Real Estate

Turning to a New York Real Estate Attorney During Divorce

Family law and real estate law often converge during a divorce.  A New York real estate attorney may work in tandem with a family lawyer in order to help explain the options available to the couple regarding their financial holdings.  One of the most common questions that a New York real estate attorney helps resolve during divorce is how to treat the marital home and other real property. 

The real estate attorney will begin by laying out the possible options.  One option will be for one spouse to retain possession of the property and the other to receive other assets of a similar cumulative value.  This is simpler when the spouses do not owe any debt on the property.  One party can simply buy out the ownership interest of the other.  However, if there is still debt on the property, this usually requires the spouse who will retain possession of the property to have it refinanced so that the other spouse is no longer liable for the debt. 

Another option is for the spouses to agree to sell the property.  They may choose to split the proceeds of the sale equally.  They may also choose an alternative arrangement that takes their contributions into account.  A New York real estate attorney who is also an experienced mediator can be a great asset during this time, understanding both the New York real estate market and the dynamics of the owners going through divorce.  It is not uncommon for issues to arise during the sale of a property, so having a professional who can help navigate these difficult waters can be a tremendous resource.  A real estate attorney can provide advice on the selling process, negotiate a purchase agreement and research the title to ensure your legal interests are protected.

Sabra Sasson, Esq has more than 17 years of New York real estate law experience and she wrote the real estate chapter in the divorce book Onward and Upward: Guide for Getting Through New York Divorce & Family Law Issues a copy of which can be purchased here.  Also be sure to apply this discount code Y38YZ5EX to get 10% off the purchase price.

And to get started right away with your divorce mediation that will involve the resolution of real estate concerns, contact Sabra Law Group, PLLC now at 646-472-7971.

How a Real Estate Attorney in New York Can Be a Vital Asset to Your Divorce Team

While a real estate attorney in New York may not be part of a traditional divorce team, this may be exactly what your case calls for.  Often when people are going through divorce, they may want a fresh start in a new location.  In other cases, they may need to negotiate which spouse will stay in possession of the home.  A real estate attorney in New York can explain the legal process associated with buying out a spouse, selling the home or buying a new property. 

Retaining a real estate attorney during the divorce process is a sensible decision when purchasing, transferring or selling property.  He or she can inform you of your legal rights and responsibilities in these types of transactions.  The marital home is often a point of contention as it is the most valuable asset that many families own.  However, in many instances, it may not be practical for either spouse to retain possession of the home.  A real estate attorney can explain the real costs of owning a home and work out potential budgets with the client in order to determine whether it is more feasible to keep the home or sell it and split the proceeds. 

If the decision is made to sell the house, a real estate attorney can help through each important stage of the process.  He or she can review offers that have been submitted to determine whether all terms and provisions are legal.  He or she can also help negotiate the terms of the contract or draft the contract.  He or she may also investigate the title and determine if there are any title issues that may effect or impede the transfer.  If any problems arise during the process, a real estate attorney is the first line of defense.  So choosing your real estate attorney in New York now will be the perfect offense.

Contact New York real estate attorney Sabra Sasson, Esq. for a free consultation at 646-472-7971.

Real Estate – What to Expect in Terms of Timing

New York is home to some of the most expensive real estate in the world.  The state is also known for its bustling work environment and large financial deals.  New York deals often include many parties to the deal, given that the buyer’s real estate attorney does not usually represent the title company and the bank like the practice in neighboring states.  Perhaps for these reasons, New York does not follow the traditional model of establishing a closing date like most other states.  Instead, buyers and sellers usually receive an “on or about” date, which gives each side flexibility in coordinating a mutually agreeable closing date once all of the contractual contingencies are met.  This process can be confusing for first-time buyers in the area.  The actual “closing” date may be much after the date that the offer was accepted.  It may also be a date where the buyer or seller did not have much notice. 

Unfortunately, New York courts have ruled over and over again that any date in most real estate contracts are simply “target” dates and not precise dates.  Instead, the courts have found that each party is entitled to a “reasonable adjournment” of the actual closing date, which has sometimes been held by the court to be up to 30 days from the proposed date. 

