Partition actions divide a piece of property between multiple people with ownership interests. The division happens one of two ways: The court decides on a physical division of the property (partition in kind), or the property is sold, and the proceeds divided between...
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Real Estate Transactions
The 3 most common title issues home buyers encounter
Sometimes it seems like the process of buying a home never ends. Even when you’ve completed all your mortgage paperwork and the seller has accepted your offer, there are still factors that can cause the deal to fall through. One of the most common issues buyers...
Commission Disputes Part II: Liquidated Damages
In a previous post, we discussed how real estate agents show they were the “procuring cause” of a transaction – and thus entitled to their commission. Today, we cover one of the ways an agent can recover their commission: Liquidated damages outlined in their contract....
Commission Disputes Part I: “Procuring Cause”
When someone works on commission, if the other party fails to hold up their end of the deal, there are often large sums of money on the line. Most often, the individuals who find themselves in this type of bind are real estate agents. Today, we begin a two-part series...
Long Island real estate market may soon tip in favor of buyers
With median home prices between $380,000 and $515,000, home sellers in Suffolk and Nassau Counties have seen the benefits of rising home prices over the last few years. But, it seems the market is headed toward a plateau that will eventually lead to a drop in prices....
What to know about partition actions
Owning a home in New York can be a lucrative investment. And because property ownership can be at such a premium, not every person who owns real estate in New York is the sole owner of the property. There are many people who purchase property with a friend or partner,...
The challenges of finding the right lot for a custom-built home
Finding the right home isn’t always easy. Sometimes, what a buyer is looking for simply isn’t on the market in the region he or she wants to live. One option some individuals turn to when they encounter this problem is to create the home they want by having a...
Fannie Mae and Freddie Mac: Why they matter to homebuyers
You have likely heard the names Fannie Mae and Freddie Mac, but have you ever wondered how they apply to you? Fannie Mae and Freddie Mac are two private mortgage companies established by the federal government. They operate as "secondary mortgage lenders" by backing...
Consider contingencies carefully when buying a home
If you are ready to buy a new home, you can be managing several details from securing financing to preparing your current home to go on the market. And all these moving parts don't disappear just because you find the right home. As such, you might consider including...
Are home sellers in New York required to disclose defects?
Years ago, home sellers in New York were not required to disclose defects in the property being sold. In legal terms, the doctrine was "caveat emptor" -- or "let the buyer beware." That meant it was up to the buyer to inspect the property for any defects. But in 2002,...