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Recent Posts in Real Estate Law Category

What Can I expect from a Real Estate Short Sale?

A short sale is a device used by lenders and borrowers to avoid a foreclosure action. The mortgage is in default for a while, and the bank realizes that the borrower cannot pay. The borrower finds a ...
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Deed with Life Estate in NY (Estate Planning Tool)

A deed with a life estate is an estate planning tool with many advantages. The first advantage is a very significant tax advantage. If an elderly person wishes to have certain persons receive their ...
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Welcome to our Long Island Law Blog

We are pleased to announce the launch of our New York Real Estate Law Blog. You can subscribe to our RSS feed by clicking here.
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Long Island Housing Partnership - Home Down Payment Assistance

Long Island Housing Partnership is a government program that provide $15,000 towards down payment and closing costs of a qualifying home in Nassau County, New York. There are income requirements, and ...
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Bankruptcy and Foreclosure

Many people in foreclosure, who have equity in their home, attempt to negotiate with the bank for a forebearance agreement, a short sale, or a refinance with a different lender to bail them out before ...
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Housing Bubble

Everyone knows that housing prices are down from the past two years. Houses on my street in Baldwin were selling for a high as $500,000 approximately two years ago. That lasted for about three months, ...
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Title Insurance for Cooperatives, Eagle 9, New York

First American Title Insurance Company is offering a product called Eagle 9, which is akin to title insurance for real property. Typically, purchasers of a co-op obtain a lien search to determine ...
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Seller's Closing Costs

Obviously, closing costs are a major concern of purchasers of real estate. Sellers also need to be aware of what costs they will incur upon the sale of their premises. The typical seller’s ...
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Landlord Tenant Law, Long Island, NY

Both tenants and landlords should be aware of the thirty day notice rule in Nassau and Suffolk Counties with respect to holdover proceedings. This is the type of proceeding that is necessary ...
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Lease with Option to Purchase, NY

A Lease with Option to Purchase is a Lease that contains a method for the tenant to elect to purchase the property on or before a certain time period. There are usually payments, in addition to rent, ...
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Power of Attorney, New York

I see many Powers of Attorney done by people without legal advice, and they are not properly signed and initialled to be valid. The most notable mistake is that a checkmark is placed next to the ...
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STAR Property Tax Reduction in New York

Lately, I’ve been asked a lot of questions regarding the Basic and Senior Enhanced Star Property Tax exemptions in New York State. In order to receive the exemption, you must own and reside in ...
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Real Estate Broker's Agreements

There are three types of broker arrangements – seller’s agent, buyer’s agent, and dual representation. By far the most frequent situation is that the broker is acting as a selling ...
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1031 Like Kind Exchanges

This is a tax device utilized by investors who do not reside at the property, but rent it out for profit. There are many rules associated with like kind exchanges, but the basic idea behind it is that ...
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Buyer Closing Costs

Closing costs can add up quickly at a closing, and include title insurance, attorney’s fees, bank attorney’s fees, title searches, survey costs, discount points, processing fees, mortgage ...
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We’ve all heard the horror stories about a poor widow being unable to afford her mortgage, and the mortgage goes into foreclosure. Then, someone comes along promising to “save” her ...

Buried Oil Tanks

There is a proper way to “abandon” a buried oil tank, and a seller should have a certificate from the licensed company who took care of the job. I was advised by someone at an ...
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Joint Ownership of Real Property in New York

Tenants in Common Real estate owned by one or more persons as tenants in common give a percentage ownership to each person, and upon that owner’s death, their percentage share goes to their ...
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