5 Tips for New Real Estate Brokers

March 31, 2013 by Cherry Castillo 2 Comments

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I remember the time when I passed the real estate brokers’ exam. I was still working in Makati then, and I didn’t really know what to do next. I never had sales experience and didn’t know where to start. So I thought of making some tips which I hope would help the new real estate brokers, based on what I have learned along the way during the past two years.

1. Get your PRC License

The best proof of your being a licensed real estate broker is your Professional Regulation Commission (PRC) license, so get this as soon as possible. You need this when you apply for accreditation with the different real estate developers, when you pay for your Professional Tax Receipt (PTR), and when you update your registration with the BIR. Here is a link to my post about my experience when I got my license last 2011.

2. Update your BIR registration

Before you get your commission, the seller will usually ask for an official receipt. You cannot give an official receipt if you have not updated your Bureau of Internal Revenue (BIR) registration as a licensed real estate broker. So, better do this now.

Atty. Ernesto “Jojo” Perez II has written an excellent e-book on how to register with the BIR as a real estate broker. You may get a copy of his e-book if you subscribe to his website through this link.

Take note that when you update your BIR registration, you need to decide whether you will be VAT-registered or not. Some developers (like Ayala Land Premier) require their brokers to be VAT-registered, so check the requirements of the developers you are eyeing. As a general rule, if your income will not exceed P1,919,500.00 in a year, you are not required to be VAT-registered. You will be subject to the 3% percentage tax instead.

3. Start with Project Selling

I sought advice from experienced brokers at the association I belong to (REBAP-LMP, more on this later), and they suggested that new real estate brokers start with Project Selling (i.e., selling units of projects of developers). So, your next step would be to get accredited with reputable developers.

This advice is very practical because before you can sell anything, you need sales training and product knowledge training, which developers provide for free. Plus, you instantly have several inventories to sell, and in different locations to boot.

Moreover, unlike in General Brokerage (or even foreclosures) where a unit you are selling is usually unique (meaning if it’s sold you would usually not be able to offer another one immediately in place of it), in Project Selling, you would have many other units to offer to a hot buyer.

Lastly, if the reputation of the developer is solid, and the projects are really good and in great locations, some buyers have already made the decision to buy and your job as a broker is only to facilitate the purchase and provide after-sales service.

All these reasons make Project Selling a good practice ground for new real estate brokers.

By the way, if you would like to be accredited with SMDC, my friend, Ruffa Eugenio is a Broker Manager at Local Broker Network Division 2. We were seatmates at the Oath-taking as we were both No. 4 in the 2011 exams. She is likewise a UP BAA grad and CPA like me. You may contact her at 0906-279-6704 or e-mail her at ruffa_eugenio@yahoo.com if you want to be accredited with SMDC.

For those who would like to be accredited with DMCI, I suggest that you course your sales through our group at REBAP-LMP because of our Unified Accreditation Program. You don’t need to be a member of REBAP-LMP to be part of our DMCI group.

4. Join a reputable organization of real estate brokers

One of the best things that a new real estate broker can do to jumpstart his or her career is to join a reputable association of real estate brokers. You can learn from experienced and seasoned brokers and you can also tap their extensive network.

For newbies who know very little about life in the “real world,” advice from “elders” are invaluable. Really, you don’t have to reinvent the wheel when faced with situations you have not encountered before – chances are, someone in the group has already experienced it. Your learning will be accelerated if you have mentors to guide you.

In practice, too, it is very important to deal with reputable licensed co-brokers that are trustworthy. I have heard of many stories about commissions not being shared, “sulutan,” etc. (not a pretty sight, believe me). Deal only with reputable and licensed real estate brokers. Remember this because if you don’t, you will really regret it. This little piece of advice will save you a lot of heartache.

