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

Water Readings

In New York City, water charges automatically become a lien on property when billed (which is every three months). This means that once you are the owner of property, you become responsible for all water charges relating to that property whether or not you were the owner of the property when the water consumption occurred. Because of this, water charges can create issues at your property closing unless certain precautions are taken in advance of your closing. These precautions not only prevent the Purchaser from receiving an unexpected large water bill for a period from which they did not own the property, it also allows the Seller to make sure they were not overcharged by the Department of Environmental Protection (“DEP”), the agency responsible for billing and mantaining water meters in New York City. The reason water charges are so tricky is because water charges are based on actual consumption, so it is hard to estimate water charges without an actual reading, and even after an actual reading, New York City has the right to adjust for older water charges, regardless of who the current owner of the property is. In order to prevent water charges from becoming an issue [...]

By |July 16th, 2018|Categories: Blog|Comments Off on Water Readings

What is “Time of The Essence” In a Real Estate Contract?

What does “Time of the Essence” mean? When used in a contract, places the other party on notice that failure to close by the closing date as set forth in the contract of sale will constitute an incurable breach. When a contract is time of the essence, the parties to that contract are obligated to strictly comply with the terms of the contract, which means they are required to close on that specific date. In general, a contract is deemed time of the essence only if one of the following conditions are met: 1) contract explicitly states so; or 2) or one of the parties has, upon proper notice, unequivocally declared it to be time of the essence. Generally, once time is of the essence is established, it is of the essence for both parties, and either party is entitled to enforce such a provision.   When a Contract Explicitly State So: When time of the essence is explicitly stated, performance on specified date becomes a material element of the contract, and each party must tender performance on that day. Failure to perform by the date designated in the contract constitutes a default under the contract. Just because a contract [...]

By |July 9th, 2018|Categories: Blog|Comments Off on What is “Time of The Essence” In a Real Estate Contract?

10 Important Issues to Look Out For in a Real Estate Transaction

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 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 account until closing. The earnest [...]

By |May 23rd, 2018|Categories: Blog|Comments Off on 10 Important Issues to Look Out For in a Real Estate Transaction

Why You Need to Understand the Real Estate Law?

Property owners and the agents need to have a good understanding of the Real estate and property law. This law covers an extensive part of the law and therefore it is advisable that you find Bengali real estate lawyer who can help you understand it. There are different reasons as to why this is important. The tenants to need to know their rights as established under the law so as to make sure they are not in the wrong and also as a measure to safeguard their rights. So what are some of the reasons why you need to understand the real estate and property law?   To Be Able to Solve Landlord-Tenancy Conflicts There are several conflicts reported in Bengali involving the tenants and their landlords. It is important to make sure that these parties live together in harmony. None of them should feel victimized by the other and therefore approach the real estate lawyer to understand your rights is important. In several cases, the tenants don’t know what they should not do, and therefore they land in trouble unknowingly. Unfortunately, ignorance of the law has no defense, and therefore it is necessary to ensure you have some understanding [...]

By |January 15th, 2018|Categories: Blog|Comments Off on Why You Need to Understand the Real Estate Law?

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