Nadel & Ciarlo, P.C.

New York City Real Estate Law Blog

Don't get into assumption financing without careful consideration

What is assumption financing in regard to a home mortgage?

Essentially, it means you obtain an ownership interest in a home from someone else by accepting the responsibility for the payments and terms of the existing mortgage. Often, the original buyer will also remain liable for the loan as well -- just in case you default. (On rare occasions, the bank may agree to release the original borrower from liability.)

Understanding the steps to getting a short sale approval

If you are feeling overwhelmed by your mortgage, and you need to get relief from the repayment obligations, your best option might be to go through a short sale. In order to do this, you will need approval from your mortgage lender. In the best-case scenario, they will permit you to go through a short sale and write off the mortgage, even if the equity generated from the home is not sufficient to do so.

Going through a short sale is difficult for a number of reasons. It is important that you understand the steps required before embarking on the process.

Great responsibilities for New York City landlords

For all the bad press New York City landlords sometimes unfairly get, there are far more diligent and responsible landlords who make timely repairs to make sure their tenants live in a safe environment.

Despite the best of intentions, however, safety breaches and unforeseen incidents can occur that lead to residents getting injured. To keep injuries at a minimum, it's helpful for the property management company or building superintendent to follow a clear list of safety and maintenance procedures.

A few things you should know about subletting an apartment

Subletting someone's apartment is a relatively common practice in New York City. Maybe you need a place to stay for the summer before you start classes at NYU and you find a friend of a friend who's off shooting a movie in Europe for the summer. It's a win-win, right? You get an apartment close to your job and he gets reimbursed for his rent while he's away. Some tenants also sublet their New York apartments even though they're currently living upstate because they don't want to lose them.

However, what if you find out that while you've been paying rent to the primary tenant, that tenant isn't paying the landlord? Can you be required to leave the apartment even though you've kept up your end of the bargain? It depends.

Common causes of short sales

Many homeowners have no problem affording their monthly mortgage repayments until they experience an unexpected event that disrupts their finances. This can set off a domino effect that can lead them into debt and can spark wide-ranging cash flow problems.

If you are struggling to pay your mortgage, you may be looking into your option to avoid losing your home. Many people are worried about foreclosure and want to do everything that they can in order to prevent it. This often means that they consider going through a short sale or a bankruptcy.

Resolving a dispute with your homeowners association

If you have purchased real estate that is controlled by a homeowners association, it means that you are automatically part of the association after the purchase. This usually means that you have to pay a certain amount of money to contribute to the running of the homeowners association and to maintain the upkeep of shared facilities.

While homeowners associations are set up with the intention of benefitting the lives of all the members, disputes between a homeowner and the association itself can sometimes arise. If you have found yourself in a dispute with your homeowners association, you may need to look at your legal options so that you are able to resolve the issue.

Do the following things before renting out your New York property

If you are a landlord and you are going through the process of renting out your property in New York, it is important that you take the appropriate steps to ensure that no disputes arise. Disputes between landlords and tenants can be stressful for everyone involved, and they can also lead to costly litigation. Furthermore, they can often be avoided through proper communication from the start.

There are many things that you can do to make sure each person's responsibilities are made clear. A lot of this can be done through the lease terms. The following are some tips to make your role as a New York landlord easier.

Making an offer on a short sale property

If you are attempting to buy a short sale home, this can potentially be a lucrative deal because it can be possible to get a home under the market value. However, there can be complications in the procedure that you should be aware of before embarking on the journey.

A short sale generally means that the seller of the property is struggling financially, and therefore, can no longer afford their mortgage payments. Therefore, they are under pressure to sell the home as quickly as possible. The bank that they are in debt to will ultimately have the power to decide whether the sale price is adequate; therefore, this is the party that you will need to appease.

How do I avoid commission disputes when buying a home?

If you are in the process of buying a home in the state of New York, you will want to make the best possible choice with respect to recruiting a real estate agent. Many buyers falsely assume that only the seller of the home needs to pay commission. It is important that you are not naive regarding this issue, since it is becoming increasingly common for home buyers to commit to paying a share of the commission.

Disputes can arise regarding the commission payments when the buyer does not agree on the conditions of payment. Additionally, they may not believe that a particular real estate agent deserves to gain commission for the deal, because they were not the person who originally introduced them to the property.

Understanding the different commercial leases

If you have recently started a business in the state of New York, you will undoubtedly be looking for a suitable location to run your business from. Finding the appropriate office or retail premises can be fundamental for setting up your business for success. However, signing a lease and understanding the terms can be quite overwhelming, especially if you are doing it for the first time.

It is important that you understand the different types of commercial leases that are available so that you can evaluate which might be the best choice for you. Working with your landlord to establish lease terms that work for both parties is essential. The following are some of the most common types of commercial leases used in New York.

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