Real Estate Sale At NYC Firm

Sell Your Home In 2019, Not 2020- Here’s Why

Hardly any individuals are anticipating that 2019 will be a record breaking year for home costs. In any case, 2019 may be the best time for you to make your home available. Particularly in case you’re going back and forth about selling this year or next, Nick Ron, CEO of House Buyers of America, suggests going with a fallen angel you know as opposed to the demon you don’t. On the off chance that you purchased your home in the most recent year or two, still love it and would not prefer to part with it, feel free to hold up an additional five years before returning to the idea of selling. You can do this because there will most likely still be buyers on the market when you do decide to sell. Yet, in case you’re gauging your choices to sell, thinking about selling this year or perhaps the year after, don’t play the cat-and-mouse game. Home value development eased back in the second part of 2018, with fewer purchasers entering the market, in part because of rising financing costs issued by the Federal Reserve. This is a second reason as to why selling now will be a superior choice as oppose to holding off until 2020. In 2019, purchasers shouldn’t anticipate that home buyers should flood the market again and drive costs up really high, but on the other hand it’s probably not going to be an emergency for home vendors. If you take this advice and decide to sell your house, you are going to need an attorney.

The Law Office of Robert Aronov and Associates has an experienced NYC based real estate law team who can assist you with your purchase.

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 New Rent Reform Laws in NYC Stirs Trouble For The Real Estate Industry

With new legislation passing in New York, tenants of rent regulated apartments throughout NY will be benefiting from new protections due to a landmark bill that amended the rent laws. The Real Estate industry has been opposing this bill for a long time and it will have a negative effect on them. Governor Cuomo said in regards to this bill that he hoped to make housing more affordable. Many things that tenant advocates have pushed for were given to them in this bill. They called for “universal rent control” such as putting an end to high rent vacancy deregulation and protections against unnecessary major capital improvements. Landlord groups are livid and vowed to reject and fight the bill as much as possible. One thing in particular that they want to fight is the clause that makes these reforms permanent, and a lawsuit is coming in the near future. Some real estate groups have said that this new legislation may make affordable housing even harder to achieve. This is due to the fact that it will throw off the balance between protecting rents and buildings taking in enough money to compensate for the maintenance.

Real Estate Attorney Office

What Does A Real Estate Lawyer in NYC Do For You?

Some people are the types who want to take care of everything by themselves. “If you want a job done right, better do it yourself!” – is usually only valid if you specialize in that job. When it comes to handling real estate, it’s best to leave it to the professionals. You may wonder what services these lawyers actually perform. Here’s a quick run-down on four things that real estate lawyers do that you might take for granted:

Create legally binding contracts

Buyers and sellers can negotiate the terms of the sale on their own; however there are some legal procedures to follow for the State to recognize the sale. Everything must be stated within a written contract and transcribed within accordance of the law. Although most real estate agents will offer to provide the contract, they are motivated by closing the sale and often follow a standard template. They may not adjust it according to your needs and may not pick up on errors before the finalization of the agreement. It is more beneficial to let them help you negotiate and create the contract accordingly.

Submit all paperwork

Many types of real estate deals will require you to submit paperwork to the state and sometimes the county as well. A real estate lawyer knows how and where to file all the requisite documents and will do so quickly and efficiently. These records are important to ensure that this property legally becomes yours, to live, sell, or mortgage as you please.

Investigate any issues associated with the property

A seller may fail to disclose any outstanding issues with their property, such as unpaid mortgages, a judgment lien, or even termite infestations. Some of these things can be found within public records, but some people don’t think to search for them. Lawyers have connections with title search companies and so they can access this information for less cost and time. They’ll also investigate the property for any problems they know people are likely to hide and could even help bargain down the price for you.

Cover all legal grounds

If you are purchasing a property for commercial purposes, there are more procedures to follow than those for residential purposes. Some real estate lawyers are also trained in this field and can help you establish a legally valid business identity, obtain a tax identification number, and secure your business license in your local government. They will also inform you if you are violating any zoning laws and can give you advice on which locations are best suited for your business.
If you are interested in buying or selling a property, it’s always best to consult a real estate lawyer within your state before you pursue with the deal. It can help you prevent some possible legal woes in the future. Why wait until something goes wrong before taking action? With a real estate lawyer by your side, you aren’t just purchasing paperwork and guidance; you’re also purchasing peace of mind.

