Beginning March 20, 2024, sellers of residential 1-4 family homes will no longer have the option to give purchasers a $500.00 credit in lieu of completing a property condition disclosure statement. The New York Real Property Law requires sellers of certain types of residential real property to complete a property condition disclosure statement and deliver … Read more
Summer is quickly approaching, and you are looking to renovate your house. Perhaps you’ve already hired contractors to build an addition, extend your deck, renovate your bathroom or build a pool in your backyard. Depending on the type of work you have planned, your contractor may need to obtain permits. The failure to obtain proper … Read more
Buying a home is always a stressful event. While they may not appreciate it at the time, first-time home buyers have the luxury of looking and buying without the burden of an existing mortgage and trying to sell simultaneously. Selling first may make it easier to get a new mortgage, but you will need to … Read more
Real estate can drive relationships, for better or for worse, especially in New York, with its high cost of living and even higher cost of real estate. An annual survey released by the National Association of Realtors showed that 65 percent of homes purchased in 2014 were bought by married couples, 16 percent by single … Read more
Landlords and Board members have the discretion to establish and enforce pet policies for their residents. This can be done through the terms of a lease – either a traditional rental lease or a cooperative’s proprietary lease. While Boards and landlords have power to create and enforce pet policies, federal, state, and city laws may … Read more
When is a closing date not a closing date? When it is set forth in a typical residential contract for the sale of a home. In New York, it is legally assumed that if a contract does not specify time of the essence, then it is not time of the essence. Typically, a residential contract … Read more
Buying a home can be the biggest investment of your life. It is a good idea to understand and anticipate the closing costs in advance of the closing so that you can plan accordingly. While this list includes the most common closing costs it is not exhaustive and all of the costs may not apply … Read more