FYI, Jay and I are members of the LMP (Las Pinas, Muntinlupa, Paranaque) Chapter of the Real Estate Brokers of the Philippines (REBAP), and we are very happy to be part of this group. (By the way, Jay used to be with REBAP Marikina but he had to transfer to REBAP-LMP when we left Marikina because of our Ondoy experience).

If you are not yet decided which association to join, I would like to invite you to attend the 1st National General Membership Meeting (NGMM) of REBAP which will be held on April 4, 2013, Thursday, at Palacio de Maynila, Roxas Blvd., Malate, Manila. Registration starts at 1:00 pm. Please come in business attire. Check out REBAP and decide if you would like to join. Our home chapter, LMP, will be the host and the theme is “Cashing In On The Philippine Economic Boom”.

Our keynote speaker, Atty. Romell Antonio O. Cuenca, Director of the Public-Private Partnership (PPP) Center, will be talking about PPP and real estate. Prof. Roland Angeles will discuss the Philippine Economic Outlook for 2013 and other matters which will help real estate brokers maximize their income during the current economic boom. Real estate brokers will have the opportunity to learn about the latest projects of, and get accredited with, several reputable developers.

The learning investment for non-REBAP members is a very reasonable P600.00 inclusive of a sumptuous dinner and CPE credits. Definitely, the learning, earning, and networking opportunities for real estate brokers far outweigh the cost.

Those interested to attend may pre-register with Ms. Michelle Almoguera of the REBAP National Secretariat at telephone number 373-2281 or 374-2496 by April 1, 2013. Those who will pay before the event will have reserved seats. We hope to see you there!

5. Invest in a cellular phone, internet connection, and a laptop

I have no background in sales so selling is really a challenge for me. Since I am a bookworm, I turned to books and online resources, aside from learning from mentors. I still have a lot to learn and I try to improve everyday.

One thing I noticed that a real estate broker needs in order to sell is to be easily contacted. It would be good to invest in a reliable cellular phone and internet connection. I have a Globe line with SuperDuo so I have a wireless landline with unlimited calls to Globe and landlines. Other brokers have lines with all major networks (Globe, Smart, and Sun), plus Magic Jack, Skype, Viber, etc.

Jay suggests using an Android phone because you can easily access and sync your g-mail account with your phone. Aside from syncing your emails for offline reading, you can also sync  all your contacts’ telephone numbers, which can easily be “restored” if needed (think of “accidentally” deleted contacts), or if your phone got lost. It would be a nightmare if you lost your phone or if it gets stolen, and all your clients’ contact details get lost with it forever. This is no longer a problem if you use an android phone with syncing to g-mail enabled.

For internet connection, we have a Sun Pocket WiFi. We can bring it anywhere we go, and we can use it when we use our cellphones and laptops to access our e-mails (you can tell we are heavily dependent on the internet). Any cellphone with internet connection can also be used as a wifi modem and as back-up when our Sun Pocket WiFi’s internet connection fails or is too slow. A good DSL connection is also highly recommended.

Lastly, a good laptop is very important for a real estate broker, so it would be good to invest in one. Some brokers use Ipads or tablets as they are easier to carry and are sufficient for purposes of presentations and accessing the internet and e-mails.

Speaking of the internet, you will definitely need a computer for internet marketing for real estate, that is assuming you already know how to do internet marketing. Anyway, I won’t discuss internet marketing as Jay should be the one discussing it as he is more experienced with it.

I hope this helps! Once again, congratulations to the new real estate brokers! Cheers!

Cherry Vi M. Saldua-Castillo

Real Estate Broker, Lawyer, and CPA
PRC Real Estate Broker License No. 3187
PRC CPA License No. 0102054
Roll of Attorneys No. 55239

2013 Internal Education Head, REBAP-LMP

When in Cebu City, please visit http://www.gregmelep.com for your real estate and retirement needs. Avail of the opportunity to own a condominium unit in Cebu City at the low amount of only P9,333.33 and House and Lot @ P 7,306.81/month only. Hurry while supply of units still last. Just call the Tel. Nos. shown herein: (053)555-84-64/09155734856/099222737836.

