Legal Question in Real Estate Law in New York

disclosure of income to real estate brokers

Do real estate brokers have the legal right to request W-2's as proof of income on behalf of a co-op board prior to an offer being presented to the seller of a co-op? Does the co-op board have the right to ask for such documentation prior to attorney review or contract?


Asked on 6/28/04, 2:23 pm

3 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: disclosure of income to real estate brokers

yes

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Answered on 6/28/04, 2:41 pm
Debra Palazzo Law Offices of Debra Palazzo, LLC

Re: disclosure of income to real estate brokers

Yes. If you are buying a co-op, before you are through they will know more about you then your best friend does. If privacy is a concern, you should buy a condo.

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Answered on 6/28/04, 3:17 pm
Walter LeVine Walter D. LeVine, Esq.

Re: disclosure of income to real estate brokers

You need to check the By-Laws of the Board, but these documents usually provide for production of income verification as well as many more types of personal information, so just grin and bear it.

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Answered on 6/28/04, 3:58 pm


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