Broker as Purchaser

You are correct. They actually are the broker and the purchaser and so they receive the buyer broker's share of the commission.

If you buy a Manhattan apartment without using a buy side broker, is it possible to claim yourself as the buy side broker and have the 3% buy side broker commission "paid back" to yourself? Another way of asking the question is are there actually any criteria or licensing requirements at all to be a NYC broker? Couldn't you just say you are your own buy side broker and take your 3% back?

i am a licensed sales agent working with a brokerage firm, and i have been told by many sales offices in new construction buildings that i cannot collect a brokers' commission if i am purchasing the apartment for myself. please let me know if you have heard otherwise.

#3 - of course there are licensing requirements - http://www.dos.state.ny.us/lcns/realest.html

I'm not sure about a sales agent, but a NY State licensed real estate broker would be entitled to the same co-brokerage split if they brought the closing buyer to the table, even if they were the buyer. Some new construction doesn't offer co-brokerage at all to anyone else- all in house-, but whenever it is offered it has to be across the board.

Many (perhaps all) new conversions/construction stipulate that should a broker purchase a unit themselves, they would not earn a commission. I am a broker (not a salesperson) and was told this while looking for myself.

Don't know what you were "told" by anyone, but New York caselaw does not prohibit a broker who is party to the transaction from collecting a broker commission. I am a licensed New York attorney, and by virtue of same may act as a licensed New York Real Estate Broker. I happen to also be licensed as same, but New York caselaw also holds that a New York licensed attorney need not obtain a broker license to act as same in this State. Now, assuming you agree in writing not to collect the buy side fee as broker/purchaser. thats an altogether different matter. However, assuming no such writing, you have the absolute right as broker/purchaser, under New York law, to collect the co-broke commission. That is New York law. The case is Liuzzi v. Negro, 109 Misc2d 526 (N.Y.Sup.Ct. 1981). Thus you can sue to collect same if they try to withhold the broker commission. Real Estate brokers are not always the most upfront, scrupulous people in the world. That and they generally have extremely little grasp of the law.

#8--Appreciate the information, if not the offensive words. Many of the new conversions have language in the co-broke paperwork they give us(brokers) stating that they will not pay a commission to us should we be purchasing for ourselves. However it is true that we are meant to sign that paper, and it never struck me that I might dispute it.

#8--I had the same issue. most brokers agreed to give me the cobroke. on the unit i actually made an offer on, the broker, after initially agreeing to co-broke then came up with some bullcrap about it not being the REBNY policy to cobroke with a broker/purchaser. rather than buy a lawsuit, i walked. truly greedy selling broker.

Then I say we call out on this board and start reporting to REBNY all brokers who claim to refuse to offer a cobroke to broker/purchasers. lets get these greedy SOBs out into the sunlight.

Most brokers will do almost anything to avoid having a complaint about them filed with REBNY.Just the suggestion should be enough to have them agree to co-broke.