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Blog2018-01-16T10:38:06+00:00

10 Must Have in RE Contract

10 Real Estate Contract Conditions to Look Out For For a more general explanation of the Real Estate Process please see the Buying & Selling page of our website. Once your offer is accepted on the purchase of your new home, your attorney will receive a real estate purchase contract which will be provided to you for review. When reviewing the contract here is a list of some items you should be sure to look out for. 1. Legal Property Description-What are you buying The legal property description is the only way to accurately detail the exact piece of property you are buying. A street address alone is not sufficient. This legal property description will set forth the boundary lines of the property along with the block and lot. The legal property description should be attached to the contract in what is known as a “Schedule A.” 2. Earnest Money Deposit vs. Down Payment The earnest money deposit is typically the amount of money that is given to the seller’s attorney when the contract is signed, it is usually in a large enough amount to show the seller that you are a serious purchaser. The earnest money deposit is placed in the seller’s attorney’s escrow [...]

By |August 27th, 2018|Categories: Blog|Comments Off on 10 Must Have in RE Contract

A Guide to Transfer & Mortgage Taxes

A Guide to Transfer & Mortgage Taxes: Real Estate Taxes in New York State are complex. The chart below contains the tax amounts–residential and commercial–for Transfer Taxes and the Mortgage recording tax, including any local differences by county. NEW YORK STATE TRANSFER TAX - ALL COUNTIES (Usually paid by the Seller): $4.00 per $1,000.00 of Consideration (or $2.00 per $500.00 of Consideration) REAL PROPERTY TRANSFER TAX (NYC) – (Usually paid by the seller): 1 – 3 Family Home, Co-op or Condominium: $500,000.00 or less                                         1.00% of Consideration Over $500,000.00                                            1.425% of Consideration All other Properties (4 – 6 Family, multi-residential, commercial and vacant lot): $500,000.00 or less                                         1.425% of Consideration Over $500,000.00                                           2.625% of Consideration  RPT – Yonkers: Tax Rate is 1.50% of total consideration and the tax is payable by the seller.  RPT – Mount Vernon: Tax Rate is 1% of consideration in excess of $100,000.00 and the tax is payable by the seller. RPT – Suffolk County: Southold, East Hampton, South Hampton, Riverhead, and Shelter Island phased in local transfer taxes effective March 1st, 1999. Generally, 2% payable by the buyer, but there is a different deductible for improved and unimproved, and it [...]

By |August 20th, 2018|Categories: Blog|Comments Off on A Guide to Transfer & Mortgage Taxes

Certifcate of Occupany

Certificate of Occupancy, and Why You Need It. A Certificate of Occupancy (CO) is a document issued by the New York City Building Department (DOB) which states a building’s legal occupancy limits, type of permitted occupancy and allowable use of the building (ex. Commercial retail store, industrial warehouse, 1 to 4 residential home, 50 unit condominium). New buildings must have a CO, and existing buildings must have a current or amended CO when construction will change their use, egress or type of occupancy. If a building doesn’t have a proper Certificate of Occupancy, the DOB could theoretically issue a vacate order and related violations at any time. No one may legally occupy a building until the DOB has issued a CO or Temporary Certificate of Occupancy.  If an owner submits plans for new buildings or major alterations, the DOB issues a final Certificate of Occupancy when the completed work matches the submitted plans. A building’s CO can be viewed by anyone on the DOB website. There are a few common scenarios in which buyers might run into CO issues. The first is with houses, which may have been renovated and include more living spaces (for instance, a single-family turned into [...]

By |August 13th, 2018|Categories: Blog|Comments Off on Certifcate of Occupany

Home Inspections

Importance of a Home Inspection: Buying a home is most likely the largest purchase you are ever going to make. Before endeavoring in such a large purchase, it is important to do your due diligence.  This begins with a home inspection.  A home inspection is usually performed before the contract of sale is signed. It is intended to allow a purchaser to make a fully informed decision about entering into a real estate transaction by being fully aware of all of the problems or potential problems with a prospective property. A home inspection is performed by a trained professional and it can help to reveal issues that can’t be seen with the naked eye such as structural problems, basement leakage, dangerous electrical conditions, and potential environmental hazards like lead paint or mold. The cost of a home inspection is usually paid for by the potential buyer. You should make yourself available to be at the home inspection. This will be your chance to take a detailed tour of the home with a trained profession and have all your questions answered regarding the condition of the property. The home inspection will cover everything from the roof to the basement, and everything [...]

By |August 6th, 2018|Categories: Blog|Comments Off on Home Inspections

Is a Short Sale Right For Me

Short-sales can be a good deal for both the buyer and seller; but before entering into one, there are some important considerations for a buyer. Am I in a rush to close? Buyers on strict timetables should think twice before signing a contract to purchase a short-sale. These deals can take 90-120 days on average to approve and sometimes much longer. Buyers should enter the transaction knowing they will need to be patient and plan accordingly. How long am I stuck in the deal? Short-sales require the approval of the seller’s bank so the contract must have a provision making the deal contingent on receiving this. But the seller shouldn’t have an unlimited amount of time to obtain this approval. Typically, the contract should provide for a 90 or 120-day window to get the approval, after which the buyer can terminate the contract and receive a refund of the contract down payment. Without this important provision, a buyer could be stuck in a contract for a long time, with no end in sight. Transaction costs are not refundable: In the event the short-sale is not approved, the buyer should note that the closing costs like inspection, appraisal, survey, title search [...]

By |July 30th, 2018|Categories: Blog|Comments Off on Is a Short Sale Right For Me

New York City Multiple Dwelling Registration

Property owners of residential buildings in New York City are required by law to file a Registration Statement annually between May 21st and September 1st with the Department of Housing Preservation and Development (HPD) if the property is a multiple dwelling. A multiple dwelling is a building with 3 or more residential units or a private dwelling (1-2 residential units) where neither the owner nor the owner's immediate family resides. The Registration Statement must include owner name; a) owner business and residence address and phone number (if the owner of a multiple dwelling is a corporation the names and addresses of any person whose share of ownership of corporation exceeds 25 percent. If the owner of a multiple dwelling is a partnership, the name and business address of the partnership and the names and business addresses of each limited partner whose share of ownership of the partnership exceeds 25 percent.) b) managing agent name, address and phone number; and 3) a telephone number within the greater metropolitan area where an owner or managing agent may be reasonably expected to be reached at all times. Registration can be done online , by mail or in person any of the City’s HPD [...]

By |July 23rd, 2018|Categories: Blog|Comments Off on New York City Multiple Dwelling Registration

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