JEANNE REARDON - Attorney at Law
RSS

Delivered by FeedBurner


Recent Posts

COVID-19 UPDATE
What does the "on or about" closing date in my contract to purchase a home mean?
Real Estate Contract Mortgage Contingency Clause
Why a Home Buyer Needs Title Insurance
Joint Ownership of Real Property in New York

Categories

Capital Gains Tax
Closing Costs
Condos and Coops
Deeds
Foreclosure
Home Buying and Selling
Home Mortgage Refinance
Homeowner's Insurance
Investors
Loan Modification
Making Home Affordable
Real Estate
Real Estate Closing Costs
Refinance
Short Sales
Title Forms
Title Insurance
TRID
Types of Ownership of Real Property
Welcome
Zoning

Archives

March 2020
October 2018
September 2018
June 2018
May 2018
February 2018
November 2017
April 2017
February 2017
January 2017
May 2016
April 2014
February 2014
January 2014
January 2013
August 2012
June 2012
March 2012
January 2012
December 2011
November 2011
October 2011
September 2011
July 2011

powered by

Real Estate Law Blog

Condos and Coops

COVID-19 UPDATE

COVID-19 Update:

At the Law Office of Jeanne Reardon, the health and safety of our staff and clients is our top priority.  Since you rely on us for your legal needs, we remain ready to help you in this difficult time as we face many health and financial challenges.  Accordingly, we are taking a number of steps to minimize health risks during this health crises while serving our current clients as well as new clients coming on board.

Our law firm will be adhering to the guidelines presented by the Centers for Disease Control and our local health officials, and we continue to monitor them for updates as they are released.

Real Estate Contract Mortgage Contingency Clause

Most people obtain financing when purchasing a house, condo, or co-op.  In that case, the contract of sale will contain a mortgage contingency clause making the sale contingent upon the buyer obtaining a mortgage in a certain amount.  If the buyer's loan application is denied by the lending institution, the buyer can then cancel the contract and get the down payment back.

In order to benefit from the protections allowed by the mortgage contingency clause the buyer must strictly abide by all its terms, i.

Why You Need a Real Estate Lawyer When You Buy or Sell a House

Whether you are buying or selling a home, your team of expert advisers should include a real estate closing attorney. Real estate closings  are complicated matters and require a thorough knowledge of the law.  With a decision as serious as buying and selling real estate, it is important that you are guided throughout every step of the closing process by an experienced and knowledgeable real estate lawyer.  The purchase of a home is often the single largest financial transaction you will ever make in your life.

Co-op and Condo Property Tax Abatements

News About the Cooperative/Condominium Abatement
Recently, the NY State Legislature passed bill S2320/A3354, which amended the Co-op/Condo Abatement. For more information and a description of changes, click here.
    
Owners of cooperative units and condominiums who qualify for the Co-op/Condo Property Tax Abatement can have their property taxes reduced. The amount of the abatement is based on the average assessed value of the residential units in the building.

Co-op Buyers Should Consider Purchasing Title Insurance

It is a commonly accepted practice for home buyers to purchase title insurance.  Title insurance provides buyers, and their lenders with coverage up to the full purchase price of a home in the event a valid title claim is instituted against the property.  Buyers of co-ops, however, rarely purchase title insurance.

Since co-op buyers are not purchasing real estate, but rather shares in a corporation – accompanied by a proprietary lease that gives the buyer the right to live in the co-op, traditional title insurance would not cover the buyer's ownership interest in the shares.