Buyer Tips

Residential Real Estate Attorney Evaluation Guide Buying Coop

Evaluating the Coop Before You Buy – Part 1/2

Updated kitchen, lots of light, close to subway. Perfect! Let’s buy it. And the maintenance is so low, what could be better? Turns out, a lot. How about a multi-million dollar litigation against the coop for which there is no insurance that could bankrupt the corporation if the plaintiff prevails? Let’s run through the basics …


Storm Sandy Apartment Real Estate

In the Aftermath Of Sandy

As the recovery from Sandy continues, the financial impact of the storm continues to grow. Here is a brief legal guide that may help those most affected in making decisions. Flood insurance: It’s hard to learn after a storm like Sandy that typical homeowner / condo owner / coop owner insurance policies do not cover …


Pet Policie Apartment Real Estate Market Value

Do No-Pet Policies Affect Market Value?

We get a lot of questions on the Saturday morning radio show I co-host (Eye On Real Estate, WOR710), but a recent caller posed one that got me thinking. She is considering a coop purchase in a building that does not permit pets. She is not a pet owner, so it won’t affect her directly, …


Residential Real Estate Attorney Guide Apartment Size

The Amazing Shrinking Apartment

You would think that the topic of measuring the square footage of an apartment would be without controversy. After all, measuring tapes don’t lie, so what’s all the fuss about? Well, like almost any other aspect of NYC real estate, this one has some quirks that can cause confusion. When buildings are first built, or …


Residential Real Estate Lawyer Guide Buying Real Estate

Buying New Construction Before It’s Built

One of the realities of the post-Lehman real estate world in the New York metropolitan market is that construction financing for new development dried up, resulting in a dearth of new construction/conversion projects coming on line. And for those already in the pipeline, homebuyers were less inclined to buy off “plans and specs,” having seen …


Residential Real Estate Attorney Guide Real Estate Deal

Why Deals Die and How to Avoid These Problems

It’s an unfortunate reality of the New York City marketplace that not all deals end up closing. But given the amount of work it takes to successfully market a property and find a willing buyer, just as much effort should go into ensuring that deal gets from the handshake to the closing table. Let’s start …


Residential Real Estate Attorney Guide Gift Taxes

Gift Taxes And The Lifetime Exemption

It’s very common in real estate deals for the buyer to get financial help from family members. But what about the gift taxes? Buyers inevitably ask this question, and often have incorrect assumptions about how it works. Who Pays?: Gifts are not income, and almost all cases it is the donor or the giver of …


Residential Real Estate Attorney Guide Buying Real Estate

Making the Offer: A Success Guide for Buyers

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 …


Residential Real Estate Lawyer Guide Repair Costs

Who Pays for What?

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 …


Residential Real Estate Attorney Guide Short Sale

Buying a Short Sale? Some Rules of the Road

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 …