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.
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.
The standard residential contract of sale used by attorneys
in the New York Metropolitan area will often state that the closing will take
place, for example, “on or about December 1, 2018.” In New York, unlike many other states, the
“Closing Date” contained in the contract, especially if the words “on or about”
precede it, is a fluid date. It is rare
that a closing actually occurs on the date specified in the contract. The
phrase “on or about” has been interpreted by the New York courts to mean that
either side has a reasonable period beyond the “on or about” date in which to
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.
order to benefit from the protections allowed by the mortgage
contingency clause the buyer must strictly abide by all its terms, i.
property ownership can be a great solution for people who want to own a home,
especially for first-time buyers. But joint ownership can limit your rights and
options -- not only while you own the property, but also when you want to
transfer ownership to an heir or another buyer. There are three major forms of
joint property ownership (or "concurrent ownership") -- tenancy in
common, joint tenancy, and tenancy by the entirety.
Tenancy in Common (TIC)
in common (sometimes called a "TIC") is the most popular form of
concurrent property ownership.
On October 3, 2015, the Consumer Financial Protection Bureau’s (CFPB) new
mortgage disclosure law, also known as the TRID went into effect. TRID will
help consumers be more informed regarding the closing cost.
things you should know about the new law:
1. Initial Good Faith Estimate (GFE) and Truth in Lending disclosure (TIL)
are now combined into one new form called the Loan Estimate (LE).
2. Instead of the old forms such as the HUD-1 and Final TIL we now have the
Closing Disclosure (CD).