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Comparing Offers in a Seller’s Market

Comparing Offers in a Seller’s Market

One of my sellers called me the other day and happily announced that she had a buyer and asked me to prepare the contract. “Great I said, and by the way, how many offers did you get?” “We had 3 she replied, so we picked the highest one,” she proudly responded. “Are they financing?” I …

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Posted in Broker Tips, General, Seller Tips | 1 Comment

An Exchanger’s Guide to Boot

Residential Real Estate Attorney Exchangers Guide

A like-kind or 1031 exchange is a powerful tactic to create enormous wealth over an investor’s lifetime. We discuss the rules regularly here in this forum, but one of the most common questions that causes confusion is the concept of “boot.” Let’s start with the basics, what is boot? Most of us have traded in …

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Posted in 1031 Exchange, General, Mortgage | 1 Comment

When Foreigners Sell

Residential Real Estate Lawyer Guide Selling Real Estate

One of the nice things about selling real estate in New York is that even those who have never had to file a tax return before get to file one. What could be better than that! Like everything else in our market, the rules are complicated. Let’s simplify it. New York State: Individuals (and trusts …

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Posted in Broker Tips, General, Seller Tips, Taxes | 2 Comments

Before the Renovation Begins

Residential Real Estate Lawyer Guide Renovation Apartment

With the epic shortage of inventory in the NYC market comes the inevitable resurgence of one of the most traumatic of housing endeavors: the renovation. In the post-Lehman buyer’s market renovations fell out of favor, with home buyers opting instead for finished products. But with the rapid turnaround of the recent year, once again buyers …

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Preparing for the Appraisal

Preparing for the Appraisal

One of my sellers called me the other day and said she was waiting for the appraiser to show up from the buyer’s bank. “Is the broker coming?” I asked. “No, should he be?” was her questioning response. Yes. And don’t come empty handed. Financing is the trickiest part of today’s transactions, and the appraisal …

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Success in 2013: Build on What We Learned in 2012

Residential Real Estate Lawyer Guide 2012

The name of the first month of the year comes from the Roman God Janus, who is depicted with a head of two faces, one looking forward, the other backward. That’s appropriate as we enter the new year. Let’s learn from the past to build success in the new year. Here are a few lessons …

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Evaluating the Coop Before You Buy – Part 2/2

Residential Real Estate Attorney Evaluation Guide Buying Coop

Before you sign, be sure you’ve properly evaluated the building. Here is the second in a two part series of things to look for when conducting due diligence on your dream apartment. Policy changes: It’s easy to assume that things in a building will remain status quo when you buy. But be careful, boards change …

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Evaluating the Coop Before You Buy – Part 1/2

Residential Real Estate Attorney Evaluation Guide Buying Coop

Updated kitchen, lots of light, close to subway. Perfect! Let’s buy it. And the maintenance is so low, what could be better? Turns out, a lot. How about a multi-million dollar litigation against the coop for which there is no insurance that could bankrupt the corporation if the plaintiff prevails? Let’s run through the basics …

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Before the Renovation Begins

Residential Real Estate Lawyer Guide Renovation Apartment

Most people who do an apartment renovation will tell you one thing when they are done: they’ll never do it again. But renovations can be successful, and the increase in market value can far outweigh the costs. So before beginning, here is a lawyer’s guide on the pitfalls that I have seen many clients make. …

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In the Aftermath Of Sandy

Storm Sandy Apartment Real Estate

As the recovery from Sandy continues, the financial impact of the storm continues to grow. Here is a brief legal guide that may help those most affected in making decisions. Flood insurance: It’s hard to learn after a storm like Sandy that typical homeowner / condo owner / coop owner insurance policies do not cover …

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Posted in Buyer Tips, General, Mortgage, Seller Tips, Taxes | Leave a comment