Nadel & Ciarlo, P.C.Nadel & Ciarlo, P.C.2024-03-18T13:31:51Zhttps://www.nadelassociates.com/feed/atom/WordPress/wp-content/uploads/sites/1303426/2021/02/cropped-nadelciarlo-fav-icon-32x32.pngOn Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505802024-03-18T13:31:51Z2024-03-18T13:28:28Zaltering their unit is a complicated process.
A condo unit owner has less control over renovation than a detached house owner. Moreover, the Condo Association controls most activities in your building. Before proceeding with the unit renovation, you would need the approval of the Condo Association. Here are three reasons why the Condo Association might reject your renovation request.
It will affect other neighbors
As your unit is adjacent to other units in the building, your renovation would also affect your neighbors. For example, renovating the bedroom to use it as a children’s playroom could affect the noise the neighbor below your unit will hear. Too much drilling on the walls could also frustrate the neighbors to the sides. Noise is usually the cause of neighbor complaints and conflicts.
It will drastically change the layout of the unit
While condo owners can make alterations in their interiors, most condo associations refuse renovation requests that drastically change the unit's layout. Some buildings will enable the installation of drywall partitions. However, condo associations usually reject moving the kitchen sink to a different corner. This change requires alterations to plumbing and could increase the risk of water leakage to neighboring units.
It will impact the building’s structure
Everything that will impact the building structure, like changing or adding windows, is often rejected. The Condo Association is responsible for maintaining the overall value of the building, which includes the building exterior. Most condo associations would want to preserve a particular look that will distinguish their building from the others in the area. Moreover, they would also reject any alterations that would endanger the stability of the building due to the safety risk it entails.
Before pushing through with that renovation, ensure that your renovation request follows building, city and state policies. Every building has its own set of renovation rules, and you must know the limits allowed within your condo unit. A clear and well-reviewed alteration agreement could save you from the complexities of a legal dispute with your Condo Association and violations of city building ordinances.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505792024-03-05T08:28:08Z2024-03-05T08:28:08Zsome limitations. A home-based business should be 500 square feet or 25% the size of a house, whichever is smaller.
How commercial businesses and residential units interact in NYC
While most NYC residents live in apartments, many of those apartments are in mixed-use buildings with commercial businesses operating out of the same building. According to zoning limitations, businesses in such buildings should only be located on the first floor.
Other limitations include the following:
Offices for insurance, real estate, advertising and veterinarians are among the businesses that cannot be home-based.
Other disallowed businesses include pharmacies, barber shops, beauty parlors and kennels.
Residential buildings in a commercial district can have retail stores and other commercial tenants.
Residential buildings in a residence district can only house community facilities like schools, doctor’s clinics and houses of worship.
Another requirement is that a home-based business must not affect the look, character and feel of a residential area. It should also only sell products made on-site.
Seeking administrative and legal solutions
Zoning regulations aim to support and improve the development of neighborhoods throughout New York City. When zoning violations happen in residential areas, concerned parties may report them to the NYC Department of Buildings (DOB). The Zoning Board of Appeals handles disputes on DOB resolutions.
When all else fails, the next recourse is to file a lawsuit for zoning violation. For both administrative and legal processes, having an attorney will lay the solid foundation and give the proper guidance on how to put an end to your zoning problem.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505772024-02-20T14:22:24Z2024-02-20T14:22:24Zjoint tenancy and tenancy in common. While co-ownership is a smart way to share costs and responsibilities, it can also lead to disagreements and quarrels between co-owners.
Why does co-owning property lead to disputes?
Because you are a co-owner, you have legal rights and responsibilities to the property. However, you must remember that the other co-owner shares the same rights and duties with you, depending on your co-ownership agreement. These can include the following:
Property rights: Co-owners have an equal right to use and enjoy the property, regardless of their ownership percentage.
Financial responsibilities: Co-owners are responsible for paying their share of the mortgage, taxes, and other expenses.
