Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 256 RECEIVED NYSCEF: 10/01/2018
EXHIBIT 73
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC.
7/3/2018 NO. 256 Your Real Estate RECEIVED
Team FAQs NYSCEF:
Ask 10/01/2018
Ravels
|
WILLTAMRAVEIS
REAL ESTATE • MORTGAGE •INSURANCE
Buying Selling NYC Buying Maintaining Financing FAQs Glossary Feedb
Home / Your Real Estate Team FAQs
Your Real Estate Team
• WHAT IS MY ROLE IN THE HOME BUYING PROCESS? • WHAT QUALITIES SHOULD I BE LOO
AGENT?
• WHAT IS A BUYER'S AGENT? • WHAT IS A SELLER'S AGENT?
• WHAT IS A SELLER'S AGENT? • WHAT IS DUAL AGENCY?
• HOW DO I SELECT AN AGENT TO REPRESENT ME AS A BUYER? • SHOULD I WORK WITH ONE AGENT
• SHOULD I VIEW MY AGENT AS THE ENEMY? • WHAT DETERMINES WHETHER I NE
• HOW DO I CHOOSE A LAWYER? • WHO IS THE BROKER?
What is my role in the home buying process?
You don't have to become an exped in propedy values, modgages, tax and real estate law, title
insurance, escrow, pest-control
in order to play the house-buying game well. Instead, you can hire people who've already mastered the skillsthat you lack. Hom
is tolead and coach the team, not play every position. After you assemble a winning team, your players should give you solid
decisions.
Because you probably don't have an unlimited budget, you need to determine which experts are absolutely necessary and whic
You are the one who must determine how competent or challenged you feel with the various aspects of the home-buying proces
Each player brings a different skillinto the game. Assemble a great team, and they willguide you through any situation that ma
in mind thatgood players act as advisors --not decision makers. Decision isyour job. After your
it's on the
making all, money
For a more detailed description of the possible roles on your team, read the section on The Team and the Players below.
Retum to Top
What qualities should I be looking for when selecting an agent?
A good agent can be the foundation of your real estate team. An agent can help you find a home thatmeets your needs, negotia
supervise property inspections, and coordinate the closing. Agents often have useful leads for modgage loans. A good agent's
propedy values can save you thousands of dollars.
AII certain in common:
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
7/3/2018 Your RealEstate Team FAQs | AskRavels
NYSCEF DOC. NO. 256 RECEIVED NYSCEF: 10/01/2018
- They have time for you: Success is a two-edged sword. An agent who is already working with several other buyers and sellers probably doesn't have enough
surplus time to serve you properly. Occasional scheduling conflicts are unavoidable.
If, however, you often find your needs being neglected because your agent's
time is over committed, get a new agent.
Return to Top
What is a buyer's
agent?
This agent works solely for and represents the buyer. A buyer's agent has no fiduciary responsibility
to the seller even if the buyer's agent gets a portion of the
commission paid by the seller.
State laws clearly define the duties for each type of brokerage relationship.
States have mandated agency disclosure forms and rules to provide meaningful and
timely written disclosure and describe licensee's duties upon termination of a client relationship.
As you start communicating
with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's
policy regarding agency so you will know where you stand on these important matters.
Return to Top
What agent?
is a seller's
This agent works solely for and represents the seller. A seller's agent has no fiduciary responsibility
to the buyer.
State laws clearly define the duties for each type of brokerage relationship.
States have mandated agency disclosure forms and rules to provide meaningful and
timely written disclosure and describe licensee's duties upon termination of a client relationship.
with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's
As you start communicating
policy regarding agency so you will know where you stand on these important matters.
Return to Top
What agent?
is a seller's
This agent works solely for and represents the seller. A seller's agent has no fiduciary responsibility
to the buyer.
State laws clearly define the duties for each type of brokerage relationship.
States have mandated agency disclosure forms and rules to provide meaningful and
timely written disclosure and describe licensee's duties upon termination of a client relationship.
As you start communicating
with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's
policy regarding agency so you will know where you stand on these important matters.
Return to Top
What is dual agency?
