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☆ Could First-Time Home Buyers Lose Out Under New Commission Rules?
▼ + stars: | 2024-03-25 | by ( Ronda Kaysen | Rukmini Callimachi | ) www.nytimes.com time to read: +1 min

With a landmark legal settlement poised to upend a decades-old norm that has dictated who pays real estate agents and how much, economists, agents and lenders are beginning to worry that the burden could now be on first-time home buyers. Buyers may soon have to pay out of pocket for something that had always been baked into the price. “First-time home buyers are usually the people who don’t have much cash and experience — and that experience matters,” said Daryl Fairweather, the chief economist of Redfin, the online brokerage that cut ties with the National Association of Realtors last year. The lawsuit was initially brought by home sellers in Missouri who accused N.A.R. of artificially inflating home prices by coupling commissions paid to sellers’ and buyers’ agents.

Persons: ”, Daryl Fairweather, Buyers, N.A.R Organizations: Redfin, National Association of Realtors Locations: Missouri

☆ Could Trump’s Properties Really Be Seized?
▼ + stars: | 2024-03-24 | by ( Rukmini Callimachi | ) www.nytimes.com time to read: +1 min

Rejected by more than two dozen bond companies, Donald J. Trump has so far been unable to come up with the nearly half-a-billion dollar penalty owed by Monday in his civil fraud trial. Just days before the deadline, the former president’s social media company completed a merger — a move that is poised to pump an estimated $3 billion into Mr. Trump’s coffers. That is more than enough to cover the $454 million penalty that he owes to the state of New York, but the merger restricts him from selling his shares for six months, or using them as a collateral against a loan. Unless those rules are waived to allow him to tap the infusion of cash, Mr. Trump faces the possibility that the state’s attorney general will move to freeze some of his bank accounts and attempt to seize his properties in the city where he made his name as a real estate developer. Lawyers specializing in bankruptcies, foreclosures and corporate insolvency warn that getting control over, and trying to liquidate, any of the former president’s flagship properties is an uphill battle.

Persons: Donald J, Trump Locations: New York, Manhattan, Westchester County

☆ Five Ways Buying and Selling a House Could Change
▼ + stars: | 2024-03-16 | by ( Rukmini Callimachi | Debra Kamin | ) www.nytimes.com time to read: 1 min

A settlement reached this week threatens to strike a blow to an established standard of residential real estate: the 6 percent sales commission. It also will change who pays it. The deal, reached after a yearslong court battle initially brought by a group of home sellers in Missouri, calls for the powerful National Association of Realtors, which has long regulated the way U.S. homes are sold, to amend its rules on how Realtors for sellers and buyers are compensated. In most real estate transactions in the United States, both the seller and buyer have an agent representing them. For decades, there’s been a standard for paying these agents: a commission of between 5 and 6 percent of the home’s sale price, covered by the seller and split between the two agents.

Persons: there’s Organizations: National Association of Realtors, Realtors Locations: Missouri, United States

☆ Trump Could Lose Trump Tower (and Other Properties) in Fraud Case
▼ + stars: | 2023-09-28 | by ( Rukmini Callimachi | ) www.nytimes.com time to read: +1 min

A New York judge put a spotlight on former President Donald J. Trump’s business empire this week, determining in a ruling that he had inflated the value of his properties by considerable sums to gain favorable terms on loans and insurance. If the ruling stands, Mr. Trump could lose control over some of his best-known New York real estate — an outcome the state’s attorney general, Letitia James, sought when she filed a lawsuit last year that accused him of fraud and called for the cancellation of his business certificates for any entities in the state that benefited from deceitful practices. The ruling by the judge, Arthur F. Engoron of the New York State Supreme Court, came before a trial, largely to decide possible penalties, that could begin as early as Monday. Mr. Trump’s lawyers are likely to appeal. Mr. Trump’s lawyers and a leading real estate expert have argued that Ms. James’s lawsuit does not properly factor in the Trump brand’s value or take into account the subjective nature of real estate valuations, with borrowers and lenders routinely offering differing estimates.

Persons: Donald J, Trump, Letitia James, Arthur F Organizations: New York, Court, Trump Locations: York

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