We have observed that the current inventory of houses available to purchase in the area serviced by our attorneys is low. In addition, many houses are rented. When the tenant and landlord have a good relationship, it is not unusual for the parties to agree that the tenant will buy…
Articles Posted in Real Estate Transactions and Finance
Cold Feet- Do I have to Close?
We have encountered parties to real estate transactions who get “cold feet” between the time of contract signing and closing. These persons may seek to break the legally binding contract that they have signed and cancel the deal. This post will address when failing to perform a real estate contract…
Shelter From the Storm- Ida’s Legal Issues
Several of our law firm’s clients have been adversely affected by flooding caused by Hurricane Ida. We wish to offer our sympathy for all of those affected. This post will address the legal issues raised from this storm event and offer potential solutions. Let’s consider the issues from a purchaser’s…
Settlement of Partition Actions – Issues to Consider
Our firm handles many partition matters. A partition action is when one co-owner of a property brings a lawsuit because he no longer wants to co-own a property. The lawsuit usually demands that the property be sold and the proceeds be equitably divided among or between the various co-owners. If…
New York Real Estate Broker Agreements- The Essentials
Now that the fall real estate market has ended, parties to real estate transactions are starting to prepare for the busy spring market. Some sellers make the decision to forego the services of a professional real estate agent. Other parties determine that using a real estate agent is essential to…
Foreclosures – Judicial and Non-Judicial
Some of our prior blog posts have dealt with foreclosure actions concerning real property. A recent New York Supreme Court case, however, deals with a different type of foreclosure, and the effects of the COVID-19 pandemic on the same. Most foreclosure cases in New York State are of the judicial…
Changing Conditions in New York’s Commercial Leasing Landscape Require Flexible Strategies
We note that recent news concerning New York’s commercial real estate landscape has been rapid and stunning. Iconic businesses such as Sears, JC Penney, Modell’s and Brooks Brothers have filed for bankruptcy protection or closed retail stores, office spaces remain underutilized and the restaurant business is experiencing significant challenges. Tenants…
Post-Covid Re-Opening: Back in the Swing of Things
We hope that our readers have been fortunate enough to have stayed healthy during these trying times. Finally, our home region has commenced the post-Covid re-opening process. We are currently in Phase II. Our attorneys hope that all business activities will return to “normal” as soon as possible, just as…
The Show Must Go On – Closings and Coronavirus in New York State
Despite current conditions, the purchase and sale of real estate in New York is continuing. This post will discuss how COVID-19 has changed the “nuts and bolts” of an ordinary transaction, from start to finish. First, let’s assume a homeowner wishes to list her home for sale. Due to social…
Fear Gone Viral
Most of us have been recently inundated by reports of the Coronavirus pandemic. Although many of our readers do not travel to some of the afflicted locations, fear has a way of becoming contagious in its own right and can have negative business consequences. Fundamentally, the fear is…