When looking to buy or sell a unit in a condominium or cooperative, the layman may be forgiven for feeling overwhelmed. In the cutthroat world of New York City real estate, stakes are high, and to expect anyone who is undergoing a move to be an expert therein is asking way too much.
Enter the broker, an ostensible professional with their fingers on the pulse of the market, armed with ample knowledge and a heart filled with your best interests, guiding you through the process of a purchase or sale.
But here is the thing about brokers: they're not infallible. And as with all people, they are liable to make mistakes, and occasionally will do so in violation of the rules of an association, or even in a manner that might rub a board the wrong way. Knowledge of what conduct is or is not appropriate is helpful to anyone going through a residential real estate transaction.
“Brokers will occasionally advertise for a two-bedroom that is really a converted one-bedroom, or will not properly relay the rules for subletting or pets or smoking,” says Mark Anker, president of Anker Management Corp. in Hartsdale. Now this does not necessarily stem from malice by any means but more likely from the fluid nature of rules in any given property.
“Many things change in buildings even monthly, and sometimes we, as property managers, do not update the requisite information as quickly as possible; at this point, a sale may be in progress, and brokers, rather than ask further questions about any changes, simply proceed,” Anker continues.