Robert Aronov & Associates, PC 88-02 136th St Jamaica, NY 11418 (718) 206-1555 realestatelawyernys.com

 

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Do I Need a Real Estate Attorney in Queens & NYC?

You might be wondering, “what can a real estate attorney do for me that I can’t already do for myself with a little bit of research?” The thing is, there are a lot of services they can offer you which can’t be so easily handled on your own. Real Estate Attorneys don’t just offer lip service and knowledge, they also provide a lot of services such as documenting and reviewing transactions which include buying, renting, appraising, and inspecting property. They can also help you resolve claims with insurance or problems with your property’s environment. They can also defend you in court with lawsuits involving your property. So else what can a real estate attorney do for you?

Provide Documentation

A lawyer will draft documents in accordance to the law in your area. They may help create contracts for purchases, leases, finance, estate planning, and other transactions. It is integral to their job that they help clients properly clear paperwork and only licensed attorneys who are experienced in the law can draft, revise, and finalize the paperwork.

Negotiate

This is where experience really counts. A good attorney will get you the best deal for your property and will help you set terms and conditions for your deals so that you won’t get the short end of the stick when things go wrong. Often times this involves other parties such as other lawyers, develops, brokers, and maybe even investors.

Give Legal Advice

An experienced real estate attorney will never let you down. There are those who specialize in reviewing contracts and terms for real estate deals. You can go to a lawyer for reviewing the contents of a contract, whether it’s one prepared by yourself or presented to you, they can look over it and inform them of any loopholes, disadvantages, or other things they can put into it to make things work in your favor. They can also spot and legal issues contained in the title, consider other reports involved such as environmental factors, additional contracts, or other issues. They are trained to find things which are not noticeable to laymen.

Defend You in Court

If a property transaction does not go well and courts are involved, you will need a lawyer to represent your case to have a better chance of winning. The lawyer will know what documentation they will need to procure, file it with the judge, begin the appeals, and bargain with the opposing lawyer in your place to work out a settlement, and even participate on your behalf for the legal hearings and court procedures.

Handling Mortgages and Trust Foreclosures

There are lawyers specifically trained for this purpose and they are very active during turbulent economic times. Sometimes these lawyers represent the borrower, other times the lender. Depending on which side you’re on, they give different services. As the lender, they will guide them through the foreclosure progress, if you are the borrower, they will look for mistakes in the process, and negotiate for a settlement to prevent the foreclosure.

There are many services a lawyer can provide for you. If you are uncertain whether you need one or not, many of them are willing to provide free consultation and you can decide from there if you would like to avail of their services or not. There is a lot of responsibility that comes with this branch of the law and with closing contracts on real estate. It never hurts to go inquire with one!

Astoria, NY Real Estate

Real Estate: Condos Versus Apartments

Most people aren’t aware of the differences between renting a condo and renting an apartment unless they experience living in both them. The general impression is that condos are are easier to maintain over apartments and have more services available to them.

A quick look on condos and apartments will quickly show the differences of both of them. Let’s take a look at some of the details of a condo and an apartment to see which among the two would better fit your lifestyle.

What is a condo? What about an apartment?

While it seems that condos can share the building with business establishments and their offices, a condo is a definitely an area of residence equivalent to a house. Most condos have the same features as houses and can even include a garden or a porch.

So, basically a condo and an apartment are real estate properties. Both are shared properties that are parts of a building and they are considered as individual living units. In a condo, each unit is owned and most of those living in condos are the owners of each unit.

Therein lies the main difference– a condo is typically an owned property. While there are condo owners who lease their units to others, most condos are actually being leased as rent-to-own type. The apartment is a rented property and it is rarely ever owned by the tenant. That is the main difference between the two.

Renting an Apartment: Pros and Cons

Let us take a look at a more detailed description of how it is to live in an apartment. The following are the advantages of renting an apartment:

Apartment pros:

Payment flexibility:

There is more flexibility in terms of choosing a short-term or a long-term lease. Some apartment owners allow monthly payment which gives you the chance to move whenever you want at a short notice. It is a good option for those who move from one place to another as a part of their lifestyle or job.

Maintenance free:

There is no need to worry about maintenance in an apartment. It is the owner’s responsibility to shoulder the problem promptly. This is an advantage especially if money is tight and unexpected repairs suddenly pop up.

Lower initial expense:

There is a lower upfront expense when choosing to live in an apartment as the owner asks only a security deposit of two months and an advance rent of one month.