Certified True Copies Of Titles And Documents Now Require “Proper Identification/Authority” – Quezon City Registry Of Deeds

March 12, 2013 by Jay Castillo 12 Comments

Last March 11, 2013, we went to the Quezon City Registry of Deeds to request for a certified true copy of the TCT of a foreclosed property located in Quezon City, and we were surprised by a memorandum which prevented us from making the request.

The said memorandum stated that we should have proper authorization, along with proper identification of the authorizing party, in order for us to request for a certified true copy of the TCT (Transfer Certificate of Title).

Since they were distributing a copy of the memo to everyone like us, I scanned the said memo and posted a copy below for easy reference for everyone who would need certified true copies of titles of properties located in Quezon City.

Quezon City Registry of Deeds Memorandum for certified true copies of titles and other documents (click to download)

If you can’t read the memo above, I have pasted the full text of the contents below:

Republic of the Philippines

Department of Justice

LAND REGISTRATION AUTHORITY

REGISTRY OF DEEDS OF Quezon City

East Avenue cor. NIA Road

Quezon CIty

MEMORANDUM

To: ALL CONCERNED

FROM: ATTY. CARLO V. ALCANTARA

SUBJECT: PROPER IDENTIFICATION/AUTHORITY

DATE: FEBRUARY 28, 2013

You are hereby reminded that under “LRA Circular 05-2006″ “Proper identification including written authority must be required of the presenter before issuing electronic certified true copies of all titles and documents”. If requesting party has an adverse interest, his/her alleged interest must be supported by a document to prove same.

Violation of the subject circular shall be dealt with accordingly.

[SGD.]ATTY. CARLO V. ALCANTARA

Acting Register of Deeds

I hope this saves all concerned of the trouble of going to the Quezon City Registry of Deeds only to find out that they need to get proper authorization from the owner of a property.

With the memo above, you will have to get proper authorization, and a copy of their ID(s) BEFORE requesting for certified true copies at the Quezon City Registry of Deeds.

For someone like us who came all the way from Las Pinas City, think of the time, effort, and gasoline which we could have wasted. I’m just glad we also inspected a number of foreclosed properties in the area and the 1.5 hour trip from Las Pinas to Quezon City (that’s one way and with minimal traffic!) did not go to waste, although this means we will have to go back to the Quezon City RD one of these days.

Keep in mind that after making a request for a certified true copy of a TCT/CCT, you will have to come back again after several days to pick it up… bummer!

LRA Circular 05-2006

By the way, I searched for a copy of LRA Circular 05-2006 but I couldn’t find one. I only found an excerpt which states the following:

“that the Register of Deeds will only release the owner’s duplicate of the title to the presentor of the transaction, who normally is the registered owner or a party to the instrument. If the owner’s copy of the title is to be claimed by a person or party other than the presentor of the document, then he/she must have written authority from the registered owner or the party to the instrument. Only under such condition will the Register of Deeds release the owner’s copy to that person other than the presentor.”

This is totally understandable for the owner’s duplicate of the title. But how about for certified true copies? What do you think?

What if the owner of a property does not wan’t to give proper authorization/identification?

It’s common knowledge that you have to get a certified true copy of a property’s title as part of due diligence. But just in case the owner is reluctant to give you proper authorization and identification, what can you do?

I would suggest you show a copy of the memo above to the owner, and explain that you need the authorization to get a certified true copy of the title as as part of due diligence.

But what if they still do not want to give you authorization? Then I guess you have found a seller who does not really want to sell their property, and you can just walk away.

Heck, I’ve heard of private sellers who don’t even want to show a photocopy of the title, pretty strange in my opinion… makes me ask “How the heck can they sell that property if they won’t let you do your due diligence?!”.

I’m just glad that this is not a problem with banks as they would readily give authorization and proper identification.

