Valley Stream

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

All parties to a transaction appear with their attorneys for closing. Conveyance is by bargain-and-sale deed. Mortgages are the security instruments in this lien-theory state. Foreclosures require judicial action and take several months if uncontested or longer if contested. New Yorkers use policies of the New York Board of Title Underwriters almost exclusively, though some use the New York State 1946 ALTA Loan Policy. Buyers generally pay most closing costs, including all title insurance fees and mortgage taxes. Sellers pay the state and city transfer taxes. Property tax payment dates vary across the state.

Dates vary across the state.

YES. Key components of property management (renting and collecting rent) are considered real estate activities under existing New York real estate licensing laws. If a property manager is going to rent, list, negotiate the rental of property, collect rents, or place tenants on behalf of a landlord client, he or she will need a broker's license. A salesperson working under a broker may engage in such activities. If services are strictly maintenance, a broker's license is not required.

There are very limited exceptions to the requirement that New York property managers have a real estate broker's license. For more information about these and other New York property management requirements and exceptions, please contact the New York State Division of Licensing Services. Before hiring a property manager to manage your New York rental property, you should always check that he or she is licensed appropriately. You can check the license status of New York property managers at the New York Public License Search.

There is no requirement that a community association manager in New York hold a real estate broker's license.

New York real estate broker licensing requirements include: - Age: must be at least 20 years old - Citizenship: must be a US citizen or lawful permanent resident - Experience: must have at least one year of experience as a licensed real estate salesperson, or two years experience in the general real estate field (for example, buying and selling your own property, or managing your employer's property) - Education: must have satisfactorily completed both the qualifying salesperson course of 75 hours and an additional 45 hour real estate broker course - Exam: must pass qualifying examination

New York real estate salesperson licensing requirements include: - Age: must be at least 18 years old - Citizenship: must be a US citizen or lawful permanent resident - Education: must satisfactorily complete both the qualifying salesperson course of 75 hours - Exam: must pass qualifying examination.