One agent may represent both buyer and seller in a real estate transaction, but only if both parties consent. Buyer and seller must sign a dual agency disclosure
statement that describes the duties and obligations of the dual agent. A dual agent may not disclose any confidential information
that would place one party at an
advantage over the other party, and may not advocate or negotiate on behalf of either of the two parties.
as long as the agency status is disclosed to both the sellers and the buyers in advance, and both parties agree to it.
Most states permit dual agency relationships
Undisclosed dual agency, which occurs if the buyer and seller have not been advised about or consented to dual agency, can be used as grounds to have a
purchase agreement revoked and could permit the injured parties to seek recovery against the real estate agents.
State laws clearly define the duties for each type of brokerage relationship.
States have mandated agency disclosure forms and rules to provide meaningful and
timely written disclosure and describe licensee's duties upon termination of a client relationship.
with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's
As you start communicating
policy regarding agency so you will know where you stand on these important matters.
Return to Top
How do I select
an agent to represent
me as a buyer?
A
http://ask.raveis.com/YourRealEstateTeamFAQs#2465 2/4
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
71312018 Your RealEstate Team FAQs | AskRavels
NYSCEF DOC. NO. 256 RECEIVED NYSCEF: 10/01/2018
them and talking to their clients, you can gather the facts you need to make an intelligent decision. Here are three
By analyzing agents activity lists, interviewing
final considerations
to help you select the paragon of virtue that you need on your real estate team:
- Will you be proud having the agent represent you? People who deal with your agent will form opinions of you based on their impressions
of your agent. You can't
afford to have anyone on your team who isn't a competent professional.
- Do you communicate
well with the agent? Good agents make sure that you completely understand everything they say
If you can't understand your agent, don't
blame yourself; the agent is probably a poor communicator.
- Do you enjoy the agent's personality?
House buying is stressful.
You share extremely intense situations with your agent. Working with an agent you like may
transform the buying process from a horrible experience into an exciting adventure -- or, at least, a tolerable transaction.
Return to Top
Should I workwithone agentor multiple
agents?
One common fallacy is thinking that five agents will be five times better than one agent. The more agents you work with, the better your chances of quickly finding
your dream home. Things don't work that way in the real world.
- One good agent can quickly show you every home on the market that meets your price, neighborhood,
size, and condition specifications.
If none of the houses is
They don't limit their searches to houses listed by their office. Whether you work with
what you want, good agents keep looking until the right home hits the market.
one agent or one hundred, you'II see the same houses.
- Agents know that they won't get paid if you don't buy
That risk comes with the job.
What agents hate is losing a sale after months of hard work because they
called you shortly after another agent called you about the same house. That risk is unnecessary.
- Don't be surprised, however, if good agents in the same area opt out of a horse race. Their odds of getting paid for their work increase dramatically
when they
spend their time on buyers who work exclusively
with them. Loyalty begets loyalty
Return to Top
Should I view
my agent as the enemy?
Your agent should not be viewed as an adversary. Some buyers think that the less their agent knows about them, the better. Such buyers believe that, after agents
know why they want to buy and how much cash they have, the agents will somehow magically manipulate
them into spending more than they can afford.
- Good agents ask such questions because they need to be sure that you're financially qualified in order to avoid wasting your time and theirs by showing you
property that you can't afford. If your agent knows that you're under deadline pressure to buy, she'll give your house hunt top priority
- Good agents won't betray your trust. They know that if they take care of you, the commission takes care of itself.
- Good agents know that you have the power to impact their careers. If they please you, you'll be a source of glowing referrals for them.
Return to Top
What determineswhether I need to hire a lawyer?
The real estate purchase agreement you sign is a legally binding contract between you and the seller. If you have any questions about the legality of your contract,
get a lawyer on your team immediately
No one else on the team is qualified to give you legal advice.
The following factors determine whether you need a lawyer on your team:
- The location
of your
property:Your agent will know the role that lawyers play in your locale.
- The complexity
of yourtransaction:
You need a lawyer if you get into a complex financial or legal situation that can't be covered by the type of standard
contract mentioned earlier. For example, suppose that you want to hold title as a tenant-in-common
and are buying a partial interest in the property
- If consulting
an attorney
will help you sleep
at night:
You may have the world's easiest deal. Still, if you feel more comfortable having a lawyer review the
contract, your peace of mind is certainly worth the cost of an hour or two of legal time.
