Real Estate

Monday, September 26, 2016

Federal Courts Continue to Sift Through Residential Home Loan Lawsuits

The residential home loan fallout may be nearly a decade in the rearview mirror, however the legal and financial impact of the economic meltdown remain at the forefront of federal dockets across the United States. In a recent article published by the Economist, the author described the current residential mortgage situation as “a menace to the world’s biggest economy” as well as “ vast, nationalized, unprofitable and undercapitalized.”

In other words, the mortgage debt crisis is not quite American history just yet – especially considering the lingering litigation concerning several home loan-related issues. One such issue, involving the use of Marketing Services Agreements, has been on the radar of the Consumer Fraud Protection Bureau for years – with many cases still left unresolved. These agreements, known as MSA’s, permit lenders to offer incentives (i.

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Tuesday, August 9, 2016

Real Estate Law: Understanding the 'Right of First Refusal' Clause (and its exceptions)

A ‘Right of First Refusal’ (ROFR) is a somewhat common real estate contract provision that places certain duties on a property owner with regard to selling or transferring ownership rights. Most often, a ROFR clause is included in an agreement between individuals in a joint venture, as it insulates the group from one member selling his or her interest to any third-party who happens to make an offer. More specifically, if a joint owner is looking to sell his or her property interest, that individual must offer the interest to the remaining owners first, before offering the interest for sale in the marketplace.

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Tuesday, August 9, 2016

A Look at Real Estate Contracts

What should I look for in a real estate purchase contract?

For many New Yorkers, buying a home can be a dream come true, but one that can become a nightmare without a well thought-out purchase contract. While many real estate agents, whose interest is to close the deal, will provide standard form agreements, you should never sign a contract before speaking to an experienced real estate attorney.

What to Look for in a Real Estate Contract

The first consideration in buying a home is said to be location, location, location, however, you should also be concerned with the condition of the home. Before you even sign a contract, it is vitally important to have the home inspected. You need to know that the structure is sound, and that the heating, electrical, plumbing and other systems are working properly.

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Sunday, July 31, 2016

Your Real Estate Closing Supply List, No Crayons or Markers Required

This summer has gone by so quickly that it is almost back to school time. The stores already have the shelves chock full of crayons, notebooks, and binders so that parents can pick up everything on their child’s school supply list.

Wouldn’t it be great if there were more things in life like back to school shopping? Someone else makes out a list and you go to one place and get everything you need so that you are perfectly prepared for the tasks ahead.

Well, my friends, today is your lucky day! Below you will find a handy-dandy list of all the stuff you need to gather together and bring to your residential real estate closing so that you are ready for the task at hand. Unfortunately, you probably won’t be able to get everything in the same place, but hey, it’s a start!

Stuff You Don’t Need to Worry About

If you

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Saturday, June 25, 2016

Is the Bronx the Next Brooklyn?

How many times have you heard a real estate agent say that you better buy now because such and such area is going to be the next Brooklyn? It happens so frequently that it has become cliché. I always used to laugh when I heard agents spouting such nonsense about my home borough, the Bronx, but a recent article from the New York Times has me taking this sales puffery a bit more seriously.

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Sunday, May 1, 2016

Dealing With Lead Paint in Your NYC Rental

What can you do if you find that your apartment has lead paint?

Most of us are aware that earlier in this century lead was used as a main ingredient in all types of paint. This practice went on for decades until the public became aware of the adverse effects of lead exposure. In 1978, the use of lead in paint was banned in the United States. Unfortunately, this doesn’t mean that you don’t have it in your rental or house.

The exposure to lead can cause severe health issues.
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