Apartment cons:

Not a long term investment:

Since you are just renting, you pay for each month or year you live in there. There is no long term investment in it.

No tax advantage:

There are no tax deductions in renting an apartment.

Rent increase:

Apartment owners have the option to increase the rent when they feel the need and if you are not amenable to it, then you go through the hassle of moving out and finding another place to stay.

Contractual agreement:

There is less stability in an apartment as you have no control on some matters such as when owner decides not to renew your contract.

Building rules:

There is lack of freedom in an apartment as some owners will have their own restrictions such as no pets allowed, no noise, etc.

Buying a condo: Pros and Cons

Just like living in an apartment, living in a condo has its own pros and cons:

Condo Pros:

Long term investment:

It is cheaper to buy a condo because the unit eventually becomes your property which you pay at affordable terms. There may be higher upfront costs such as paying for its equity and processing fees for its purchase but the monthly payments are typically priced at a lower rates and the unit becomes an investment when you finally pay it off.

Payment consistency:

The monthly mortgage payments that goes with having a condo is fixed throughout the number of years that you are going for pay it.

Freedom to upgrade:

The property is yours and you are free to do what you like within its walls provided you do not disrupt other portions of the building.

Tax benefits:

A condo is a real estate property so, each time you pay for it, you are investing with the hope of getting your cash back with a little mark up when you sell it. Along with that, you are qualified for tax deductions such as property tax and mortgage interest.

The cons of having a condo:

Association fees:
Condo owners pay homeowners’ association fees because condo owners are considered business partners in that shared community. It may be a monthly fee of $300 a month so make sure you know the fees beforehand.

Miscellaneous fees:

The possibility of paying additional fees to cover up shortage whenever some members are delinquent in paying as well as other fees determined by the building.

Maintenance:

Unlike an apartment, owning a condo means taking care of your own maintenance. While apartment owners don’t have this problem, it is the condo owner’s responsibility to maintain his own unit.

Long term value

Investment-wise, condos appreciate in value slower than the typical single-family homes as there is no land associated with it. Also, it is difficult to sell a condo for this same reason. But then, real estate markets can fluctuate and there is a possibility that you may have to sell it at a loss.

Given this information, whether to rent an apartment or buy a condo, you are now in a better position to decide which option is the best for you. Though buying a condo may seem like the better option since you are ‘investing’ in something and your monthly payments are actually adding to your investment (not a benefit you get when renting an apartment) you need to do some extra research to ensure you profit from your investment. Not all condos go up in value as time passes.

Many factors affect the decision of rent vs. buy. some people even have to use an online rent vs. buy calculator to make sure they arrive at the best decision. Other factors that need to be considered are the rents on where you live, current mortgage rates of condos, an estimate of the increase in rents, an estimate of condo price appreciation, tax rate, and other information. Don’t forget to take potential legal implications to heart when making any transaction. Always speak to an experienced real estate attorney near you before buying, selling or renting any real property. In the fast growing rental estate market, sometimes renting an apartment can be a better option than investing in a condo.

Robert Aronov & Associates, PC 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 https://realestatelawyernys.com

NYC Real Estate Properties

5 Questions To Ask Your Real Estate Lawyer

For those not familiar with the process, real estate transactions can be hard to follow. If you want to buy or sell property, you may need the help of an expert in the field such as a real estate lawyer. At times, a simple deal may not need a real estate lawyer but due to the nature of real estate transactions, there may be easily overlooked complications that can cause all kinds of problems and lead to a complex drawn out problem.

Selling a typical single home may not need a lawyer but buying real estate property is a different matter. Buyers usually have bigger risks, especially If you are a residential investor buying homes from homeowners facing foreclosure– a real estate lawyer is definitely needed in this type of transaction.

Here are some questions to test the reliability and suitability of your potential real estate lawyer.

1) Their professional experience

It helps to know how much experience in the real estate lawyer has. This will be especially important when dealing with a real estate development which has more complicated issues to consider.

2) Have they handled similar transactions?

Ideally, your real estate lawyer should have handled some cases similar to yours to ensure a quick and smooth problem-free transaction. They are also much more likely to spot something very easily overlooked if they’ve handled transactions like yours.

