Category Archives: Real Estate Legal Tips

Land Leases explained

New York Magazine has an excellent write-up on the implications of land-lease properties, which are not a rarity in New York City. According to Wisegeek:
A land lease is a type of financial arrangement in which the ground under a structure is leased, rather than sold to the builder, meaning that the land and the structure are owned independently.
In other words, it is when you buy your apartment but still rent the land beneath it. NY Mag’s diagram makes this very clear. A land lease property means that you are on the hook for a …

by Michael Foster on August 22, 2011

Condo Mortgages: Three Things to Know when Financing a Luxury Condo in New York City

 
Since 2008, home financing has been a challenge, and a lot of homebuyers have needed to jump through extra hoops to obtain financing for a luxury condominium. There are a few things that homebuyers should keep in mind when they’re shopping around for a mortgage:
1. Your income doesn’t matter as much as your credit score. While it is true that banks will try not to give mortgages to people who can’t afford the payments (especially in this economy), homebuyers with several income streams or large capital reserves are different. Homebuyers …

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by Michael Foster on July 8, 2011

Rose Associates Skips Out On Paying Commission

In a very detailed post written by CondoDomain President, Hoyt Morgan, he shares his view on yet another reason why Manhattan needs a “REAL” Multiple Listing Service (MLS).  Jump on over to read the entire article.
In about an hour we had spoken with several other management companies that would pay in this scenario AND an agent for a building managed by Rose that said they would pay in this scenario. A follow up call to Rose did not result in the same politeness or professionalism. I was gruffly informed that they reserve the right NOT …

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by Anthony Longo on June 8, 2011

Language and Fair Housing

One week after the assassination of Martin Luther King, Jr., Congress passed Title VIII of the Civil Rights Act, known as the federal Fair Housing Act. This legally prohibited race and religion-based discrimination against people seeking to rent or buy a home. In 1988, the act was amended to include people with children and people with disabilities. Seven years later, the Department of Housing and Urban Development pronounced certain gray-area phrases (“master bedroom,” which suggests a household hierarchy; “bachelor apartment,” which suggests the absence of family) acceptable.
Because gray areas are …

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by Noah Diamond on March 28, 2011

Reports On A New Federal Rule That Relates To Mortgage Brokers

It is good for everyone to know that there is a new Federal rule in town when it comes to a mortgage broker dealing with your loan. The New York Times recently reported that as of April 1, 2011 the Loan Originator Compensation amendment to Regulation Z is in affect.
Yes I know the amendment sounds like a mouthful.  It was created so that clients who are getting a loan get the best deal they can on the interest rate and other fees. This specific rule enforces the loan originator or …

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by Anthony Longo on February 22, 2011

TitleVest: An Important Online Library For Condo Buyers

 
Now we all know that you should always read any contract’s fine print before you sign your life away. The New York Times recently wrote an article about this little helpful new company called TitleVest Agency Inc, that decided to create a website that digitalizes condominium contracts to buyers. This advantage gives the buyer the opportunity to read all the fine details of the agreement beforehand. If you, the buyer, are smart about making such a large purchase and important decision in your life, you should most definitely take advantage …

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by Anthony Longo on January 20, 2011

New Broker Disclosure Law That You Need To Know About

New York State has a new law that will change your apartment search here in Manhattan and possibly make it a little more complicated. But the more you are informed, the better the experience, the easier it is to find your dream home.
The New York Times recently wrote an article describing the law and it’s effect on buyers, renters and realtors alike. The Broker Disclosure Law will have the real estate agent make their client’s sign a form “stating that they understand whom the agent represents and to whom the …

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by Anthony Longo on January 3, 2011

Noah Steps Up – In a HUGE Way!

Noah Rosenblatt, proud author of uber-awesome New York Real Estate Analytics Blog UrbanDigs launch an entirely upgraded website & company today!  Although I have not got a chance to login and review the website as of yet (I am assuming he will be granting us a nice free subscription sometime later today), Thanks Noah.
Via Urban Digs…
This day represents 4 years of envisioning, 2 years of planning, and 14 months of intense data mining and development. Please give these new tools time to grow on you and us time …

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by Anthony Longo on October 19, 2010
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