A bill passed in the New York legislature focused on protecting against deceptive practices by reverse mortgage lenders is headed for the Governor’s desk. By reinforcing what many lenders in the business are already doing, lawmakers aim to formalize rules that will prevent borrowers from scams by unscrupulous lenders.
Buying or selling real estate is often the biggest transaction someone is a party to in their everyday life. The purchase price may already lead to sticker shock, only for someone to realize there are additional fees to be paid.
Many thinking of taking out their first mortgage have heard the phrase “loan-to-value” or “LTV.” With significant assets on the line, it is important for home buyers to understand this risk assessment tool. The Loan-to-Value ratio is often used to set the down payment for a home, as well as the interest rate offered by lenders
New York’s real estate market is notorious for being fast-paced and high-stakes. With thousands - sometimes hundreds of thousands - of dollars on the line, a mistake can have dire consequences. Whether you are buying or selling a house, apartment, brownstone, or condo, it is important to understand the unique aspects of New York real estate law.
Purchasing a home is often a complicated, stressful process. To help things along, many first-time home buyers try to get “pre-approved” for a mortgage before finding a property. The problem is, there are still problems that can arise even if someone has been pre-approved.
When negotiations are over, it is easy to think the hard part of a real estate transaction is over. However, one important step remains that holds many parts: closing.
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 the owners (partition by sale).
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.
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.
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.