Anyway, if you are doing your due diligence for properties located in Quezon City, better keep this memo in mind and save yourself the hassle… get proper authorization/identification from the owner before making that trip to the QC RD!

How about other cities / municipalities?

I too wonder if other Registry of Deeds in other cities/municipalities have issued a similar memo. If you know of other RD’s who have implemented something similar, please do let us all know by leaving a comment below. Thanks!

When in Cebu City, please visit http://www.gregmelep.com for your real estate and retirement needs. Avail of the opportunity to own a condominium unit in Cebu City at the low amount of only P9,333.33 and House and Lot @ P 7,306.81/month only. Hurry while supply of units still last. Just call the Tel. Nos. shown herein: (053)555-84-64/09164422611/09173373687.

President praises Megaworld for Newtown; Cebu, too, for its skilled workers

By Elias O. Baquero

Thursday, February 21, 2013

PRESIDENT Benigno Aquino III reiterated a promise to make it easier for business owners to transact with the government and to avail themselves of competitive incentives.

He made the assurance in his speech during the unveiling yesterday morning of the Mactan Newtown, the flagship project in Cebu of Megaworld Corp.

“This is your first such (township-type) project outside Metro Manila, and the people from around here can assure you that you’ve made the right choice,” the President said.

“If there is any place where you can replicate your success in such projects in Metro Manila, it’s here in Cebu. The workers you will find here are skillful, creative, lighthearted, while possessing an unshakeable pride in the quality of their work,” he also said.

On the second day of his visit to Cebu, the President skipped a political sortie in Liloan town and instead went to Mactan. There, he thanked Megaworld executives, led by Chairman and Chief Executive Officer Andrew Tan, for investing in Cebu, creating jobs and providing facilities for more tourists.

Experience a luxurious and comfortable life + affordable rates and plans.

Malacañang issued in June last year its Proclamation 407, declaring the 16 hectares of land owned by Megaworld in Mactan as a special economic zone.

Tan, in his speech, said the company is investing P20 billion for the project. He commended the Aquino administration for attracting more foreign retirees to the country.

Japanese retirees make up the bulk of buyers of two condominiums that Megaworld launched last year, 8 Newtown Boulevard and One Pacific Residence, the company said in a disclosure to the Philippine Stock Exchange.

The President has instructed the Philippine Retirement Authority (PRA) under General Manager Ernie Atienza and the Philippine Economic Zone Authority (Peza) to help Megaworld.

Higher target

The PRA processes documents of retirees who want to invest and reside permanently in the Philippines. Peza supervises economic zones.

“We see the Mactan Newtown as a major driver of growth for Lapu Lapu City and Cebu in general in terms of job opportunities, sports and recreation, retail shopping and of course, tourism,” Tan said.

President Aquino also reported the revised tourism target of 56.1 million travelers by 2016. That, after the tourism department confirmed that in 2011, the Philippines recorded 37.5 million domestic travelers.

“Just to put this number into perspective, this already surpassed our original 2016 target of 35.5 million domestic travelers…By then (2016), we expect that we will need more than 37,000 additional rooms in our destination clusters, which include Cebu,” Aquino said.

“Suffice it to say: we fully intend on sending more guests to hotels in Cebu—guests who will be riding in your boats, buying your dried mangoes, and eating your famed Cebu lechon. So, to Megaworld: If you have some extra space here after all your buildings are done, you cannot go wrong with building another hotel.”

When in Cebu City, please visit http://www.gregmelep.com for your real estate and retirement needs. Avail of the opportunity to own a condominium unit in Cebu City at the low amount of only P9,333.33 and House and Lot @ P 7,306.81/month only. Hurry while supply of units still last. Just call the Tel. Nos. shown herein: (053)555-84-64/09164422611/09173373687.

