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Flip Taxes and the GFE

Residential Real Estate Attorney Guide Flip Taxes

GFE disclosure rules are unforgiving when it comes to under-disclosing. But most loan officers have become adept at accurately disclosing and GFE refunds are less frequent than before. Hopefully my efforts in this column to educate the banking community has helped, and of course don’t forget the comprehensive closing cost brochures for NYC and the …

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Posted in Co-op, Condominium, General, Loan Officer Tips, Short Sales | Leave a comment

The 1031 Adviser: Converting 1031 Replacement Property into a Principal Residence

1031 Exchange Residential Real Estate Law

It’s not uncommon for an investor to convert a property held for business, trade or investment into one’s principal residence. Change in investment potential of the property, or a desire to get out of the landlord business, might make the investor decide to change the use into one held as a primary residence. And prudent …

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Posted in 1031 Exchange, General, Landlord Tips, Seller Tips, Taxes | Leave a comment

Making the Offer: A Success Guide for Buyers

Residential Real Estate Attorney Guide Buying Real Estate

The way an offer is framed can sometimes mean the difference between making the deal and losing it. Suppose you’re trying to buy a vintage ring from a widow who recently lost her spouse. The widow wants to sell, and needs the money, but there are obvious emotions involved in letting go of this sentimental …

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Posted in Buyer Tips, General | Leave a comment

Who Pays for What?

Residential Real Estate Lawyer Guide Repair Costs

There are two times during the lifecycle of a transaction that I am routinely informed about a “repair” that the seller needs to make.  The first is when a buyer uses an inspector as part of due diligence before the contract is signed.  The other time is at the walk through, or the final inspection …

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Posted in Buyer Tips, General, Renovations, Seller Tips | Leave a comment

Do I Need a Permit?

NYC Work Permit

Renovating your apartment can be both personally and financially rewarding. But for anyone who has ever lived through a renovation, the process can run from frustrating to downright horrific and catastrophic. Before starting the job, let’s run through the legal concerns. Do I need a permit? Most construction and renovation jobs in New York City …

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Posted in General, Renovations | 3 Comments

Buying a Short Sale? Some Rules of the Road

Residential Real Estate Attorney Guide Short Sale

Sellers who owe more on their home than it is worth often choose to try a short sale, which requires approval from the bank to sell for less than what is owed. These deals can be good for both the buyer and seller, but before entering into one, there are some important considerations a buyer …

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Posted in Buyer Tips, General, Seller Tips, Short Sales | Leave a comment

The Casual Landlord: Dealing with the Security Deposit When the Tenant Leaves

Residential Real Estate Attorney Guide Security Deposit

Without a doubt, the most common dispute among landlords and tenants is over the disposition of the security deposit when the tenant leaves. Landlords complain when tenants want to use the security as “the final month’s rent,” but tenants argue that when they do pay the final month, landlords unlawfully withhold security knowing that the …

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Posted in General, Landlord Tips | 3 Comments

The Single Family Home Buyer: Underground Oil Tanks

Residential Real Estate Attorney Guide Buying Real Estate

Whether buying a second home in the country, or giving up the apartment life for a home in the suburbs, buying single family homes presents different issues that require careful attention. No longer able to rely on managing agents to handle the day to day operation of our apartments, the single family homeowner must carefully …

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Posted in Buyer Tips, General | Leave a comment

Short Selling? Ask Yourself Four Questions Before You Do to See If You’re a Candidate.

Residential Real Estate Lawyer Guide Short Sale

Deciding to try a short sale is an important decision. Underwater homeowners often consider this alternative to foreclosure. It can be the answer to a tough financial situation, but it’s not for everyone. Here are four important questions to ask before making the decision. What is your credit score? A short sale will drop your …

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Posted in General, Short Sales | Leave a comment

Leaving Thousands of Dollars on the Table?

Residential Real Estate Attorney Guide Buying Selling Real Estate

Even the most saavy buyer and seller in New York City may not realize a hidden saving that can cost them thousands in unnecessary recording taxes. And better brokers are versed in this loophole and will alert clients of the potential. Here is how it works. In New York City, there is a tax when …

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Posted in Buyer Tips, General, Mortgage, Seller Tips, Taxes | 1 Comment