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The Department of Justice, The Anti-Trust Division And YOU…

October 11th, 2007 category: Real Estate News

New York: the Department of Justice, along with the Federal Trade Commission, has created a website designed to let consumers know of fair trade practices in real estate. With respect to New York, there are some significant points made that could directly impact your choices.

Understand that these entities have an ongoing priority to inform consumers. Real estate has been a sticking point, as the DOJ and FTC wage their own “war” with the National Association of Realtors. In layman’s terms, what these entities seek is to ensure FAIR TRADE in the real estate market for the consumer.

Concerns about an “understood” commission within the real estate community, and the attempted “shut out” of competing brokers offering flat fee or discount services by refusing them participation in the MLS (the real estate go-to) is an ongoing battle. The result of any “blacklisting”, either by refusing to permit discount companies the opportunity to VIEW properties listed in the MLS, or the attempt by any group of real estate companies to maintain a standard of commission creates an illegal act punishable with huge fines to the offenders. This report is offered to the consumer at:http://usdoj.gov/atr/public/real_estate/index.htm

Rebates for New Yorkers are clarified in this report, as are potential changes coming. If you are thinking of buying or selling a home in New York State, Long Island, and specifically the North Fork of Long Island, know that our company fully supports and encourages consumers to view this report.

Additionally, if you experience any practices that limit competition in a way that is to the detriment of the consumer, there is a link to the Department of Justice address- simply email your complaint.

Another interesting aspect to this report is the method of restricting real estate agents from “practicing law” as it pertains to a standard real estate transaction, and requiring the presence of an attorney, unlike most areas in the United States. The concern is that consumers are paying more for the transaction with the presence of both entities. Consumers in other states are not required to have an attorney involved, nor are real estate agents limited from performing contractual duties, to include addendums, amendments to the contract, etc. While attorneys are recommended for any legal aspects outside of a standard purchase agreement (which includes changes thereto on occasion) in other areas, the additional CHARGE of having an attorney REQUIRED is being questioned as an expense that should be chosen, not forced.

While we are pleased that a report of this magnitude is available, it is not of value unless read by consumers. Let us know what you think.