEIVED NYSCEF: 11/08/2018 10/30/2018 Working | Fox Business 9 E BUSINE55 Working With a Dual Agency: What You Need to Know By Donna Fuscaldo | Published June 12, 2013 | Home Mortgage | FOXBusiness With a housing market favoring sellers, buyers are resorting to different tactics to get their offer accepted. Home sales and prices have been on a steady increase over the last few months as the market remains on a stable path of recovery, but low inventory in some markets have created stiff competition-with some areas reporting bidding wars. To help compete, some buyers are incentivizing agents by offering them the opportunity to represent them as well as the seller. Under these circumstances, dual agents get the full commission as both buyer and seller. "One of the best ways to convince the agent to take a somewhat- less qualified offer is to listing well," let them represent you and give them the commission as says Eric Tan, a RedFin listing this." agent in Los Angeles. "A lot of buyers are catching on to In certain real estate markets around the country, inventory is tight and houses are selling above market price. On top of that, foreign investors are jumping into the market and making all-cash offers. If buyers can lure the real estate agent into their corner, experts say the commission potential could help them win a home-even if they don't have the best offer. While it could work in winning a home, working with a dual agent or agency may not always be in the best interest of both the buyer and the seller. After all, if the real estate broker is representing both the buyer and the seller, each party will never fully know whose corner the agent is actually in. sense," "In very rare circumstance the dual agency makes says Tan. "We've done a lot of market research and according to the data, on average you lose about $5,000 in the sale of a home agency." when you use a dual Even though buyers are losing money, RedFin's survey, which was conducted last year, found that one in 10 homes in the U.S. are sold by a dual real estate agency. Although real estate agents are required by law to disclose if they represent both the buyer and the seller, but often that disclosure isn't so black and white. Every state has its own laws https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 1/3 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 10/30/2018 NYSCEF DOC. NO. 183 Working With a Dual Agency: What You Need to Know | Fox Business RECEIVED NYSCEF: 11/08/2018 regarding dual agencies according to John Murphy, a realtor in Plymouth, Minn., and that buyers and sellers will often run into dual agencies when dealing with big brokerage firms. "Real estate is a very entrepreneurial environment and is perfect for small brokers. There are many that are out there, but there also continues to be consolidation like we see in many other bigger," industries where the big brokers continue to get bigger and says Murphy. "It's in the big situations." broker environment where you run in to dual agency Even in situations where the dual agent is disclosed, home buyers aren't necessarily informed on what this means. Murphy says he sees a lot of dual listings with new construction sales since most buyers are so focused on purchasing a home and will make sacrifices. In Minnesota, Murphy says dual agents would go from fully representing one party to having limits placed on the representation of both. For example, agents aren't allowed to argue to benefit one party over the other. "It is like a boxing match where we would move from being the coach in the corner giving explicit guidance, direction and coaching to our boxing client to " becoming the referee where we have to remain impartial, says Murphy. I don't think real estate estate." consumers fully understand this aspect of real Going with a dual agent arrangement makes a lot of sense for buyers looking for an edge, but in a normal real estate market, critics advise homebuyers to avoid that situation if at all possible. "In today's market, where the dual agency method can get the property it's tough to avoid the system," dual agency but it really does harm the says Tan. "You jeopardize the rights of the deal." buyer and the seller. You'll never know if you really got a good Check out mortgage rates in your area. URL https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know Quotes delayed at least 15 minutes. Real-time quotes provided by BATSBZX Real-Time Price. Market Data provided by Interactive Data (New Terms & Conditions). Powered and Implemented by Interactive Data Managed Solutions. Company fundamental data provided by Morningstar. Earnings estimates data provided by Zacks. Mutual fund and ETFdata provided by Lipper. Economic data provided by Econoday. Dow Jones & Company Terms & Conditions. https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 2/3 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 10/30/2018 NYSCEF DOC. NO. 183 Working With a Dual Agency: What You Need to Know | Fox Business RECEIVED NYSCEF: 11/08/2018 This material may not be published, broadcast, rewritten, or redistributed. ©2018 FOXNews Network, LLC.All rights reserved. FAQ- New Privacy Policy https://www.foxbusiness.com/features/working-with-a-dual-agency-what-you-need-to-know 3/3