Merger Plans Boost SM Shares

By James A. Loyola

February 20, 2013, 6:21pm

SM Investments Corporation and SM Prime Holdings Inc. reached a record intra-day highs topping P1,000-mark on news that it is studying a proposal to merge its subsidiaries engaged in the property development business to create what is seen to be the country’s top real estate company.

According to SMIC vice chairperson Teresita Sy, they are studying the merger proposal although the plan has not been “finalized yet in terms of what companies will be included.”

SMIC controls SM Prime Holdings Inc., the country’s top mall developers; SM Development Corporation, which is among the country’s biggest residential condominium developer; SM Land which is focused on the tourism industry, and Highlands Prime Inc. which is a high-end property developer.

SM Prime has a market capitalization of P334.96 billion, SMDC has a market value of P79 billion, while HPI is worth P4.92 billion. SM Land is not publicly-listed. SMIC also partly owns Belle Resources Corporation which has a market capitalization of P55.75 billion.

On the other hand, Ayala Land Inc., currently the top real estate firm has a market capitalization of P437.31 billion, lower than the P474 billion market capitalization of SMDC, SM Prime, HPI and Belle combined (excluding SM Land).

“This move is a tacit admission that Ayala Land’s strategy as diversified developer is better than SM’s approach of fragmented units focusing on specific real estate segments,” James Lago, head of research at PCCI Securities Corp. in Manila.

Intra-day, shares of SM Prime peaked at P20.80 while SMIC shares hit a record P1,015 yesterday. SMDC also hit a record P9.48 per share as Highlands Prime Inc. surged to P3.28.

“A diversified SM property builder will give Ayala Land a stronger competitor,” Lago said. “Sy will have a developer with stable earnings – it will get a steady income stream from the malls’ rental earnings and income from the development and sale of property, which is subject to market cycles.”

SM Prime and SMDC had P52.33 billion in combined sales in 2012, compared with Ayala Land’s P49.9 billion revenue. SM Prime had P10.53 billion in profit last year compared with Ayala Land’s P9.04 billion peso net income.

When in Cebu City, please visit http://www.gregmelep.com for your real estate and retirement needs. Avail of the opportunity to own a condominium unit in Cebu City at the low amount of only P9,333.33 and House and Lot @ P 7,306.81/month only. Hurry while supply of units still last. Just call the Tel. Nos. shown herein: (053)555-84-64/09164422611/09173373687.

Megaworld Doubles Mactan Newtown Investment To P20-B

February 20, 2013, 8:03pmBy Malou M. Mozo and Madel Sabater Namit

LAPU-LAPU CITY, Cebu – President Benigno S. Aquino III vowed to “maintain” a “business environment” that will further attract more investments in the country and could propel the domestic economy to higher levels.

The President made this assurance at the inauguration of Mactan Newtown, a 20-hectare township development project of Megaworld Corp. on the back of the announcement by Andrew L. Tan, chairman and chief executive officer of the real estate firm, that he will double the investments for its first project in Cebu to P20 billion spread in the next five to seven years.

“Across all sectors, our administration, in the coming weeks, months, and years, will continue giving you reasons to invest in the Philippines and to stay in the Philippines – and so will the Filipino people, as they always have. We will maintain the business environment that has led to investments like this,” the President said.

He stressed the government will continue to provide a level-playing field for both foreign and local investors “make it easier for companies to set up shop here, or to expand, as you are doing today.”

“Since assuming office, we have made a point to make it easier for companies to set up shop here, or to expand, as you are doing today. We are making sure that we provide competitive incentives to those investing in our priority sectors; and we are making sure that the keys to success in our country are hard work and innovation, and not simply a willingness to connive with crooks,” Aquino said.

He described the Mactan Newtown project as one sign of the country’s growing economy, which has vast trickle down effects from job creation to perking up activities of the other economic sectors.

“These projects are helping to grow the economy in ways that can be felt by ordinary people. Once this is completed, many of the businesses that will be established here will create tens of thousands of jobs for the local community both direct and indirect,” Aquino said.