Return to Top
How do I choosea lawyer? A
http://ask.raveis.com/YourRealEstateTeamFAQs#2465 3/4
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC.
7/3/2018 NO. 256 Your Real Estate RECEIVED
Team FAQs NYSCEF:
Ask 10/01/2018
Ravels
|
If you decide that you need a lawyer, interview several before making your selection. A corporate attorney or the lawyer who ha
the best choice for your real estate team. Get a lawyer who specializes in residential real estate transactions. Good agents and
referral sources because they work with real estate lawyers allthe time in theirtransactions.
A good lawyer has the following characteristics:
- Licensed to practice law in your state.
- Islocal talent: Real estate like real estate not varies from state to italso changes from area to are
law, brokerage, only state,
local lawyer knows local laws and has working relationships with people who administer them in your area.
- Has Lawyers'
a realistic fee schedule: fees vary widely. A good lawyer gives you an estimate of how much itwillcost to hand
generally charge more than novice lawyers, but seasoned lawyers also may get more done in an hour than inexperienced lawye
the novice is learning on your nickel.
- Has a good track record: Ifthe lawyer you consult thinks thatyour case go to find out whether that lawyer has cou
may trial,
you to another lawyer. Always ask about the lawyer's track record of wins versus losses.
- Isa deal maker or a deal breaker (whichever is appropriate): Some lawyers are great at deals together. Others sp
putting
water. Each skillis important. Depending on whether you want the lawyer to get you out of a deal so you can accept a better o
your deal together, be sure that you have the right type of lawyer for your situation.
- Speaks your language: A good lawyer explains your options and without to incomprehensible lega
clearly concisely resorting
riskassessment of your options in order to help you make a sound decision. For example, the lawyer may say that one course
you a 90 percent chance of success, whereas the faster option only gives you a 50/50 chance of prevailing.
Retum to Top
Who is the broker?
When you select an agent, your agent's broker ispart of the package. If yourpurchase rolls merrily along, you may never meet
guess who you can turn to fora quick fix? Brokers are the invisible grease in problematic transactions. Call your broker into the
tough problem or ifyou're having problems with the agent. Everything an agent does or failsto do is ultimately the broker's resp
is tohelp make your problems go away.
For more information on brokers, read the section on Who is the Broker below.
Retum to Top
Buying Selling NYC Buying Maintaining Financing FAQs Glossary
h g in ( b f
View Our Mobile Apps
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 256 RECEIVED NYSCEF: 10/01/2018 EXHIBIT 73 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. 7/3/2018 NO. 256 Your Real Estate RECEIVED Team FAQs NYSCEF: Ask 10/01/2018 Ravels | WILLTAMRAVEIS REAL ESTATE • MORTGAGE •INSURANCE Buying Selling NYC Buying Maintaining Financing FAQs Glossary Feedb Home / Your Real Estate Team FAQs Your Real Estate Team • WHAT IS MY ROLE IN THE HOME BUYING PROCESS? • WHAT QUALITIES SHOULD I BE LOO AGENT? • WHAT IS A BUYER'S AGENT? • WHAT IS A SELLER'S AGENT? • WHAT IS A SELLER'S AGENT? • WHAT IS DUAL AGENCY? • HOW DO I SELECT AN AGENT TO REPRESENT ME AS A BUYER? • SHOULD I WORK WITH ONE AGENT • SHOULD I VIEW MY AGENT AS THE ENEMY? • WHAT DETERMINES WHETHER I NE • HOW DO I CHOOSE A LAWYER? • WHO IS THE BROKER? What is my role in the home buying process? You don't have to become an exped in propedy values, modgages, tax and real estate law, title insurance, escrow, pest-control in order to play the house-buying game well. Instead, you can hire people who've already mastered the skillsthat you lack. Hom is tolead and coach the team, not play every position. After you assemble a winning team, your players should give you solid decisions. Because you probably don't have an unlimited budget, you need to determine which experts are absolutely necessary and whic You are the one who must determine how competent or challenged you feel with the various aspects of the home-buying proces Each player brings a different skillinto the game. Assemble a great team, and they willguide you through any situation that ma in mind thatgood players act as advisors --not decision makers. Decision isyour job. After your it's on the making all, money For a more detailed description of the possible roles on your team, read the section on The Team and the Players below. Retum to Top What qualities should I be looking for when selecting an agent? A good agent can be the foundation of your real estate team. An agent can help you find a home thatmeets your needs, negotia supervise property inspections, and coordinate the closing. Agents often have useful leads for modgage loans. A good agent's propedy values can save you thousands of dollars. AII certain in common: FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 7/3/2018 Your RealEstate Team FAQs | AskRavels NYSCEF DOC. NO. 256 RECEIVED NYSCEF: 10/01/2018 - They have time for you: Success is a two-edged sword. An agent who is already working with several other buyers and