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Tuesday, December 19, 2017

The Housing Market Could Be Affected by New Tax Bill


Will home prices drop in New York if the GOP tax bill passes?

As the tax reform bill pushes towards passage, many people across America are concerned with how the new tax plan may impact their lives and finances.  One of the top questions is how the controversial bill will affect the housing market.  Recently, the National Association of Realtors (NAR) issued a warning that adoption of the new bill will cause housing prices to drop nationwide.  Our Staten Island, New York real estate planning lawyers discuss what changes you could anticipate seeing in the real estate market in the coming years and how you can take advantage of them.

Proposed Tax Bill Limits Homeowner Related Deductions 

The tax bill as it is currently written contains several provisions that reduce or eliminate deductions commonly used by home owners.


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Friday, December 15, 2017

Don’t Forget the Intangibles in Your Estate Plan


How can I bring my loved one’s comfort with my estate plan?

Estate planning usually revolves around the ever important transference of your assets to your spouse, children, and other loved ones.  It is critically important that you prepare your estate to eventually be passed down to your heirs.  Without such planning, your hard earned assets may be subject to extreme taxation, delays, and could potentially not go to the individuals you would have selected.


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Wednesday, December 13, 2017

Landlord-Tenant Disputes: Nonpayment of Rent


What are my legal rights if my tenant has not paid rent for the month?

As a landlord, you expect that your tenant will pay you rent on or before the day it is due.  Late rent could impact your finances.  Legally, New York tenants have the right to take action if the rent is a certain number of days past due.  Dealing with tenants that are delinquent on their rent can be complex.  Landlords will want to consult with a


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Friday, December 8, 2017

1 Roma Court Bidding War WINNERS With THRG

Author: D.J. Ten Hoeve
12/7/2017
Article Link

Never make a final offer that ends in 000. 

"High School sweethearts and first-time homebuyers move in to 1 Roma Court”…it sounds like a fictitious headline for a Realtors Facebook page. Well in this case it’s true. Rich Denora and Erika Martoni are the new owners of 1 Roma Court in Lincroft, and what an awesome street to welcome them!

Roma Court, located a few blocks off the Garden State Parkway is about as easy a commute to NYC as possible from Monmouth County with the Park ’n Ride at Exit 109 within walking distance. With 2 NJ State Troopers and 2 local police officers on the street, Roma Court is S.A.F.E (Safe And Friendly Environment). Better yet, 1 Roma was a clean, renovated, relatively move-in-ready home on this wonderful street.



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Friday, December 8, 2017

N.Y. Raises the Estate Tax Exclusion


How can I avoid the estate tax?

New York recently raised the amount of property that can pass free from the estate tax to $5.25 million.  Previously, the exclusion was $4,187,500.  After January of 2019, New York’s exclusion will match the federal exemption amount.  However, high earners in New York need to be aware of several important exceptions to the basic estate tax exclusion.


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Thursday, November 30, 2017

Grounds for Eviction in New York


What are my legal rights if my tenant stops paying rent?

Being a landlord can be a difficult job.  If your tenant has broken the rules of the lease or failed to pay rent on a timely basis, you may need to pursue an eviction.  While the word eviction sounds daunting, with the assistance of a real estate attorney and some basic knowledge about the eviction process, you can remove the noncomplying tenant so that you can re-rent the property as soon as possible.  Take a look at the following overview of the steps to an eviction in New York and contact our real estate lawyers at The Law Firm of Merlino & Gonzalez for assistance with evicting your tenant.

When You Can Evict a Tenant?

Under New York law, a tenant can be evicted for several potential reasons.


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Monday, November 27, 2017

In Focus: Home Inspections


While many homebuyers may hear that it’s all about “location, location, location,” there are other important factors to consider when selecting a house, not the least of which is the structural condition of the dwelling, and the heating, cooling, plumbing and electrical systems. For this reason, before you close on a home purchase, or at the time an offer is made, you should arrange for an independent home inspection. This article is a brief discussion of the ins and outs of home inspections.

Home Inspection: 101

First, any deal should be contingent on your acceptance of a final home inspection report. If the inspection reveals no defects, you’ve cleared the first hurdle buying a home.


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Saturday, November 25, 2017

What does funding the trust mean in estate planning?


Although many individuals are well served by a will-based estate plan, a will must go through a court supervised proceeding referred to a probate. Depending on the size and the complexity of the estate, this can be a time consuming and costly process. For this reason, we often recommend creating a revocable living trust. 

What is a revocable living trust?

This estate planning tool is a legal document that takes ownership of the trust maker’s property. The trust names a trustee, which is also in most cases the grantor, or the person making the trust.


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Monday, November 20, 2017

Tips for First-Time Home Buyers


If you are a first time homebuyer, navigating the real estate market in Staten Island can be complicated. From selecting a dwelling and signing a contract to arranging for a home inspection and securing a mortgage, the process requires doing some homework along with having patience and resolve.

When you’re ready to buy a home, you are well advised to speak with our experienced real estate attorneys who will work to protect your interests and help you close the deal. In the meantime, we’ve put together the following guide for first time homebuyers:

Review Your Credit Report

Before you even start looking for a home, it is important to evaluate your creditworthiness, since blemishes on your credit report will make it difficult to qualify for a loan. By obtaining a free credit report by going to annualcreditreport.
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Monday, October 30, 2017

The Mistake That Could Land Your Remains in a Mass Grave


Q: What could happen to my assets --and my remains-- if I die without a will?

Staten Island estate planning attorneys can give plenty of reasons why everyone should have an estate plan. You’ve probably even heard of some of them. Yet something may still be keeping you from taking action and getting your affairs in order or keeping them updated.


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Monday, October 16, 2017

Commercial Real Estate Market Thrives in NYC


How do I negotiate a strong commercial lease in NYC?

Sixteen years after New York City and the rest of the nation experienced the horrors of 9/11, the New York City commercial real estate market has rebounded and then some.  The latest market statistics show over 2.75 million square feet of commercial space leased, with the average asking rental price of nearly $74 per square foot.  New York City developers anticipate that the commercial real estate market in the city will only continue to grow.  With such demand, securing a coveted commercial space can be difficult.


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