For many years, New Yorkers who are selling their homes have been required to disclose property conditions including asbestos, hazardous waste, fire and smoke damage and pest infestations. Last September, after a year of unprecedented flooding in many parts of the...
Month: April 2022
How could the realtor antitrust case affect homebuying where you live?
In late 2023, an antitrust ruling was handed down in a case filed against the National Association of Realtors (NAR). In the aftermath of that ruling, a settlement was recently reached that concerns much more than monetary damages alone. If a judge approves the...
What does seeking a home loan modification entail?
If you are a homeowner facing financial difficulties and you’ve fallen behind on your mortgage payments, obtaining a mortgage loan modification can potentially serve as a viable solution to your problem. If successful, a mortgage modification effort can help you to...
Should you make an estate plan when you’re young?
Many people believe that estate planning is only necessary for the elderly or those with life-threatening illnesses. However, that's not entirely true. Young adults should consider establishing an estate plan too. It's never too early in one’s adult life to start...
What are the duties of the executor?
When a will is drafted, the testator can name an executor. The executor is responsible for distributing assets to beneficiaries and settling the estate. An executor can be anyone of legal age. Many testators name their spouse or a sibling as their executor. These...
Who pays your parents’ credit card bills when they pass away?
Credit card debt has recently been making headlines for hitting historic highs. The commutative total of debt held by Americans reached a staggering $1 trillion. Not only is this the highest level credit card debt has reached in American history, but it underscores...
What buyers can expect during a residential mortgage closing
The mortgage closing process, also known as settlement or escrow in some regions, is the final step in the home-buying journey. It occurs when a property's purchase is officially completed, ownership is transferred from the seller to the buyer and a new mortgage...
Residential leases: Key terms and considerations
Residential leases are legally binding agreements that set the terms under which one party agrees to rent property from another. These contracts form the foundation of relationships between landlords and tenants. As such, understanding their key terms and broader...
What costs are included in a commercial lease?
With a residential lease, the tenant may just have to pay rent every month. In some cases, utilities are also included. But this isn’t a given, and many renters have to cover these costs themselves. With commercial leases, however, rent and utilities are just the...
Reasons to review your estate plan
Making an estate plan is a great first step. Most people have never done it. Just writing a will puts you ahead of the majority, and you will be more prepared for what the future holds. However, you do not want to neglect the estate plan after you make it. This...