As we enter the last days of summer, this author can’t help but notice that some houses for sale seem to have languished on the market for months unsold. This post will address the practical and legal ramifications of unsold houses. Because “For Sale” signs from real estate agents cannot…
It is not unusual for the estate of a deceased person to hold stock as an asset. Stock can take the form of shares held in a publically traded company, such as Target, or shares in a cooperative corporation. Clients often ask us how such shares can be transferred after…
Real estate transactions can “break up” prior to closing for a variety of reasons. The purchaser may receive a refund of his downpayment depending upon the circumstances. This post will address the legal issues associated with a deal breaking up. Most contracts of sale contain a mortgage contingency clause. Such…
One of this author’s first lessons in Property Law class involved the concept of adverse possession. Under this legal principle, one party may acquire title to the property belonging to another. In New York, the elements required to establish adverse possession in the governing statute have been modified after 2008.…
Parties to real estate transactions often ask us whether it is appropriate to include a time of the essence clause in their real estate contract. A time of the essence clause provides that if the parties do not close on the specified date, then the party who is not ready,…
Our readers who have attended residential real estate closings are familiar with the HUD Settlement Statement (the “HUD”). This document is meant to clearly identify all of the financial figures in a residential real estate transaction. The HUD is a disclosure document required when a mortgage is obtained from an…
In the New York metropolitan area, the residential real estate market is often seasonal. During the holidays between Thanksgiving and New Years Day, most sellers do not list their properties for sale or may remove their home from active listing status. During the winter months, most buyers are reluctant to…
Many people who pass away also leave behind the place in which they resided. The housing could be a rental apartment, a cooperative or condominium unit, or a house. The deceased may not necessarily have resided in the property immediately before death if they went to assisted living or a…
Many parties to real estate transactions focus not only on the house or the apartment that is involved in the transaction, but also on fixtures and items of personal property. Should a buyer expect that all lighting fixtures are included in the deal? What if a seller wants to take…
Our attorneys handle many real estate transactions on behalf of our clients each year. Most clients selling their houses, cooperative or condominium units use the services of a licensed real estate agent. Other sellers chose to sell without the use of such a professional. These transactions are known as for…