Category Archives: Real Estate Legal Tips

The Integral Role Of International Buyers In The New York Real Estate Market

In the current New York real estate market international clients seem to be the bigger players in the game. Market savvy foreigners are taking advantage of the fluctuating United States dollar and investing their money in the safety net of our amazing city’s market.
It seems that over the years the international clients have evolved. The New York Times reports that in the 1980′s it was the Japanese buyer’s in New York, the 1990′s were the clients from the Middle East and Russia, and then it was the Europeans taking advantage of …

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by Anthony Longo on October 14, 2010

Jumbo Loans help Real Estate Market move past the Jumbo Disaster

In the tristate area, a jumbo loan is defined as borrowing more than $729,750.
In a city where the priciest home to hit the market last week was a 10-bedroom townhouse at 1016 Madison going for $72 million, it shouldn’t surprise anyone that lenders have decided to make it easier to qualify for these loans, in addition to bringing down the rates.
The New York Times reports that real estate brokers are hopeful.  Frederick Wohlfarth, president of Wohlfarth & Associates, said he has already seen a 40% rise in sales requiring jumbo …

by Anthony Longo on April 5, 2010

Friedberg Cohen Coleman & Pinkas, LLP Tip of the Month: Save Money When Buying in NYC

One of the biggest closing costs when purchasing a Condominium in NYC is the “mortgage recording tax”.  This  is a tax a purchaser pays when obtaining a mortgage loan to purchase their condo.  If your loan is greater than $500,000, the tax is equal to 1.925% of the loan amount.
HOW TO AVOID PAYING ALL OR A PORTION OF THE MORTGAGE RECORDING TAX:
If the Seller has a mortgage on the property that you are purchasing, ask your attorney to request an “Assignment of Mortgage”.
The law permits the Seller’s existing mortgage to be …

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by Anthony Longo on March 25, 2010

Some clarity for NY condo buyers and sellers and the “street ninjas”

First off, I’d like to thank all of the writers, editors, bloggers and publishers who took our story yesterday and “went for it”. Right now is a crucial time for us as we are in “education mode” – just getting the word out that all New York buyers and sellers NOW have a choice to save money when buying or selling in New York City.  Joey from Curbed, special “shout-out” for coining the real estate “Street Ninjas” as it has been a big hit in our office even though …

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by Anthony Longo on March 24, 2010

Introducing Our Preferred Attorneys: Friedberg Cohen Coleman & Pinkas, LLP

When it came down to choosing our preferred attorney for CondoDomain NYC, the choice was obvious.
Friedberg Cohen Coleman & Pinkas, LLP has over 75 combined years of legal experience and has been one of New York’s top boutique residential real estate law firms for over ten solid years.
Partner Edan E. Pinkas and Founding Partner Bruce Friedberg have built their practice into one of the most well respected law firms in New York which prides itself on hands-on service and a superior level of service.  “Our focus”,  says Edan, “is providing each and …

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by Anthony Longo on March 1, 2010

Friedberg Cohen Coleman & Pinkas, LLP Tip of the Month

As the preferred attorney for CondoDomain NY, I will be posting tips periodically to help prospective buyers in today’s real estate market. Please visit our Closing and Title page for more information.
Q. How can I protect my deposit in the event my lender is unable to provide financing?

A. Funding Contingency: This eliminates all risks associated with financing in the event your lender becomes insolvent, is put into a receivership by the Federal Government, etc…. and is effectively no longer conducting business. A sample funding contingency would read “If Purchaser’s Institutional Lender or Licensed …

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by Anthony Longo on February 18, 2010
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