Real Estate Planning Blog

Monday, September 25, 2017

Practical Tips for Co-Buying a Home

Over the years, many married couples have come to us for assistance with buying a home. Today, however, it is becoming increasingly common for unmarried couples, family members, friends and even business partners to buy a home together. Nonetheless, there are important considerations involved when non-spouses buy a home, some of which are discussed in this article.

Get It in Writing

Buying a home is probably the single largest financial transaction that many people will undertake during their lifetime. When the parties are not married, moreover, there are unique issues involved, such as how expenses will be handled, who owns what percentage, and how title will be held, among others.

Read more . . .

Friday, September 15, 2017

Landlord-Tenant Disputes in NY: The Security Deposit

What costs can a landlord deduct from the tenant’s security deposit?

Most tenants will need to put down a security deposit before renting a residential property.  The security deposit is typically close to the amount of one month’s rent, and it is intended to cover damages inflicted by the tenant to the property that go beyond normal wear and tear.  Much controversy exists as to when landlords can keep a portion of the tenant’s security deposit.  One of the most common disputes between landlords and tenants is the return of the security deposit. 

Read more . . .

Wednesday, September 13, 2017

Commercial Development Hits Westchester

What factors should I consider before signing a commercial real estate lease?

As New York City prices continue to climb and real estate becomes sparser, developers are expanding outside the City.  Westchester County is the newest target for investors, attracting a flurry of new businesses, ranging from restaurants and stores to theaters and a brewery.  Several multi-million dollar projects will bring a host of new residents to Westchester. If you are a developer or entrepreneur looking to enter the Westchester market, consider some of the following factors you should weigh before signing a commercial real estate lease, as offered by our Staten Island real estate lawyers

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Monday, September 11, 2017

What is a 1031 Exchange?

One of the critical considerations for owners of investment property is the requirement to pay a capital gains tax upon the sale of the property. Given the advances real estate prices have made in recent years, such a tax payment could be sizable. There are ways to avoid these taxes, such as entering into what is referred to as a 1031 Exchange. Let’s take a look at some of the basics.

A Primer on 1031 Exchanges

Under Section 1031 of the Internal Revenue Code, the owner of an investment property can sell the property and use the proceeds to invest in another property without having to pay the capital gains tax, provided that all of applicable requirements of the Code are followed.

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Monday, August 21, 2017

Did a Staten Island “con-man” dupe the elderly in a real estate scam?

There may be a thief among us.

The Staten Island residential real estate boom has been spotlighted recently on our blog, but if the charges against a local man are proven to be true, it will have some residents saying "There goes the neighborhood!".

A Staten Island man has been "arrested and charged with securities fraud, mail fraud and wire fraud" in connection with an alleged real estate scam that targeted primarily the elderly.
Read more . . .

Tuesday, August 15, 2017

What If My Renovation Damages a Neighbor’s Home?

Am I liable if I accidently damage a neighboring property?

During renovations, you may be opening up walls in your home, removing trees, repairing fencing, and the like.  It is possible that during renovations you could damage a neighboring property.  Falling trees, dust spreading to other apartments, and torn down fences are all potential scenarios in which you could be held accountable for the damages that you or your employees inflict on a nearby property.  Our Read more . . .

Friday, August 11, 2017

Changing Your Will in New York

How do I update or change my will?

Life is always changing and ever evolving.  In your lifetime, you may marry, divorce, have children, welcome grandkids, switch careers, obtain more assets, and become close to some relatives or estranged from others.  All of these life changes will require that you update your will.  New Yorkers will be glad to hear that amending or even revoking your will can be accomplished with ease.  Our Read more . . .

Monday, August 7, 2017

Updating Your Retirement Account Beneficiary Designations

Far too many individuals approach estate planning as a “once and done” situation, and merely draft up a will and leave it in drawer. A well designed estate plan, however, should consider inevitable changes that will occur during a person’s lifetime. Whether it’s getting married, have children, getting divorced, remarrying or retiring, it is crucial to keep wills, trusts and other estate planning documents updated. Similarly, it is important to ensure that beneficiary designations on retirement accounts are also up to date.

Types of Beneficiary Designations

There are two types of beneficiary designations: per-stirpes and per-capita.

Read more . . .

Monday, July 24, 2017

Staten Island Real Estate Rush is On

Q: Why is the Staten Island real estate market so hot?

Staten Island residential real estate attorneys know firsthand that the local real estate market is booming particularly in the North Shore area of Staten Island. In fact, one of our partners, Kenneth A. Gonzalez, Esq.

Read more . . .

Thursday, July 20, 2017

Why Homebuyers Need an Attorney

For many individuals, buying a home is the single largest financial transaction they will engage in during their lifetime. While some may think that they got it alone, an experienced attorney can help to avoid any pitfalls and protect the buyer’s interests.

Although buyers are primarily concerned with the price and the location, there are are number of other considerations. This includes the condition of the home, negotiating the sales contract, resolving potential title issues, and arranging for financing. In short, not having proper legal representation can ultimately be a costly mistake.

Read more . . .

Monday, July 17, 2017

10 Reasons for Staten Island’s Real Estate Boom

Q: Why are Staten Island real estate values increasing?

Staten Island residential real estate values are soaring. We previously reported on how The New York Wheel project is anticipated to lure Manhattan tourists’ attention and money here. But there are many other reasons why Staten Island is really becoming the place to be for residents and businesses alike.

Read more . . .

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