He expressed optimism that more similar infrastructures will rise outside Metro Manila.

Driven by the strong optimism in Cebu’s economic landscape, Tan said Megaworld, one of the country’s leading real estate players, has doubled its investment from P10 billion to P20 billion for Mactan Newtown, a sprawling mixed-use commercial development expected to be completed within the next six years. It aims to duplicate Eastwood City in Libis, Quezon City, which is a mix of residential, and office condominiums, malls, hotel and business process outsourcing (BPO) centers.

“In the next five to seven years, we are investing P20 billion pesos in this township to build luxury residential condominiums, office towers, a world-class lifestyle mall, our very own Richmonde Hotel and soon- a sports and leisure facility,” Tan said.

The Mactan Newtown is said to be the biggest project so far of Megaworld in the southern Philippines. The township is inspired by the “live-work-play” concept. For this specific project, Megaworld has partnered with the Philippine Retirement Authority, allowing foreigners who want to retire at the Mactan Newtown to get a special resident retiree’s visa.

Aquino lauded Megaworld’s big ticket investment as it reinforces the Philippines’ capability to lure more investors both foreign and local. The President said that infrastructure projects like Mactan Newtown is a viable checkpoint for the Philippines having been recognized as “the next tiger of Asia.”

“Projects like this are valuable checkpoints for us — showing that, indeed, we have made progress. We are extremely thankful to companies like Megaworld — for nourishing the Philippines towards becoming the next Asian Tiger, by actually opening their checkbooks to make serious bets on our country. Nothing says confidence like P10-billion in investments. Nothing says confidence like planning to complete up to 14 buildings in the span of less than three years,” he said.

The President also expressed hope that he will lead the inauguration of the Mactan Newtown before the end of his term in 2016 and make a tour of the area as a regular tourist when he steps down in 2016.

“I am hopeful that this complex can be finished ahead of schedule — hopefully before July in 2016 — so that I can pay another visit to this beautiful place during my term, and if that isn’t possible, perhaps I can do so as a regular tourist and I can spend a lot more time here,” Aquino said.

According to Tan, a new residential cluster will be launched this year.Two luxury residential condominiums were launched in 2012- 8 Newtown Boulevard and One Pacific Residence-both are already sold out mostly to Japanese retirees.

As a cyberpark, Mactan Newtown is expected to generate employment for 25,000 full-time BPO workers in the next five to seven years.

“Two BPO companies- EnfraUSA and Results Manila, are ready to start their operations by April,” Tan said, adding that both are first-time locators in Cebu and will employ a combined 1,400 workers.

These companies will occupy the five-story One World Center, the first office tower to rise in the township.

Jericho Go, Megaworld first vice president for business development and leasing group, said that with the first office building already fully leased out, Megaworld will begin construction of its second BPO tower — Two World Center — this year, and is slated for completion in the first quarter of 2014.

When in Cebu City, please visit http://www.gregmelep.com for your real estate and retirement needs. Avail of the opportunity to own a condominium unit in Cebu City at the low amount of only P9,333.33 and House and Lot @ P 7,306.81/month only. Hurry while supply of units still last. Just call the Tel. Nos. shown herein: (053)555-84-64/09164422611/09173373687.

Why Buy a Condo You Seldom Use? Because You Can

Michael Nagle for The New York Times

Many windows at the Plaza Hotel were dark last week. A real estate broker estimates that only 10 percent of its roughly 150 condominium apartments have full-time residents.

By ELIZABETH A. HARRIS

Published: February 11, 2013

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In the ornate lobby of the Plaza Hotel in Manhattan, high heels clack across the marble floor, glasses clink at a bar in the corner, neatly dressed porters scurry back and forth, and the buzz of quiet conversation ripples through the room. But just around the corner, at the entrance reserved for residents of the Plaza’s condominium apartments, the gilded lobby stands all but silent. Here, very few people come and go, because most of the apartment owners live someplace else.