sellers probably doesn't have enough surplus time to serve you properly. Occasional scheduling conflicts are unavoidable. If, however, you often find your needs being neglected because your agent's time is over committed, get a new agent. Return to Top What is a buyer's agent? This agent works solely for and represents the buyer. A buyer's agent has no fiduciary responsibility to the seller even if the buyer's agent gets a portion of the commission paid by the seller. State laws clearly define the duties for each type of brokerage relationship. States have mandated agency disclosure forms and rules to provide meaningful and timely written disclosure and describe licensee's duties upon termination of a client relationship. As you start communicating with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's policy regarding agency so you will know where you stand on these important matters. Return to Top What agent? is a seller's This agent works solely for and represents the seller. A seller's agent has no fiduciary responsibility to the buyer. State laws clearly define the duties for each type of brokerage relationship. States have mandated agency disclosure forms and rules to provide meaningful and timely written disclosure and describe licensee's duties upon termination of a client relationship. with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's As you start communicating policy regarding agency so you will know where you stand on these important matters. Return to Top What agent? is a seller's This agent works solely for and represents the seller. A seller's agent has no fiduciary responsibility to the buyer. State laws clearly define the duties for each type of brokerage relationship. States have mandated agency disclosure forms and rules to provide meaningful and timely written disclosure and describe licensee's duties upon termination of a client relationship. As you start communicating with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's policy regarding agency so you will know where you stand on these important matters. Return to Top What is dual agency? One agent may represent both buyer and seller in a real estate transaction, but only if both parties consent. Buyer and seller must sign a dual agency disclosure statement that describes the duties and obligations of the dual agent. A dual agent may not disclose any confidential information that would place one party at an advantage over the other party, and may not advocate or negotiate on behalf of either of the two parties. as long as the agency status is disclosed to both the sellers and the buyers in advance, and both parties agree to it. Most states permit dual agency relationships Undisclosed dual agency, which occurs if the buyer and seller have not been advised about or consented to dual agency, can be used as grounds to have a purchase agreement revoked and could permit the injured parties to seek recovery against the real estate agents. State laws clearly define the duties for each type of brokerage relationship. States have mandated agency disclosure forms and rules to provide meaningful and timely written disclosure and describe licensee's duties upon termination of a client relationship. with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's As you start communicating policy regarding agency so you will know where you stand on these important matters. Return to Top How do I select an agent to represent me as a buyer? A http://ask.raveis.com/YourRealEstateTeamFAQs#2465 2/4 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 71312018 Your RealEstate Team FAQs | AskRavels NYSCEF DOC. NO. 256 RECEIVED NYSCEF: 10/01/2018 them and talking to their clients, you can gather the facts you need to make an intelligent decision. Here are three By analyzing agents activity lists, interviewing final considerations to help you select the paragon of virtue that you need on your real estate team: - Will you be proud having the agent represent you? People who deal with your agent will form opinions of you based on their impressions of your agent. You can't afford to have anyone on your team who isn't a competent professional. - Do you communicate well with the agent? Good agents make sure that you completely understand everything they say If you can't understand your agent, don't blame yourself; the agent is probably a poor communicator. - Do you enjoy the agent's personality? House buying is stressful. You share extremely intense situations with your agent. Working with an agent you like may transform the buying process from a horrible experience into an exciting adventure -- or, at least, a tolerable transaction. Return to Top Should I workwithone agentor multiple agents? One common fallacy is thinking that five agents will be five times better than one agent. The more agents you work with, the better your chances of quickly finding your dream home. Things don't work that way in the real world. - One good agent can quickly show you every home on the market that meets your price, neighborhood, size, and condition specifications. If none of the houses is They don't limit their searches to houses listed by their office. Whether you work with what you want, good agents keep looking until the right home hits