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 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 455 RECEIVED NYSCEF: 05/14/2019
EXHIBIT 57E
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC.
9/27/2018 NO. 455 The Buyer's Broker - RECEIVED
Started NYSCEF:
- The New05/14/2019
York Times
Getting
neNew gnkh
REAL ESTATE
The Buddy System, or the Buyer's Broker
Getting Started
By SUSAN STELLIN SEPT. 15, 2011
IN this do-it-yourself era of online real estate listings, itis easy to find out what is on the market, visit open hou
sales data to come up with a reasonable price to offer for a home.
So why should a buyer bother using an agent?
In a nutshell: to protect his or her interests in an expensive, often complex purchase that can become even
labyrinthine co-op approval process in New York City.
A buyer who relies on the seller's agent to handle both sides of the deal may not hear about problems with
building, or have a real advocate during contract negotiations.
buyer,"
"When you work with a buyer's agent, their fiduciary responsibility is to you as a said Walter Molon
National Association of Realtors. The organization has helped establish state laws that require clearer disclosure
which party in the transaction an agent represents.
In New York, real estate agents must have clients sign a disclosure form that explains the difference betwee
provides undivided loyalty to the seller, and a buyer's agent, who represents the buyer's interests. A dual agent
and the seller, but both parties must consent to the arrangement and acknowledge that they are giving up the
representation.
transaction,"
"Obviously ifyou're representing a buyer and a seller in a said Neil B. Garfinkel, the residential c
loyalty."
Board of New York, "you can't have undivided
A dual agent can maintain each party's Mr. Garfinkel said - for not to
confidence, instance, by disclosing
just received a big bonus check, or by not telling the buyer that the sellers are divorcing and want a quick sale.
itcomes to negotiating a price or discussing a home's flaws.
building,"
"Perhaps it'sa defect in the property or potential financial issues in the said Gea Elika, the found
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC.
9/27/2018 NO. 455 The Buyer's Broker - RECEIVED
Started NYSCEF:
- The New05/14/2019
York Times
Getting
"The buyer clients who come to me tellme that they're not interested in someone to show them what's on
point."
Rosenblatt said. "Once they find a property they like, my services really kick in at that
Those services include providing a market analysis, evaluating comparable sales, coming up with an offer
features like outdoor space, and handling the back-and-forth of negotiations and contract terms. The role of a
involve preparing a co-op board package and navigating speed bumps that can derail deals, like delayed seller
"I would not allow my client's offer to be used as leverage by a seller who might be entertaining two or thre
offer."
Mr. Rosenblatt said. "I would put a deadline on the
A common uncertainty is at what point a buyer should start thinking about bringing an agent into the pictu
are happy to visit open houses on their own, and many even acknowledge, when signing visitor's logs, that they
agent. But brokers recommend finding a buyer's agent before making an offer or scheduling an appointment f
Engaging a buyer's agent later in the process opens up the potential for a dispute over whether the new hir
the selling agent's commission. Also, by this point in the proceedings, a buyer may have chatted too much with
information that could influence the outcome of the deal.
spend,"
"You may have already lost your negotiating power because you've already told them what you'll
executive director of the National Association of Exclusive Buyer Agents.
agents'
Although the seller typically pays the commission, that fee comes from the purchase price of the h
of the buyer's pocket - so buyers who think have no financial obligation to an agent are themselves
they deluding
it," you."
"You're paying for Ms. Kahl said. "You might as well hire someone to represent
Some buyers worry that ifthey work with a buyer's agent, their offer may be less attractive to the seller, w
could be smaller than the full 6 percent ifthat agent represented the buyer too. In many cases, the listing agreem
commission ifthe deal is split between brokers and a 5 percent commission ifthe listing agent represents both
But with financing tight and qualified buyers scarce, Mr. Rosenblatt said, for the seller to be swayed on thi
receive two very similar offers, with similar terms and financing conditions, and both buyers would have to hav
board.
happen?"
