When is a closing date not a closing date? When it is set forth in a typical residential contract for the sale of a home.  In New York, it is legally assumed that if a contract does not specify time of the essence, then it is not time of the essence. Typically, a residential contract […]

First Comes Love, Then Comes…Real Estate??

Real estate can drive relationships, for better or for worse, especially in New York, with its high cost of living and even higher cost of real estate.  An annual survey released by the National Association of Realtors showed that 65 percent of homes purchased in 2014 were bought by married couples, 16 percent by single […]

Read more > 0

When the Closing Date Isn’t Really the Closing Date

You’ve found your dream home!  Your attorney has negotiated your contract; you’ve paid the deposit and arranged for a mortgage.  You’ve marked the closing date on your calendar.  But what exactly does the closing date in your contract mean? A specific closing date or a closing set for “on or about” a specific date does […]

Read more > 0

Don’t Lose Your Mind Over A Lost Stock and Lease

When a home or condominium owner loses a deed it is generally not a big deal. When a person buys a home or condominium the deed is recorded in the county where the property is located. Once the deed is of record, the original deed itself is irrelevant. With co-op ownership losing documents is not […]

Read more >

Due Diligence for Commercial Real Estate Acquisitions

Due diligence is the investigation of a person or business. In the context of a commercial real estate transaction, the buyer uses the due diligence process to gather information about property to be acquired.  This Note explains, from a buyer’s perspective, why due diligence is necessary, what materials to review and what to look for. […]

Read more >

Not Quite Ready to Buy? Rent to Own.

A rent to own contract is a contract between a property owner and a renter who plans to buy the property within a specified period of time. In most cases, the renter will pay the owner a deposit which will be used towards a down payment when it is time to purchase the house. In […]

Read more >

Written Brokerage Agreements – When You’re Right, Write.

Generally speaking, a real estate broker is entitled to a commission when he or she procures a buyer ready, willing and able to purchase the subject property on terms acceptable to the seller. Although the rule sounds simple, disputes over failure to pay brokerage commissions are surprisingly common. Under New York law, a commission agreements […]

Read more >