Fernando Branco, Real Estate Broker
c: 212-321-0115 - e: firstname.lastname@example.org -
Fernando Branco Realty - 162 Huntington St, Brooklyn NY 11231
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Legal Question: What is a BPO?
Legal Line Question of the Week
Broker Price Opinions
What is a BPO?
“BPO” stands for Broker Price Opinion. A Broker Price Opinion is prepared by a real estate broker to provide an estimated value of the probable selling price of a subject property where the requesting party does not want to incur the expense of an appraisal of the subject property. The real estate broker determines the probable selling price of the property by analyzing various factors, including but not limited to comparable properties in the area. Broker Price Opinions are generally prepared for a fee. Recently, the Department of State clarified that only a real estate broker can collect a fee for preparing a BPO. Accordingly, real estate salespersons and associate real estate brokers cannot receive compensation directly for preparing a BPO. The fee for preparing the BPO would be paid to the real estate broker and the real estate broker, would, in turn, compensate its salesperson or associate broker. By: Neil B. Garfinkel, REBNY Residential Counsel
April Market Reports: 3 Important Takeaways to Share With Your Clients May 30, 2019 OVER 1,000 MANHATTAN HOMES ENTERED CONTRACT IN APRIL. According to the StreetEasy April 2019 Market Reports, the New York City sales market may be strengthening. This news comes after months of weakening prices across the city, rising share of price cuts and growing days on market. Read on for three takeaways from our most recent report that will offer you and your seller encouraging signs. Nearly 1,200 Homes Entered Contract in Manhattan This April The context: The number of pending sales in Manhattan rose by 26.6% year-over-year to 1,193 in April. That marks an annual increase of more than 250 and the most homes to enter contract since 2015. Upper Manhattan saw a lot of contact activity with pending sales doubling to 132 from 66 the year before. Washington Heights and Central Harlem led the charge with 53 and 29 homes entering contract, up by 104% and 53%, respectively. The takeaway: M
February 18, 2016 Q: I am a licensed real estate salesperson and I am representing a purchaser who is considering a co-op apartment in a building that has a Ground Lease. Can you please clarify exactly what a Ground Lease is? Also, are there any particular considerations that should be made before purchasing a co-op apartment in a building that has a Ground Lease? A: If a co-op building has a Ground Lease (also known as a Land Lease) it means that the co-op corporation does not own the land under the building. Rather, the co-op corporation leases the land from the owner of the land. About 100 buildings in Manhattan have Ground Leases, many of which are co-ops. Generally the terms of Ground Leases are quite long, varying from terms of 50 to 99 years. Several important considerations should be made before purchasing a co-op apartment in a building with a Ground Lease: Can the rent payable by the co-op corporation increase during the term of the Ground Lease? If the re