"How often does that really Mr. Rosenblatt asked. "It happens, but the stars do not align that pe
over."
it's something buyers should be paranoid
A version of thisarticle
appears in print
on September 18, 2011,on Page RE4 of the New York edition
with theheadline: The Buddy Syst
© 2018 The New York Times Company
Document Filed Date
May 14, 2019
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 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 455 RECEIVED NYSCEF: 05/14/2019 EXHIBIT 57E FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. 9/27/2018 NO. 455 The Buyer's Broker - RECEIVED Started NYSCEF: - The New05/14/2019 York Times Getting neNew gnkh REAL ESTATE The Buddy System, or the Buyer's Broker Getting Started By SUSAN STELLIN SEPT. 15, 2011 IN this do-it-yourself era of online real estate listings, itis easy to find out what is on the market, visit open hou sales data to come up with a reasonable price to offer for a home. So why should a buyer bother using an agent? In a nutshell: to protect his or her interests in an expensive, often complex purchase that can become even labyrinthine co-op approval process in New York City. A buyer who relies on the seller's agent to handle both sides of the deal may not hear about problems with building, or have a real advocate during contract negotiations. buyer," "When you work with a buyer's agent, their fiduciary responsibility is to you as a said Walter Molon National Association of Realtors. The organization has helped establish state laws that require clearer disclosure which party in the transaction an agent represents. In New York, real estate agents must have clients sign a disclosure form that explains the difference betwee provides undivided loyalty to the seller, and a buyer's agent, who represents the buyer's interests. A dual agent and the seller, but both parties must consent to the arrangement and acknowledge that they are giving up the representation. transaction," "Obviously ifyou're representing a buyer and a seller in a said Neil B. Garfinkel, the residential c loyalty." Board of New York, "you can't have undivided A dual agent can maintain each party's Mr. Garfinkel said - for not to confidence, instance, by disclosing just received a big bonus check, or by not telling the buyer that the sellers are divorcing and want a quick sale. itcomes to negotiating a price or discussing a home's flaws. building," "Perhaps it'sa defect in the property or potential financial issues in the said Gea Elika, the found FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. 9/27/2018 NO. 455 The Buyer's Broker - RECEIVED Started NYSCEF: - The New05/14/2019 York Times Getting "The buyer clients who come to me tellme that they're not interested in someone to show them what's on point." Rosenblatt said. "Once they find a property they like, my services really kick in at that Those services include providing a market analysis, evaluating comparable sales, coming up with an offer features like outdoor space, and handling the back-and-forth of negotiations and contract terms. The role of a involve preparing a co-op board package and navigating speed bumps that can derail deals, like delayed seller "I would not allow my client's offer to be used as leverage by a seller who might be entertaining two or thre offer." Mr. Rosenblatt said. "I would put a deadline on the A common uncertainty is at what point a buyer should start thinking about bringing an agent into the pictu are happy to visit open houses on their own, and many even acknowledge, when signing visitor's logs, that they agent. But brokers recommend finding a buyer's agent before making an offer or scheduling an appointment f Engaging a buyer's agent later in the process opens up the potential for a dispute over whether the new hir the selling agent's commission. Also, by this point in the proceedings, a buyer may have chatted too much with information that could influence the outcome of the deal. spend," "You may have already lost your negotiating power because you've already told them what you'll executive director of the National Association of Exclusive Buyer Agents. agents' Although the seller typically pays the commission, that fee comes from the purchase price of the h of the buyer's pocket - so buyers who think have no financial obligation to an agent are themselves they deluding it," you." "You're paying for Ms. Kahl said. "You might as well hire someone to represent Some buyers worry that ifthey work with a buyer's agent, their offer may be less attractive to the seller, w could be smaller than the full 6 percent ifthat agent represented the buyer too. In many cases, the listing agreem commission ifthe deal is split between brokers and a 5 percent commission ifthe listing agent represents both But with financing tight and qualified buyers scarce, Mr. Rosenblatt said, for the seller to be swayed on thi receive two very similar offers, with similar terms and financing conditions, and both buyers would have to hav board. happen?" "How often does that really Mr. Rosenblatt asked. "It happens, but the stars do not align that pe over." it's something buyers should be paranoid A version of thisarticle appears in print on September 18, 2011,on Page RE4 of the New York edition with theheadline: The Buddy Syst © 2018 The New York Times Company