Decision-making: Co-owners must make decisions jointly unless the ownership agreement specifies otherwise.
Dispute resolution: Co-owners must resolve disputes in a fair and reasonable manner.
You might find yourself at odds with your co-owner about renovating the property or frustrated that they are not contributing their fair share to the mortgage or taxes. You may both even want to use the property on the exact dates. Co-ownership disputes can arise in many ways, including the following:
Disputes over property management decisions
Disputes over property use
Disputes over maintenance and repairs
Disputes over finances and accounting
Disputes over the sale of the property
Disputes over the division of profits and losses
Different opinions and interests can lead to conflict when co-owners are not on the same page about these important decisions. The first way to address disputes is to communicate and see if you can resolve it peacefully.
Resolving co-ownership disputes
If you are already in the middle of a co-ownership dispute, you have options to find a resolution. Mediation is a powerful tool that brings a neutral third party to the table, helping facilitate a conversation and guide you and your co-owner to a mutually acceptable solution. However, there are times when the other co-owner may refuse to cooperate and court intervention becomes necessary. If that is the case, you must be ready to defend your co-ownership rights in trial.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505762024-02-02T13:35:52Z2024-02-02T13:35:52ZThis type of lawsuit happens when someone wants to settle ownership disputes that may arise because of various issues. It may only be applicable in specific scenarios, such as the following:
When the property's owner died before resolving ownership claims, causing problems when the property becomes part of an estate sale
When a lender has unresolved interest in the property even after settling the loan
When the property's history shows periods with no apparent owner, allowing different parties to make claims on it
When there is a quitclaim deed on the property, expressing someone's interest, but there is no guarantee that the title is free of defects
When somebody occupies the property without the owner's consent, bringing about adverse possession
When resolving issues and conflicts involving the property's boundary lines
Other situations can be relevant, depending on their details and other circumstances.
Knowing what to do about real estate disputes
Quiet title actions are not the only way to address real estate disputes. The most appropriate course of action can vary based on the situation and the information surrounding it. In these instances, seeking legal counsel can be helpful before taking legal action to settle a dispute. Having valuable legal guidance and insight can help you learn the most appropriate and effective remedies without wasting time or money on irrelevant options.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505752024-01-30T01:18:00Z2024-01-30T01:18:00ZWhen earnest money is at risk
Earnest money is a representation of a buyer's sincere desire to complete a transaction. Typically, buyers deposit anywhere from 1% to 3% of the total purchase price offered for a property as earnest money. Those funds may apply toward their down payment when they finalize the transaction.
However, sometimes issues prevent the closing from occurring. In such scenarios, sellers who now need to relist their real estate for sale might attempt to retain some or all of a buyer's earnest money as compensation for the delay and inconvenience of needing to re-list the property. The loss of those funds could derail someone's plans to move on and purchase a different property. Buyers typically expect to retain their earnest money if they canceled the closing for a legitimate reason, such as an inability to secure a mortgage for the property due to undisclosed defects.
Sometimes, the seller or their agent automatically refunds earnest money after a canceled closing. Casual communication can help resolve minor complications or delays in some cases. If the seller does not voluntarily release the earnest funds, the buyer may need to go to court and prove that they deserve to reclaim those funds.
For example, the seller may try to challenge the validity of the buyer's decision to cancel the closing by questioning the contingencies included in the offer the buyer made. In some cases, sellers and their agents simply refuse to work with a buyer after a canceled closing, making it necessary to go to court. Those who have the right help can potentially reclaim the funds set aside as part of a failed home purchase.
Ultimately, pursuing the return of thousands of dollars in earnest money may sometimes require real estate litigation in New York.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505722024-01-29T07:43:36Z2024-01-29T07:43:36ZReal estate transactions often involve multiple parties and large sums of money, making them complex. With so much at stake, these transactions can become prime targets for scammers or fraudsters. Property owners selling their homes can suffer devastating losses if they fall victim to these scams, potentially losing their property and expected proceeds from the sale.