3) The way he or she will handle your case

Ask how the real estate lawyer plans to handle your case. This gives a good idea of what to expect and will show how knowledgeable the attorney is. You can sense a red flag when the real estate lawyer starts responding vaguely– “Oh don’t worry about it, we will take care of it.”

Ambiguous responses mean that the real estate attorney isn’t prepared to give you even a brief description and explanation of things. With such high stakes involved, you will want a more open lawyer to handle your case.

4) How will you be billed

It is always important to know your billing schedule so that you can prepare for the payment and avoid any surprise fees. Some real estate attorneys work on an hourly basis with a standard rate of about $150 to $200. Fees may require a negotiable rate and sometimes, a flat fee may be asked.

5) Will anybody else assist with the case

Some lawyers are a part of a law firm with assistants who support them. They may assign it to a junior attorney or a paralegal. It is best to ask who will be involved in your transaction and their level of involvement. Be sure to establish good communication with everybody.

If you base your real estate lawyer selection on the questions that have been stated above, you are sure to find the best attorney to handle your real estate transaction. There are many real estate lawyers you can find online and it’s easy to get recommendations from your family or circle of friends.

Robert Aronov & Associates, PC 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 https://realestatelawyernys.com

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Purchasing A Residential Or Commercial Property The Right Way

Purchasing a home is an experience of a life-time and one of the most important investments anyone will ever make. Contract bargaining is an aspect of the real estate market that depends on the market itself. Meaning, in a buyers market the power will shift one way while in a sellers market the power will shift the other way,

This is exactly why it is so vital to have a qualified attorney at law review, edit and incorporate the contract for the client. Good legal representation can make up for the side that has the disadvantage due to the current market. Only a lawyer who will take the time to negotiate provisions is worth hiring. Law firms that use standard contract of sale forms are not worth anything.

Once you hire a good firm it is time for an inspection. You must make sure everything to do with the engineering of the property is up to par. Now you will be ready to sign the contract, just make sure your attorney is really playing your side up. Next up will be the financing and appraisal of the property, Once the financial aspects are cleared up it is just a matter of making sure the title is clean without any liens and then closing the deal with final signatures.

when a seller sees the buyer has a serious attorney they will usually be wise enough to contact their attorney and let them know about any NYC Code violations, illegal tenancies, liens, judgments, illegal construction or other issues that can lead to a contract cancellation and wasted time and money.

Robert Aronov & Associates, PC 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 https://realestatelawyernys.com

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What To Expect From A Real Estate Lawyer When Buying A Home

A real estate lawyer is involved day to day with the legal aspects of acquiring and selling real property. These attorneys do a lot more than average person thinks. This article will go through some of their essential tasks. It will hopefully shed some light and answer some of the questions on the legal side of real estate.

The legal representative you choose will give you a letter listing what sort of paperwork and documents they will need from you. You can expect to pay somewhere around $1000 in fees so it is crucial that you understand where this money is going. Make sure you find an attorney you can trust that will guide you all the way from the deposit to the closing stage.

Here are the most common expenses you are likely to incur in order to close on your property:

  • Property tax
  • Disbursements
  • Land transfer tax
  • Legal fees

If you it so happens that you are having a new construction home built, you can ask your real estate lawyer to provide you with an estimate of the costs along with common hidden charges that the builder could bill you with. Samples of such would include:

  • Fencing charges
  • Meter installation fees
  • New home warranty fees
  • several others, depending on your builder

Once everything checks out and all the agreements are met, the lawyer begins closely examining property in greater detail to make sure everything is clean before moving onto closing. What exactly does the lawyer need to look into?

  • Property tax history
  • Applicable zoning permissions
  • Registered title searches
  • Utility search

All types of letters will now need to be sent out by your attorney. Example: a letter addressed to municipal and regional departments ensuring that the property doesn’t have any pending problems. Problems like:

  • Easements
  • Conditional sales contracts
  • Liens
  • Unregistered agreements
  • Several other things that may affect the buyer of the property

One of the most common problems at this stage are easements. There are many reports of people building fences not realizing they aren’t legally allowed to or parking their cars in areas they shouldn’t. A real estate lawyer will make sure you know about all these things before the deal is finalized. In addition, your lawyer will also inform the utility departments of the closing date of the sale and have a final meter reading done so that the last bills will be delivered to the seller of the property.

Along with the utility departments, your lawyer will also contact the local zoning departments and give you the details of all zoning laws, restrictions, and permissions granted you. This way, you will know if you are allowed to put a pool, build a large deck, change fencing, etc.