the market. one agent or one hundred, you'II see the same houses. - Agents know that they won't get paid if you don't buy That risk comes with the job. What agents hate is losing a sale after months of hard work because they called you shortly after another agent called you about the same house. That risk is unnecessary. - Don't be surprised, however, if good agents in the same area opt out of a horse race. Their odds of getting paid for their work increase dramatically when they spend their time on buyers who work exclusively with them. Loyalty begets loyalty Return to Top Should I view my agent as the enemy? Your agent should not be viewed as an adversary. Some buyers think that the less their agent knows about them, the better. Such buyers believe that, after agents know why they want to buy and how much cash they have, the agents will somehow magically manipulate them into spending more than they can afford. - Good agents ask such questions because they need to be sure that you're financially qualified in order to avoid wasting your time and theirs by showing you property that you can't afford. If your agent knows that you're under deadline pressure to buy, she'll give your house hunt top priority - Good agents won't betray your trust. They know that if they take care of you, the commission takes care of itself. - Good agents know that you have the power to impact their careers. If they please you, you'll be a source of glowing referrals for them. Return to Top What determineswhether I need to hire a lawyer? The real estate purchase agreement you sign is a legally binding contract between you and the seller. If you have any questions about the legality of your contract, get a lawyer on your team immediately No one else on the team is qualified to give you legal advice. The following factors determine whether you need a lawyer on your team: - The location of your property:Your agent will know the role that lawyers play in your locale. - The complexity of yourtransaction: You need a lawyer if you get into a complex financial or legal situation that can't be covered by the type of standard contract mentioned earlier. For example, suppose that you want to hold title as a tenant-in-common and are buying a partial interest in the property - If consulting an attorney will help you sleep at night: You may have the world's easiest deal. Still, if you feel more comfortable having a lawyer review the contract, your peace of mind is certainly worth the cost of an hour or two of legal time. Return to Top How do I choosea lawyer? A http://ask.raveis.com/YourRealEstateTeamFAQs#2465 3/4 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. 7/3/2018 NO. 256 Your Real Estate RECEIVED Team FAQs NYSCEF: Ask 10/01/2018 Ravels | If you decide that you need a lawyer, interview several before making your selection. A corporate attorney or the lawyer who ha the best choice for your real estate team. Get a lawyer who specializes in residential real estate transactions. Good agents and referral sources because they work with real estate lawyers allthe time in theirtransactions. A good lawyer has the following characteristics: - Licensed to practice law in your state. - Islocal talent: Real estate like real estate not varies from state to italso changes from area to are law, brokerage, only state, local lawyer knows local laws and has working relationships with people who administer them in your area. - Has Lawyers' a realistic fee schedule: fees vary widely. A good lawyer gives you an estimate of how much itwillcost to hand generally charge more than novice lawyers, but seasoned lawyers also may get more done in an hour than inexperienced lawye the novice is learning on your nickel. - Has a good track record: Ifthe lawyer you consult thinks thatyour case go to find out whether that lawyer has cou may trial, you to another lawyer. Always ask about the lawyer's track record of wins versus losses. - Isa deal maker or a deal breaker (whichever is appropriate): Some lawyers are great at deals together. Others sp putting water. Each skillis important. Depending on whether you want the lawyer to get you out of a deal so you can accept a better o your deal together, be sure that you have the right type of lawyer for your situation. - Speaks your language: A good lawyer explains your options and without to incomprehensible lega clearly concisely resorting riskassessment of your options in order to help you make a sound decision. For example, the lawyer may say that one course you a 90 percent chance of success, whereas the faster option only gives you a 50/50 chance of prevailing. Retum to Top Who is the broker? When you select an agent, your agent's broker ispart of the package. If yourpurchase rolls merrily along, you may never meet guess who you can turn to fora quick fix? Brokers are the invisible grease in problematic transactions. Call your broker into the tough problem or ifyou're having problems with the agent. Everything an agent does or failsto do is ultimately the broker's resp is tohelp make your problems go away. For more information on brokers, read the section on Who is the Broker below. Retum to Top Buying Selling NYC Buying Maintaining Financing FAQs Glossary h g in ( b f View Our Mobile Apps