Given this, sellers must be aware of the most common types of scams that could lead to significant financial losses. By understanding these risks, they can avoid the traps set by dishonest individuals.
Scams sellers should be aware of
Selling real estate involves more than just finding a buyer and signing a contract. It's a complex process that requires legal knowledge, financial skills, and due diligence. Unfortunately, this complexity also allows fraudsters to exploit and take advantage of unsuspecting sellers.Here are some scams that they might commit:
Identity and document fraud: Some buyers may use fake or stolen IDs and present false financial documents to appear credible. If the buyer defaults or disappears, the seller could miss out on the expected profits from the sale.
Payment fraud: Buyers may use counterfeit checks or manipulate electronic transactions. The seller might transfer the property only to discover they did not receive the funds. This can leave the seller without the property and the expected payment.
Wire fraud: Scammers may masquerade as trusted individuals involved in the transaction, such as representatives from a title company or legal counsel. They deceive the seller into transferring the sale's proceeds to a counterfeit account. Once the money is transferred, it can be incredibly challenging to recover, leading to significant financial loss for the seller.
Title fraud: When a buyer transfers the title to their name without fully paying for the property, the seller loses both the property and the money from the sale. This double loss can be financially devastating for the seller.
Property sellers in New York City need to be cautious. While these common scams seem intimidating, they can be avoided with diligence and caution. For sellers looking to approach real estate transactions with such prudence, it might be beneficial to seek the help of a legal professional to avoid falling victim to these scams.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505712024-01-18T14:03:06Z2024-01-18T14:03:06ZThe identification period
In like-kind exchanges, the countdown begins the day after you sell your property. From this point, you have 45 days to identify potential replacement properties. This is known as the “identification period.” In the highly competitive New York real estate market, it can be challenging to identify suitable properties within this narrow window.
However, remember that if you don't find a new property within the 45-day window, you could lose out on tax benefits. If this happens, instead of deferring your capital gains tax, you might have to pay it immediately on any profit you made from the sale.
The exchange period
After identifying the replacement property, you must close on the new, like-kind property within 180 days from the date you sold your original property. This is known as the “exchange period.” However, if your tax return is due (including extensions) before this 180-day period ends, the exchange must be completed by that earlier due date.
New York’s real estate closing process can take longer than expected, so any delays could potentially result in a failed 1031 exchange.
The role of a qualified intermediary
A qualified intermediary (QI) holds the funds from your property’s sale and uses them to purchase the replacement property. However, if they fail to follow the 45-day and 180-day rules, your transaction may not qualify as a 1031 exchange. Once this happens, the IRS can impose taxes on any profit you earned from the property sale in that year, leading to an unexpected tax bill.
Evidently, the stakes are high in like-kind exchanges. Errors can cost you your investment and financial standing. So, you should consider seeking the assistance of a legal professional when navigating the 1031 exchange process.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505702024-01-02T09:13:25Z2024-01-02T09:13:25ZCollaborating with a friend may sound ideal, but this setup can become complicated. Before choosing this option, it can be wise to consider the following:
Financial status and information - When purchasing property with a friend, both of you will be liable for the mortgage. Your credit scores or ratings can also impact each other's finances.
Ability to commit - Financial obligations concerning a property is a long-term commitment and responsibility. This means you and your friend may need to put in effort when facing conflicts or disputes for the sake of your investments.
Tax arrangements - It is vital to determine how to accomplish tax requirements. Only married couples or relatives can share deductions, so you and your friend may need to manage these issues separately.
Risky scenarios and how to approach them - Survivorship laws and other policies may apply for co-owners who are not related or married. Before buying property with a friend, check on what can happen to your investment after unexpected developments, including death and incapacity.
Other factors can be relevant, depending on your circumstances.
