Increasing the rates auctioneers may charge to sell real property pursuant to a court judgment.

A Local Law to amend the administrative code of the city of New York, in relation to increasing the rates auctioneers may charge to sell real property pursuant to a court judgment

This bill increases the rates that auctioneers may charge as commission in a court ordered sale of real property. Currently, the Administrative Code limits the amounts that auctioneers may charge at rates that have remain unchanged for several decades. This bill would set the commission at a flat rate of 2.5% on the amount of any sale.