- An out-of-state licensee can share a commission with a New York licensee, but out-of-state licensee cannot perform any functions regarding New York real estate within New York.
- An out-of-state licensee cannot bring commission lawsuit in New York.
Arkansas, Colorado, Connecticut, Georgia, Massachusetts, Mississippi, Oklahoma, Pennsylvania, West Virginia
Specific to New York
These states specifically mention New York in their Reciprocity:
Arkansas, Connecticut, New Jersey, Pennsylvania, West Virginia
These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington
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.
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.
NEW YORK'S BUSINESS CLASSIFICATION
The rules are very clear in this State that a Business Broker DOES NOT need a real estate license to sell a business even if there is a lease to be transferred.
§440. Definitions "Real Estate Broker"
1. Whenever used in this article “real estate broker” means any person, firm, limited liability company or corporation, who, for another and for a fee, commission or other valuable consideration, lists for sale, sells, at auction or otherwise, exchanges, buys or rents, or offers or attempts to negotiate a sale, at auction or otherwise, exchange, purchase or rental of an estate or interest in real estate....
For purposes of this subdivision the term, “interest in real estate” shall include the sale of a business wherein the value of the real estate transferred as part of the business is not merely incidental to the transaction,
and shall not include the assignment of a lease, and further, the transaction itself is not otherwise subject to regulation under state or federal laws governing the sale of securities. In connection with the sale of a business the term “real estate broker” shall not include a person, firm or corporation registered pursuant to the provisions of article 23 A of the General Business Law or federal securities laws.