Monthly Archives: October 2014

How to Handle Problems with Clearing Titles in New York

If you are looking to clear up title issues in the state of New York, it can be confusing to figure out your next step.  In some situations, you might be concerned about how to handle problems with the clearing of the title.  This article is designed to give you some brief insight into what to do if you have questions about the clearing of a title in this state.

One such example emerges when the buyer and the seller have each signed the contract.  The buyer, making an earnest deposit for the home, appeared to indicate their strong desire in obtaining the home.  He or she most likely also invested in the home inspection, obtaining the appraisal, searching for the title, and invested in legal fees as well in the state of New York.  Your next step for handling a problem with the title largely depends on the wording of the contract of sale.

In the majority of New York State contracts, the buyer is only going to be reimbursed for the title expenses in the event that the seller is not able to deliver a full and clear title to close out the purchase.  In another contract, the seller might be responsible for the cost of the title report and the entire down payment and any survey they have completed.  This would be included in a clause discussing the terms under which the seller is not able to deliver an insurable title.

If you are concerned about clearing title issues in New York, you need to speak with your attorney about the clauses in your contract and what rights you have under the law.  Don’t hesitate to act if you are concerned about a clear title.

How to Choose Between a Co-Op and Condo in NY

The majority of people who are seeking out information about a co-op and a condo know the basic differences between these two types of living spaces.  These include the fact that building rules tend to be much stricter with a co-op, even though they make up a larger percentage of the housing stock in New York.  Co-ops are also less expensive than condominiums, but it’s worth doing some research to make sure that you have made the right decision for you.

The gap between the number of condos and coops in New York has been narrowing, though.  The reason behind this is that there are newer developments that have a greater supply of condos.  One of the biggest differences between condos and co-ops has to do with the approval process.  The majority of condos now require that buyers submit an application that is quite similar to co-ops.  For the most part, though, co-ops tend to be more stringent with their financial requirements in order to purchase the condo.

When you’re comparing the differences between condos and co-ops, condos cannot reject potential buyers, but they do retain a right of first refusal.  It can be more difficult to meet the financial requirements of the co-op, because buyers might be mandated to come up with a minimum of 20 percent of the total purchase price.  If a building is really strict, there is no financing allowed at all, so you should always ask these questions before submitting your application.

Do your research before deciding to buy a condo or a co-op.  The approval process and the financing required are most likely to be two of the bigger factors you consider.  Enjoy your new home in New York!

How to Minimize Refinancing Expenses in New York

Knowing your rights and what lenders are and are not allowed to do can help you a great deal if you’re attempting to refinance your New York home.  Homeowners in New York are not required to pay the state mortgage recording tax all over again in certain circumstances.

States are allowed to charge a recording tax on a new mortgage debt, but not if the home is being refinanced.  You might find yourself paying this tax again, though, if you get a new lender.  If the existing lender doesn’t agree to transfer the mortgage to the new lender and recast the old mortgage in the new terms, you might find that you have to pay this tax all over again.

It’s a really good tool to consider the benefits of the assignment process, even though it requires a little bit of extra effort on your part.  Both new and old lender representatives have to be present at the table to discuss the Consolidation, Extension and Modification Agreement.  Find out from your existing lender whether they will or will not consider an assignment.

If you’re getting tax savings by refinancing, you will need to determine whether the legal costs that you’ll have to pay will outweigh those costs.  If the tax savings are limited to a few thousand dollars, it’s not going to line up as well to go through the aggravation and effort associated with an assignment.

You can minimize your refinance costs simply by knowing whether your lender will be open to an assignment.  Calculate the costs of moving forward before you begin, to ensure you’re aware of all possible costs and benefits.

What Makes a Valid NY Will?

All too often, the last will and testament gets written off as the most basic estate planning document, but it’s crucial that you understand what makes a valid will in NY.  State laws will take over to push the estate through probate.  This can have the unintended impact of meaning that your assets are not distributed the way that you were intended.

Your will must meet the legal requirements in your state.  The document has to be written, signed by the individual making the will, and also signed by two witnesses who were present at the time the will was executed.  In the state of New York, any person over the age of eighteen of sound mind (as well as individuals under the age of eighteen who are legally married) are eligible to make a will.

The written will, once created, has to be signed by a witness within thirty days in the presence of the individual who created the will.  If the individual executing the will is not able to sign the will on their own, another person can do so by listing their individual residence and name.  This party, however, cannot be the same person who has also served as a witness.

Witnesses to a will execution should fall under the category of “disinterested”, a term usually reserved for beneficiaries of the will.  Gifts to witnesses of the will can be classified as void unless there were two other disinterested witnesses.

Make sure that you are clear on the most up to date New York laws when it comes to valid wills.  Having an attorney review your document can help to eliminate problems and ensure that your will is in line with your wishes.

Finding Pet-Friendly Residential Real Estate in NYC

One of the most common questions for those seeking out residential real estate in NYC is whether purchasers of condos or co-ops will be able to have pets.  This is because in New York City, even being a buyer of a condo or a home in a co-op can mean that you are subject to their strict pet rules.  The same goes for those who are renting- you should always conduct your research.

Don’t Make Assumptions

If you’re on the hunt for good pet friendly residences in NYC, don’t make the assumption that because you have seen pets in the building that you will be able to bring your pets.  This is because some buildings might have recently changed their policies but allowed current pet owners to be grandfathered in.  Make sure you’re working with an agent who can screen for residential real estate in NYC that allows pets, if this is a primary concern for you.  Those buildings that do allow pets might require a “pet interview” to see whether your animal is well-behaved and within any weight restrictions.

Let Your Agent Know Your Needs

If you are hunting for residential real estate in NYC but having outdoor space is important to you or your pet, make sure your agent knows.  This can help to cut down on your search options, but there are choices out there that will give you outdoor space for your pet.

Look at the Neighborhood

Always do a walkthrough of the neighborhood first.  Make sure you’re reasonably close to vets, groomers, pet stores, and even animal day care.  Find out how far the home is from public parks, because if your animal needs to exercise, you need to find residential real estate in NYC that offers close proximity.