One way to potentially avoid this issue is by including a “time is of the essence” clause in the real estate contract.  This signifies that an “on or about” date is not suitable and may punish the party who is not ready, able and willing to execute the contract on the specified closing date.  For example, the buyer may forfeit the down payment.  However, many parties may be unwilling to sign such agreements due to their strict requirements. 

Even if the buyer and seller have agreed to a date and location for closing the deal, the bank may still not be ready.  Documents may be emailed to the bank’s lawyer on the actual closing date for his or her review.  While this uncertainty may be frustrating, the process can be made easier with the use of a real estate lawyer who is accustomed to the New York process. 

If you or somebody that you know is in the process of buying or selling New York residential real estate, contact a New York real estate attorney in your area who can help you navigate the complexities of a real estate transaction in New York.  Sabra Sasson, Esq has more than 17 years of experience representing buyers and sellers of real estate in New York and she will guide you step-by-step to Closing.  Just give her a call now at 646-472-7971 to get started. 

Manhattan Real Estate Lawyer Discusses 4 New Real Estate Laws

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.

When to Engage a New York Real Estate Attorney

It can be difficult to know when a New York real estate attorney would be helpful to you, and you may be reluctant to involve one, for financial or other reasons.  However, it is important to recognize when real estate attorneys can be useful to you so you can make informed decisions on whether or not you should hire one.

Unless you have an extensive background in real estate law, a real estate attorney will be able to help you navigate and understand the legality of real estate better than you would be able to on your own.  You may consider hiring a a real estate attorney if you find yourself in a situation where a real estate agent cannot help you; if the knowledge is out of their depth, it is probably out of yours as well, and a real estate attorney is more likely to have the answers.  Moreover, in New York, it is unlawful for a realtor to negotiate a real estate contract of sale as it is considered to be the unlawful practice of law.

If you are in a situation where there is a potential for you to be faced with legal problems, you should get a lawyer involved for protection, even if you are just taking preventative measures.  If there is any doubt in your mind, a real estate attorney can help assuage your concerns and make sure you don’t make decisions that could end up hurting you later.

In addition, real estate laws are not identical in every state, so even if you have been involved in a real estate transaction in another State you will want a New York real estate attorney to represent your interests in the New York area where you are considering a real estate deal.   Having one on hand will lighten your workload, as you will then have to take less time to educate yourself on the laws of the state.  Your lawyer can also offer you more protection than you are likely to be able to provide for yourself.

It is also likely that the other party involved in the transaction will be represented by a New York real estate attorney and if you don’t have one as well, then the odds will be stacked against you and you might wind up making a bad deal or, worse, you may miss a crucial provision in the contract of sale that could cost you thousands of dollars. 

Several years ago, a colleague of mine, an attorney contacted me seeking my advice regarding a real estate transaction that he was involved in.  He had a few questions and we discussed them.   A while later he contacted me again and asked for more information.    When I inquired further, I learned that he was attempting to negotiate a contract of sale for himself and he was struggling with it and felt that the other attorney for the other party was not negotiating fairly.   I offered my services to assist him with the contract negotiations and showed him that even though he is an attorney himself, there are many nuances in real estate law that he was probably missing.   He was reluctant but eventually agreed to work with me.   He had believed that since he was a corporate attorney, negotiating a real estate contract would be “easy” for him.   After a month of negotiating he still did not have a signed contract.   However, after he agreed to hire me, his contract was fully negotiated and signed by both parties within a week.  While he was trying to be thorough in negotiating every nuance of the contract, he was missing the “bigger picture” and he lost sight of what he wanted – to sign a firm contract and sell the property.   By focusing on the issues that were relevant and important to the outcome, I was able to get the other party on board and refocused on what mattered, negotiate the deal and get it signed.     

With more than 17 years of practicing real estate law in New York and working with hundreds of clients and having closed 1000 transactions, Sabra Sasson, has the knowledge and expertise to handle any real estate transaction in New York.   For more information visit the Firm’s website and watch her interview that appeared on television at www.sassonrealestateattorney.com , or contact the office right now at 646-472-7971.  

Tips for Selling Real Estate While Getting Divorced

The ending of a marriage presents a multitude of difficult questions that must be answered, chief among them being what happens to property accumulated during the marriage.  Whether it’s the family home or vacation properties, determining the best thing to do with real estate as a result of divorce can be complicated. 

