Beware of what you are signing in an upstate New York real estate transaction. The problems and perils of non-lawyers having contracts signed prior to attorney review. New York State’s highest court, the Court of Appeals, recently considered a frightening set of facts and protected the attorney-client relationship. But, beware.…
You have relatives in Greece, but need them to sign a deed in a form recordable with the New York State courts. How, in today’s age, where people move, fly and otherwise re-locate, do we get them to sign a deed without coming back to Rockland County? How do we…
Citibank took a bold step to solidify and quell the concerns of its mortgagors by halting foreclosures, and voluntarily considering how to modify the terms of its mortgages on a wholescale scale. According to the WSJournal, the US Government is considering various ways to fix the problem from the top…
As the credit markets continue to shrink, and access to credit tightens up further, some of our clients are turning to seller financing, which is sometimes acceptable in small real-estate transactions. Indeed, the WSJournal reports that large commercial real estate transactions are also including seller financing as an option. According…
To follow up my prior article on reverse mortgages, you should be aware of this interesting and informative article from the NYTimes., which gives you an interesting view of the types of products, the costs and risks associated with such investment stategies. Good luck.
To follow up on other stories in this blog, Short Sales gets very complicated and uncertain if there is more than one lender involved. Be sure that you are negotiating with the primary lender because junior lenders often absorb most of the loss, but you will need their approval too.…
So, your attorney has indicated that the Seller of a parcel of real property has an “old survey” and that you could get around the cost of a new survey with a survey inspection. What’s the difference? Survey: A licensed professional surveyor investigates the deed transfers into the owners of…
According to a recent article in the NYTimes, Americans thinking about a “reverse” mortgage have more clarity, and possibly, more access to the remaining equity in their homes in New York. Reverse mortgages allow borrowers who are 62 or older to tap into their homes’ equity without having to repay…
To all prospective client and attorney relationships–note to self– get the fee agreement in writing, because the terms can come back from the grave to bite you. In New York State there is a rule of evidence known as CPLR § 4519 (the “Dead Man’s Statute”), which is designed to…
With all the negative press that the real estate market has been suffering lately, you are ready to look for homes in Dutchess, Rockland, Westchester, Putnam or Ulster County. You have that money burning the proverbial hole in your pocket seeking to purchase a foreclosed home for investment. Do you…