Nadel & Ciarlo, P.C.

New York City Real Estate Law Blog

Real estate in New York City is becoming easier to afford

If you're interested in living in New York City, there's good news. Real estate in the city is becoming more affordable, making it easier for people to call New York City home.

The population of New York grew to over 8.6 million last year, but that doesn't mean there isn't room for continued growth. New Yorkers continue to look for places to live. Although the housing market is tight, prices aren't reflecting it.

Keeping your real estate transaction simple and smooth

If this is the first time you've looked into purchasing property, you may be interested in how to have the smoothest real estate transaction. It can be confusing to buy real estate, especially when you haven't been through the process in the past. Fortunately, it's fairly simple to understand.

To start with, you need to get pre-approved for a mortgage. By doing this, you show the seller that you can obtain the funds needed to purchase a home. This makes them take you more seriously.

Cooperative feuds over air conditioning proposal in New York

As someone who owns a co-op, it's a good idea for you to know what your contract entails. You may, at some point, end up having to pitch in for repairs or services that don't directly affect you. That's one risk of being part of a co-op.

For most people who live in co-ops, this isn't a problem unless it's a project that doesn't need to be done for them. In New York, one feud began when one co-op suggested getting air conditioning for all its units. Several homeowners already had air conditioning, so they didn't want to be part of, or fund, any updates to that system. They argued that the costs were extraordinary and would bear no results for them.

Co-working spaces growing in New York City

In large areas of New York, you may notice that offices are being leased by the dozens. This is a result of using co-working spaces, which is when businesses lease office for satellite offices or their staff members with communal spaces.

These popular office spaces are growing in number. At the beginning of April, there were 204 co-working spaces across New York City. It allows businesses to scale quickly, making them more competitive. They don't have to move to larger commercial spaces; instead, they lease shared spaces with other businesses where they can place offices without worrying about affecting their main offices or primary location.

How do you evict a tenant?

Evicting a tenant is something that must be done with care. It's a reality that there are steps landlords have to take to avoid violating a tenant's rights. At the end of the day, an eviction is nothing more than a business decision. You shouldn't make it personal, since that's when problems may arise.

Even the best tenant screening techniques won't guarantee success with a tenant. Things go wrong, and you may need to use eviction to help you get your tenant out and a new tenant in. You can't let a tenant stay in the home free of charge, and an eviction may be the only option for you as a landlord.

What are the red flags of a bad tenant?

As a landlord, you strive to weed out bad tenants with the idea of finding the perfect one. Even so, you know that luck often comes into play.

Fortunately, there are things you can do to tip the scales in your favor. For instance, you need to understand the many red flags of a bad tenant. Here are a few to watch out for during the screening process:

  • Insufficient income: If a person barely has enough money to pay his or her rent, there's a good chance you'll eventually find yourself with the short end of the stick.
  • Gaps in employment: This isn't always a red flag, but it's something to learn more about before you let the person sign on the dotted line.
  • Low credit score: This is an absolute red flag, especially if you come to find that the potential tenant has missed payments in the past.
  • Always on the go: It goes without saying that you want a tenant who will stay in your property for the duration of the lease, if not longer. Someone who is always on the go, moving from one place to the next, should raise a red flag.

Follow these tips for screening a potential tenant

As a landlord, there is nothing more enjoyable than finding a good tenant. Your life is much easier when you have someone you can trust living in your property.

Conversely, if you get saddled with a bad tenant, you know just how much stress this can add to your life.

Do you know what to check during your final walk-through?

Although a final walk-through is not a home inspection, you need to treat it as such. This is your last chance to ensure that the home you are buying is exactly what it should be, so you don't want to sell yourself short.

The purpose of this walk-through is to make sure the home is in the condition that you and the seller agreed upon. If you find anything that comes up short, you can then work with the seller to ensure that it's taken care of before the closing.

How to prevent leasing to a bad tenant

As a landlord, you understand the importance of finding a good tenant. With this person in place, you don't have nearly as much to worry about. Unfortunately, despite your best efforts, there could come a time when you're stuck with a bad tenant and wondering what to do next.

Before you find yourself in this position, it's best to learn more about the steps you can take to prevent leasing to a bad tenant. Here are some ideas:

  • Run a background check. This can go a long way in helping you learn more about a person, thus giving you a better idea of if you should rent your property to him or her.
  • Interview the applicant in great detail. Don't just assume a person is going to be a good tenant. Instead, conduct a thorough interview that will give you a better idea of what he or she is all about.
  • Ask for references. For example, you can ask a prospective tenant to provide you with references from past landlords, if available. If the person was a good tenant in the past, there is a greater chance he or she will be a good tenant in the future.

What are the different responsibilities of landlords and tenants?

When you sign a lease agreement for your new apartment, it should clearly spell out the responsibilities and repairs that both you, as the tenant, and your landlord are responsible for making. If it doesn't, then you may benefit from asking for clarification on such matters.

As you may expect, it's virtually always the responsibility of the landlord to take care of any and all common areas in your building. This includes cleaning, adequate lighting in common areas and ensuring the proper maintenance of all elevators, the lobby, outdoor areas, stairwells and the laundry room. It's also the responsibility of the landlord to clearly designate and provide clear access to all emergency exits as well.

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