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One real estate broker said that in the Time Warner Center, he had dealt with condominium buyers from London and Hong Kong, Minnesota, New Jersey and Texas — but never New York.

“I would say 10 percent of the building are really full-time residents like myself, out of about 150 apartments,” Joanna Cutler, a real estate broker who has lived in the building since 2007, said last week as she sauntered through long, empty hallways.

“For the record,” she said, after stepping off an elevator shared with a man in a suit and a woman with an enthusiastic bichon frisé, “I have never seen those people before.”

Pieds-à-terre exist throughout the New York City condo market, a separate little world of vacation homes and investment properties. But the higher the price, the higher the concentration is likely to be of owners who spend only a few months, a few weeks or even just a few days each year in their apartments. This very costly form of desolation means that some of the city’s most expensive residential buildings stand mostly dark, lonesome and empty on the inside.

“Our next-door neighbors were absolutely lovely, and we saw them maybe once a year,” said a former resident at 25 Columbus Circle, the south tower of the Time Warner Center, who spoke on the condition of anonymity. “Most people don’t actually live there.”

There are no reliable statistics on the number of pieds-à-terre in New York City, but real estate experts say that global economic jitters have drawn more and more astonishingly wealthy people into the market in recent years. They come from all over, whether Monaco, Moscow or Texas, looking for a safe place to put their money, as well as a trophy, and perhaps a second — or third or fourth or fifth — home while they’re at it.

“It is a safe haven,” said Jonathan Miller, president of the appraisal firm Miller Samuel. “It’s not coming from just one country; it’s a global phenomenon.”

Scott Avram, an assistant vice president at Toll Brothers City Living, a company that builds luxury condos, said 40 percent of the buyers at the Touraine, a project at 65th Street and Lexington Avenue, were from foreign countries.

And the ultraluxury condo building One57 on West 57th Street, where two apartments are in contract for at least $90 million, has had billionaire buyers from Britain, Canada, China and Nigeria, as well as from America.

Then there is the $88 million crash pad at 15 Central Park West, bought last year by a trust linked to Ekaterina Rybolovleva, then 22 years old. Ms. Rybolovleva is the daughter of a Russian billionaire in the fertilizer industry, Dmitry Rybolovlev, who is in the middle of a rather expensive divorce. In a lawsuit filed last year, Mr. Rybolovlev’s wife, Elena Rybolovleva, alleged that the apartment was bought not as a place for their daughter to live, but as a way to put that money out of the older Ms. Rybolovleva’s reach. According to court documents, the younger Ms. Rybolovleva is a resident of Monaco.

The building at 15 Central Park West has its share of pieds-à-terre, real estate professionals say. But the concentration there is not as high as in other brutally expensive buildings, especially those in Midtown that share space and services with hotels, like the Plaza or the Time Warner Center, which shares a building with the Mandarin Oriental.

“I was living on the 16th floor, and I was pretty much the only one there,” said Charlie Attias, a senior vice president at the Corcoran Group who rented an apartment at the Plaza for three years and has handled many transactions in the building. “We had the occasional visitor — I mean, the occasional owner — once in a while.”

“Actually, when we saw somebody, it was a big thing,” he added. “Oh wow, somebody’s in my hallway!”

Scott Stewart, a senior vice president at the Corcoran Group, sold five condos at Time Warner Center over about eight years. He has had buyers from London and Hong Kong, Minnesota, New Jersey and Texas — and not a single one from New York. In all the times he has shown the building to prospective buyers, he added, he never saw more than one person using the condo’s gym at a time.

“I’ve seen Kelly Ripa there,” he said of the television star, who has since moved out. “Two little kids were playing with Legos on the treadmill next to her, and there was nobody else.”

Elizabeth Lee Sample, a broker at Sotheby’s International Realty and a member of the board that oversees the Time Warner complex, estimates that the condos in the south tower are generally about 60 percent occupied, while those in the north tower are only about 30 percent occupied, except during the holidays.

