Now that we’re entering the Spring real estate market , we should anticipate that our real estate clientele will be entering into new real estate contracts for their real estate purchases. Certain clauses of such contracts should be negotiated in a particular manner, depending upon whether your attorney is representing a buyer or…
Articles Posted in Cooperative and Condominium
The Peaceful Transfer of Power
One of the hallmarks of our country’s democracy is the peaceful transfer of power that will occur tomorrow. Americans recently endured a polarizing election process. Republicans will now hold the office of the Presidency instead of the Democrats. Nonetheless, the forty-fifth President of the United States is expected to take…
It Ain’t Over ’til it’s Over – Stopping Foreclosure Judgments and Sales
Our firm is occasionally consulted by a party against whom a judgment of foreclosure has been entered. Prior blog posts have discussed the foreclosure process in detail. Among the last actions to be taken in a foreclosure case are the issuance of a judgment of foreclosure and the actual foreclosure sale. This…
Tenant Concerns Raised by Trump Tower Security
As a result of the recent election of Donald J. Trump to the Presidency, the area around Trump Tower in New York City has been subject to greatly increased security, including closures of streets, as well as guards and other restrictions on pedestrian access to the shopping areas around Trump Tower. …
Due Diligence and Real Estate Purchases
You have found the perfect house, cooperative or condominium apartment after a long search. It has the ideal updated kitchen to show off your culinary skills and a beautiful bathroom that rivals a spa-like retreat. Is there anything that should delay the signing of the contract and procession to closing? Yes, there…
Airbnb and New York Rentals – Back in the News
New York Governor Andrew Cuomo recently signed a bill into law that would impose fines on Airbnb hosts who do not follow local housing laws. For our blog readers who may not be familiar with Airbnb, it is a web-based service that allows property owners and tenants to rent out their…
Everything You Need to Know About the Cooperative Board Approval Process (But Were Afraid to Ask)
After a long search, you have finally located your dream apartment. In New York, such an apartment is likely to be a cooperative apartment. You have been fortunate enough to obtain your loan commitment. Are you ready to close? No, because you now need approval for your purchase from the…
Selling a New York Property While in Foreclosure
Prior blog posts have discussed a “short sale” of a property in foreclosure. A short sale is when the house is worth less than the mortgage owed to the lending institution, and the lender agrees to accept less than the full amount owed when the transaction takes place. However, a situation…
The Implementation of the New Mortgage Closing Disclosure Rules-How’s it Going?
In a prior post , we alerted our readers that the HUD real estate closing form as they knew it would be disappearing from closings. In a later post , we informed our readers that the new loan closing disclosure rules were in effect. Several months after the implementation of these rules, we…
Pot Luck – Smoking Medical Marijuana in Your Apartment
A recent news story in Bloomberg News discusses the effects of the legalization of medical marijuana, and its effect on smoking bans in apartments. This blog post will discuss the possible effects of such new legal developments on apartments in the New York City area and its surrounding suburbs. Although marijuana…