If you and your former spouse decide that the best course of action is to sell the property and split the proceeds, it is important to choose the right legal representation for your case.  Finding a New York real estate attorney who specializes in sales of property, and who also has knowledge related to mediation and coaching is highly beneficial because there are many things that can go awry during a real estate transaction.  Making decisions when issues arise may be challenging, particularly where they may be an emotional attachment to the property or feelings relating to the divorce are still raw.    The sale of real estate during the course of a divorce involves careful consideration of the structure of the transaction as well as the impact upon each party in ending the marriage. 

There are several important decisions you will need to make about how to handle any property acquired during the marriage.  One individual may wish to stay in the family home, whereas the other hopes to sell it and divide the proceeds.  These are difficult issues that should be reviewed by a New York real estate attorney so that everyone is clear about their rights and responsibilities. 

Make sure you and your former spouse are clear about the benefits and downsides of going through with a transaction, and how any tax implications impact either one of you as a result of the sale.  Choosing an experienced New York real estate attorney who is also comfortable in dealing with the complex issues in your divorce case is a solid first step towards informed-decision making. 

Sabra Sasson, Esq has more than 17 years of experience as a New York real estate attorney and as a family and divorce mediator.  Contact the Firm at 646-472-7971 to discuss your situation in more detail.  

A Real Estate Attorney in New York for Buying and Selling

37610536_sProperty remains one of the most stable and popular assets in the world.  Whether it is a residential home for your family, an investment property for rent or land speculation, the property may have its ups and downs on the market but typically retains its value.  As the old saying goes, they are not making any more land.

However, no matter your level of property investment – whether you are in the market for a house or looking to develop an empty lot – the process of buying or selling property can be complex, with plenty of potential dangers for the inexperienced.  One of essential steps you can take when looking to buy or sell a property is to retain the services of an experienced real estate attorney in New York.

Benefits of an Attorney

Many people assume all an attorney does is review the final sale contract and expedite the closing process, but this is not true.  While some property transactions are in fact this simple, a qualified New York real estate attorney can offer much more, including:

  • General advice on the process, giving you insight as to whether requests or assertions by the other party are common or even legal.
  • Negotiate the actual terms of the contract of sale, contemplating all of the particular circumstances going on in your life and including specific protection
  • Assistance with title research, clearing title issues and effectuating the transfer.
  • Setting up and managing escrow accounts for earnest money or other investment tools.
  • Dealing with other attorneys or the seller/buyer directly when problems arise that potentially require concessions or discounts.

While it may seem to some property owners that an attorney does very little for their fee, this is only when the transactions are very straightforward.  The worst moment to realize you should have an attorney is when a problem threatens the deal – or when it is too late and the deal is completed.

Download the our Free Home Buyer’s Guide here for more information about what is involved in the purchase of real estate in New York, or contact our office at 646-472-7971 to speak to an attorney.

Why a Real Estate Attorney in New York Might Advise Against Refinancing

13337594_sOver the last few years, many people in New York have received a thorough, if perhaps not totally desired, education in mortgages and the real estate market. Where once people might purchase a home in their youth and live there for the rest of their lives, burning the mortgage after thirty years of dutiful payments, in the post-bubble age people are paying closer attention to interest rates and often turn to a real estate attorney in New York to help them refinance.

Refinancing a mortgage can have great benefits: A lower interest rate and payment, a shorter term – even both. But under some circumstances a real estate attorney in New York might advise against a refinance deal despite these benefits.

Taxes and Fees

Refinancing is essentially paying off the old mortgage with a new one, and refinancing requires borrowers to pay many of the same fees and taxes associated with the initial mortgage. These can add up to thousands of dollars. Sometimes these fees can be “rolled up” into the new mortgage and financed, but a real estate attorney in New York would likely advise against that.

Higher Balance

Often a refinancing will result in a lower rate or shorter term, but actually a higher principle once all those fees and other costs are accounted for. The higher balance can tip a borrower’s debt load in the wrong direction and leave them struggling to get other loans or credit.

In the end, a refinancing must be treated with the same caution and due diligence as any large loan, and should never be rushed into. An attorney’s advice is essential to understanding all the terms of the loan, and that the new circumstances will actually be a real improvement.