Nonetheless, a spokeswoman for Related Management, which manages the building, said it is staffed for full occupancy at all times, just in case.

Some residents, like Mr. Attias and Ms. Cutler of the Plaza, say the sparse population means extra privacy, lots of attention from the staff and very little noise. Mr. Stewart said he always pointed it out at Time Warner as a selling point.

Others, however, describe living in a deserted piggy bank as something else: lonely.

“I always said when I lived there that it felt very transient, and I wouldn’t want to live in that type of building again,” the former Time Warner resident said.

“The building I had come from was like living in a large dysfunctional family,” the former resident continued. “Maybe you hated them, maybe there was that aunt you didn’t want to talk to at the holidays, but it was still nice knowing everybody.”

When in Cebu City, please visit http://www.gregmelep.com for your real estate and retirement needs. Avail of the opportunity to own a condominium unit in Cebu City at the low amount of only P9,333.33 and House and Lot @ P 7,306.81/month only. Hurry while supply of units still last. Just call the Tel. Nos. shown herein: (053)555-84-64/09164422611/09173373687.

Do Renters Have Rights?

By Michael Henley

At some point in your life, you have probably rented an apartment. Perhaps it has been for yourself or perhaps it is for your child who is in college. You may be wondering if renters have any rights at all. This is especially true if you or your child have a less than desirable landlord.

A landlord tenant relationship should be based upon trust as well as respect. However, this is not often the case. What do you do if you have a landlord who refused to fix things when they break? What do you do if your landlord refuses to give back your security deposit when you move out of your apartment?

Here are some things that you should know to protect your rights as a renter:

• Always put your lease agreements in writing. A "verbal" lease can cause man misunderstandings. Your lease agreement should contain specifics on how much your rent will be as well as if you are responsible for utilities. The lease should also specify when your rent is due. A lease may also specify if you are allowed to have pets and what type of pets are acceptable. The more specific the lease is, the better.


• Landlords should expect some wear and tear on the apartment. A renter may be held responsible for things that are damaged which can not be considered normal wear and tear. To protect yourself, you may want to take a video of your apartment before moving in. Make sure to take pictures of any things that are damaged or in disrepair. For example, holes in the walls or ripped shades on the windows should be documented. Then, do the same when you move out.


• Get permission from the landlord to if you want to paint or make other improvements to the apartment. When you do get permission, make sure that it is in writing and specifies the types of things that can be done. For example, if your landlord agrees to let you paint your daughter's room in pink paint, get it in writing.


• Your landlord can charge a fee on your rent if you are late paying it. This fee should be specified in the lease agreement.


• You have a right to your security deposit after you move out of your apartment. In order to make sure that you get your deposit back, you should give your landlord 30 days notice in writing if you plan to end your lease. You should receive your deposit within 45 business days after leaving the apartment.


• Your landlord must ask your permission to enter your apartment. The only way that a landlord can enter your apartment unannounced is if there is an emergency or if an item needs to be repaired immediately.


• The rights of renters vary from state to state and may be affected by other factors.

If you have a question about your rights as a renter, you should contact a lawyer who is experienced in this area of law. Likewise, you should also consult a lawyer before exercising your rights as a renter. This is important to avoid liability as well as lawsuits.

Use the real estate law services of one of the most experienced Guelph Lawyers. Click here to get counseling on an important investment decision, or to get timely and adequate assistance in a legal property dispute. For more information, check out www.HenleyLaw.ca.

When in Cebu City, please visit http://www.gregmelep.com for your real estate and retirement needs. Avail of the opportunity to own a condominium unit in Cebu City at the low amount of only P9,333.33 and House and Lot @ P 7,306.81/month only. Hurry while supply of units still last. Just call the Tel. Nos. shown herein: (053)555-84-64/09164422611/09173373687.

Article Source: http://EzineArticles.com/?expert=Michael_Henley