Monthly Archives: May 2015

Most Common Legal Issues with Real Estate Transactions

Commercial real estate transactions in New York City have the potential to pose several legal issues. There are ways to prevent those legal issues happening to you if you do some research of the most common ones that happen with real estate transactions. Here are some things to watch out for so that you can be ready to act on it.

1. Fiduciary duties

When hiring a real estate attorney/agent you have total trust for them to handle large amounts of money, but sometimes that trust may be broken. If you feel that a certain real estate transaction is not up to par with what you had wanted or feel he/she is not representing you right as your chosen fiduciary, it is okay to let them know or the authorizes of what has happened; that way you find a solution for it before it becomes a real problem issue.

2. Dual agents

A dual agent is someone that performs as both buyer and seller’s agent. The most common issue is that they sometimes represent more of one than the other; which then causes tension between the agent and the individual that feels neglected. It is important that they let it be known that they are representing both and makes sure that they fulfill both parties’ needs equally.

3. Express contracts

This type of contract is a binding agreement between agent and home seller/buyer. This is another common issue because sometimes the contract does not fulfill what the transactions should be showing. This shows that the agent is neglecting the already pre-negotiated plan with his client, which then causes stress on the home buyer/seller.

Three Reasons People Struggle with Selling a Home in New York

Selling a home in New York may have some complications and struggles. New York is definitely expensive when it comes to people buying homes, just because it so popular and there are many historical buildings; which makes home sellers have struggled in trying to sell their home to potential buyers. Here are some reasons that people struggle with selling a home in New York.

1. Price of the home

Many people have a budget when it comes to buying homes, and if you are selling a very pricey home, you might struggle a bit before you get a bite. There are so many financial factors that tie into selling a home, that the price just keeps going up and up, causing people to turn around and look somewhere else.

2. The neighborhood

In New York, many neighborhoods are extremely beautiful and are ideal to buy a home. However, if you are trying to sell a home in a bad neighborhood in New York, you may have a problem. New York tends to have bad neighborhoods and if a potential buyer has a family, they want to feel safe raising their family in that home.

3. Problems with the house

If the house you are selling has many problems, that may be a reason why homebuyers are not interested in yours; especially since most home fixtures can be very expensive. It just adds more to their expenses, which is always turn-off.

If you find yourself still struggling after a long period, try consulting with a real estate to see how you can fix this problem and try to find a solution to sell faster.

Questions to Ask a Real Estate Attorney at the Initial Consultation

A real estate attorney in New York can help you with the questions you need to ask at your initial consultation. Many questions can be asked before you decide to make a decision of owning a home; especially if you want to live in a state as expensive as New York. However, before you do that you want to be sure they are the right real estate attorney you can trust to answer these important questions. Here are some questions to consider.

1. Experience

Asking the questions of how long they have experience in being an attorney in New York is an important one, because you want to choose the best real estate attorney to be able to handle your situation while deciding which house to buy. Even by knowing their educational background can help you have a peace of mind of knowing they had a great education to know all required material.

2. Handling your case

Knowing how they will handle your case is important because you want to know that they will satisfy your accommodations as well as them filing all the required paperwork with no problems. If you feel like they hesitate in telling you some sort of plan for your case, it might be best to look somewhere else.

3. Fees

One of the most important questions to ask is how much your bill will be when you hire them. Seeing as you probably do not want to waste any more money, or you have a strict budget, you need to know exactly how much more you will be paying. Ask if they have specials or discounts for your type of case, it never hurts to ask.

Financial Factors to Consider Before Buying a Home in New York

Buying a home in New York can be pricier than buying a home in other states. Before considering carrying on with your search of buying a house in New York, you must think about all financial factors that come into play. It is important to break down all your financial expenses that you might be seeing when buying a house. Here are some things to consider when looking to buy a home in New York.

1. The price of the house
Sometimes they say that if you buy an expensive house that you can afford, means you will be living in luxury by having a nice-looking home, but sometimes the outside is not what it is. There could be expensive fixtures that you need to do so that the house is safe to live in; which means more money to spend.

2. Extra expenses
When living in New York, taxes and interest are usually a lot higher than most states. If the interest and tax rate is very high, you might not be able to afford the extra living cost. Be sure to consider this as a financial factor so that you can have all items listed that you will have to pay for.

3. Neighborhood
Choosing a good neighborhood may have an impact on how expensive it would be to own a home in New York. Of course, you do not want to live in a bad neighborhood, but if you are looking in a more expensive part of New York and you know you financially cannot afford it, and then reconsider your budget.

Consider all of the options and ask all of the pertinent questions before making a buying decision.