Gov. David A. Paterson recently created new legislation which is designed to protect both buyers and banks. The legislation is targeted at sub-prime loans which are defined as 1.75 percentage points above the prevailing market interest rates. The legislation opens the possibility for buyers to avoid foreclosure actions if they…
After years of litigation in the New York insurance industry, beginning January 2009, New York will abandon its often harsh rule permitting personal injury or wrongful death insurers to disclaim coverage on the ground that they did not receive timely “notice” of the claim without proof that there was some…
The huge law firm, Reed Smith, is facing suit over fees paid by one of its former not-for-profit clients. Law.com reports that the not-for-profit alleges that the high demands on partners to increase profits ultimately led to “excessive” fees in a routine employment discrimination case, originally quoted to be $50,000…
Governor signed Chapter 269 of the Session Laws of 2008, which significantly amends the Real Property Actions and Proceedings Law in New York State. What does that mean for the average homeowner and neighbor embroiled in a dispute over property lines or boundariesr? Only time will tell, but it appears…
Mortgages/Predatory Lending. A New York court recently denied foreclosure and stayed the proceeding seeking to take back the home finding that the original lender violated New York ‘s “predatory lending” statue, Banking Law, Section 6-L (“High-cost home loans”). The Court scheduled a hearing to determine damages incurred by the homeowner…
That is the question in a recent lawsuit filed in Rockland County Supreme Court. Most real estate attorneys would say that closing with out a certificate of occupancy on a newly constructed house is not a good idea, even a departure from accepted standards. A certificate of occupancy is the…
Did you know that there is a way to avoid mortgage taxes that increase the cost of re-finances? The technique known as a “consolidation, modification and extension agreement” (CEMA), and helps a refinancer to pay only the cost of the “new money” being borrowed. To accomplish a CEMA, the borrower,…
As we reference on our web-site (above), the New York State Property Condition Disclosure Act requires sellers to complete the state mandated form or offer the buyers a $500.00 credit at closing for failure to complete and provide such form in the real estate transaction. Many sellers attorneys recommend that…
A “closing” is a “closing.” When people say they are going to their real estate closing, they are talking about accepting their most expensive investment, fleas and all. If you have a problem with the home before the closing, you should bring it up before the closing, otherwise you are…
Well, that really depends upon where your “stoop” is sitatuated and whether the police officer thinks you have an open container. In Brooklyn New York a Prospect Heights man was issued a ticket for drinking beer on his front “stoop,” which was several feet from the public sidewalk and not…