Manhattan Real Estate Lawyer Discusses 4 New Real Estate Laws

Posted on July 22, 2015 by DD Admin

Manhattan Real Estate Lawyer Discusses 4 New Real Estate Laws

Manhattan Real Estate Lawyer discusses the top 4 new real estate laws that will impact New York:

In an article published in the Huffington Post, some new real estate laws were mentioned that you may find insightful:

  1. The National Flood Insurance Program Has Been Reformed: The program will continue with its goal of eliminating subsidies as well as applying true actuarial risk in setting policy premiums. The Flood Insurance Affordability Act of 2014 lowers some of those rate increases. In the past, purchasers were left with uncertainty regarding what their insurance bill could become directly after the purchase of the property.  Now, real estate clients can continue to be grandfathered under the prior owners’ policy premium amount.  

 

  1. New York Gift and Estate Tax Reforms: The New York estate tax exemption was increased from $2,062,500 to $3,125,00 effective April 1, 2015 and will continue to increase through 2019. 

 

  1. New York Leases Now Required To Have Sprinkler System Notice: New York leases must now have the appropriate legal language to disclose whether or not a property has a fire safety sprinkler system.  It is advised for property managers to redraft or rewrite old lease agreements to reflect this language.

 

  1. Foreclosure Settlement Conference Program: This programs sunset provision was extended for an additional five years in regard to residential home loans.  Court-appointed referees are utilized to ensure that lenders negotiate in good faith with mortgagors; the goal is to modify the mortgage to avoid foreclosure.

Manhattan Real Estate Lawyer Sabra Sasson Offers a Free Real Estate Law Consultation

Ms. Sasson represents buyers and sellers dealing with all types of property including cooperatives, condominiums, new construction, and one to two and three-family dwellings, throughout New York City as well as Long Island and Westchester. 

Ms. Sasson has more than 17 years of practicing real estate law in New York and working with hundreds of clients and having closed 1000 transactions.     Check out her interview that appeared on television.  

Contact the Sabra Law Group today to schedule a free consultation with Manhattan Real Estate Lawyer Sabra Sasson at (646) 472-7971.

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