Making adequate preparations
Co-owning with a friend can be beneficial, but this arrangement can lead to challenges without proper planning and preparation. If this is an option you want to explore, it is best to seek legal counsel. Doing so can help you place legal safeguards and conditions to address disputes that may arise between you and your friend.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505682023-12-18T04:50:41Z2023-12-18T04:50:41ZThe duty of sellers to disclose defects
In most states, sellers have a legal duty to disclose any known defects or issues with the property to potential buyers. This duty is typically outlined in the real estate contract. It may include information about the property's condition, any known defects or repairs and any other relevant information that may affect the property's value or desirability.
If a buyer discovers hidden defects or unforeseen issues after closing, they may be able to sue the seller for damages. The specific legal options available will depend on the laws of the state where the property is located and the real estate contract terms.
Some potential legal options for buyers may include:
Breach of contract: If the seller fails to disclose known defects or issues with the property, the buyer may be able to claim that the seller breached the terms of the real estate contract.
Fraud: If the seller intentionally concealed or misrepresented the property's condition, the buyer may be able to claim fraud.
Negligence: If the seller fails to maintain the property in good condition or fails to disclose known defects, the buyer may be able to claim negligence.
It is important to note that suing a seller after closing can be a complex and time-consuming process, and it may not always be successful. Before pursuing legal action, it is essential to consult with an attorney to discuss your options and determine the best course of action.
How to protect yourself as a buyer
While suing a seller after closing is possible, remember that as a buyer, you also have a responsibility to conduct a thorough inspection before closing. Do not be afraid to ask the seller questions about its maintenance history. Most importantly, always review the real estate contract to ensure that it includes a comprehensive list of the property's condition and any known defects or issues.
By taking a proactive and informed approach, you can avoid costly oversights or taking legal actions. You can make a smart, informed decision before purchasing real estate.]]>On Behalf of Nadel & Ciarlo, P.C.https://www.nadelassociates.com/?p=505652023-12-06T07:10:22Z2023-12-06T07:10:22ZOwning a property jointly can be advantageous, but it sometimes brings its own set of challenges. It is not rare for disputes to arise between co-owners. When they do, the best way forward is often trying to compromise. All parties could find a middle ground that respects the rights and interests of all co-owners. However, there may be situations when reaching a mutual agreement proves difficult. In such instances, one party can invoke a legal action known as a partition action.
Moving beyond compromise and considering legalities
A partition action is a legal remedy where a co-owner seeks the court's intervention to forcibly divide the property or its sale proceeds among the co-owners when they cannot reach an agreement. This step is a serious move. It is typically used as a last resort after all efforts to find a mutually agreeable solution have been exhausted.It is a legal way for co-owners to protect their interests when disputes become irreconcilable.Several situations can trigger a partition action, including:
Change in personal circumstances: An owner's needs or priorities might change due to personal reasons, such as job relocation. If the other owner(s) are unwilling or able to sell the property or buy the relocating owner's share, the relocating party could initiate a partition action to facilitate the property's sale.
Non-payment of property-related expenses: A co-owner might occasionally fail to pay their share of costs like taxes, insurance or maintenance, which can financially strain the other owner(s). If the non-paying owner refuses to pay, the other owner(s) can initiate a partition action to force a property sale or ensure the non-paying owner fulfills their obligations.
Disagreement on property management: Co-owners might disagree on how to manage a rental property. One might want professional management, while the other prefers a hands-on approach to save on expenses. Such differences can lead to conflicts and potentially trigger a partition action.
When disputes escalate, and discussions fail, a partition action enables a co-owner to seek the court's help in facilitating the management of the property regarding the dispute. Notably, a partition action does not require the consent of all co-owners. So, if arguments spiral out of control, any co-owner can take this step, bringing the court into the picture to aim for a fair resolution. Understanding this legal option is crucial in navigating the sometimes tricky landscape of co-ownership.]]>