Owners of residential buildings in New York City understand the importance of a well-drafted lease. The lease is the foundation of the relationship between landlord and tenant. It is a legally binding contract that will likely be consulted by both sides in the event of a dispute between the parties. And in New York, more so than many other cities, it must comply with a myriad of state and local laws. A well-drafted lease agreement can help a landlord avoid expensive lease disputes with tenants.
In last week's post we talked about the sharp increase in apartment prices in Brooklyn and Queens. As residential property prices continue to rise in New York City, those who are thinking about selling their home must make a decision: should they use a broker or put the home on the market as a for-sale-by-owner offering? Each approach has its advantages and disadvantages.
As demand for apartments continues to go up in New York, many people who are looking for high-end apartments are looking beyond Manhattan to the outer boroughs. As a result, apartment prices in Brooklyn are going up significantly. According to a recent survey, the median price of an apartment in Brooklyn is now $676,250 -- a record high and a 15.1 percent increase from last year. Queens is also seeing significant price increases. The median there is now $450,865, a 14.1 percent increase from the same time period last year.
Purchasers of commercial and residential real estate in New York are generally required by their lenders to purchase title insurance as a condition of the mortgage loan. In this post we'll give a short summary of what title insurance does -- and does not -- do for purchasers.