As mentioned, one of the essential tasks of your real estate lawyer includes a search of the title in the land registry office to prove that the seller is indeed the real owner of the property and is legally allowed to sell it. This is arguably the most important task of the attorney so it is wise for one to be on top of his attorney regarding the matter.  There are countless scams and cons nowadays that are related to the title.

These are some of the key tasks of a real estate lawyer. Purchasing a home is usually the biggest commitment a person will make. Make sure to do it right and find a lawyer you can put your trust in.

Robert Aronov & Associates, PC 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 https://realestatelawyernys.com

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7 Things A Real Estate Attorney Should Do

Generally speaking, the law can be needlessly complicated due to its vast nature, wording, and terminology. Real estate law is even more complex since so many people aren’t familiar with how the process works and how there is so much bureaucratic red tape to go through. To fully understand real property law, you’d need to get consultation from a law firm that specializes in this field so you can be guaranteed that your legal issues are completely resolved and will never come back to haunt you.

  • What do real property law firms specialize in?
  1. Breaking down and explaining the legal meaning of the documents involved and how they can affect all the included parties.
  2. Negotiating and drafting contracts on your behalf so that the parties included will not have any roadblocks during the entire real estate transaction.
  3. Making sure the client is legally and financially covered should the real estate deal fall through.
  4. Controlling all types of disputes related to real estate  law such as mortgages, foreclosures, escrow, and other issues.
  5. Guiding and advising buyers and sellers to ensure the real estate transaction goes well and without obstacles and delays.
  6. Ensures both parties understand the statute of regulations within real estate law including, but not limited to, FIRPTA, RESPA, 301 Exchanges, etc. and how these regulations affects everybody.
  7. Making sure buyers and sellers understand the legal ramifications of issues involving titles, property conditions, zoning permits, and how all this falls under real estate law.
  • When should you seek out a real estate law firm?

There will be instances where the assistance of professional law firms will not be needed in a transactions. But because of the large reach and complexity of this field of law, there will be several circumstances that makes it in your best interest financially to get the help of a law firm. Here are a few examples of such circumstances:

  1. Going through foreclosure. Foreclosure is difficult and can greatly affect you and your family’s lifestyle and situation. Real estate law firms will work to keep you treated fairly.
  2. Buying or selling property. This is considered a high risk transaction and your law firm will make sure things go smoothly and everything stays legal. You don’t want to be one of the many people who were fooled and bought homes with several violations. Zoning laws are an example of something that you will surely need professional help with.
  3. Handling estate taxes. Real estate law firms will be able to determine everything you owe concerning your yearly real estate tax in depending on your state laws.

Should you ever feel overwhelmed by real estate proceedings, make sure to find a good law firm to handle your case. The time you save and headaches you’ll avoid is well worth the money.

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Real Estate Law- Buying Homes

7 Mistakes Home Buyers Make When Purchasing Real Estate

Mistake #1: A potential home buyer should never rush to put down a deposit. First, think about how long you plan to own the house. What type of market and demand does the home have in terms of selling it down the line. Making a list of pro’s and con’s and articulating your thoughts on paper can help you make a proper decision before leaving a deposit. Changing your mind after leaving a deposit means saying bye bye to your deposit..

Mistake #2: Trying to avoid an engineer inspection in order to save the $400. Structural problems and other major repairs are usually not covered under a contract of sale. Although adequate plumbing, heating, roofing electrical systems are covered they are minor issues compared to structural issues.

Mistake #3: First time home buyers don’t learn about the home buying process. One must understand the whole process from A to Z including all the “lingo” in order to help secure their biggest investment yet.

Mistake #4: Hiring a “lawyer” that represents the real estate and not you. This often occurs when a real estate company or developer recommends an attorney that  has allegiance to the developer. Hiring a legal Representative where there is a conflict of interest is a dangerous move.

Mistake #5: Not reading the actual agreement. It may seem simple, but many home buyers avoid reading all the claws in the contract. Your real estate attorney must explain every detail to you as what he deems good for you may not always suit you.

Mistake #6 : Not preparing for a delay in closing. Sellers do not always move out in time. If you have a landlord and are renting you should try to agree upon a flexible extension option. If your seller is not ready to close right away you should avoid telling your mortgage broker to lock your rates.

Mistake #7: – Not being familiar enough with the area and the neighbors. One must inspect ever aspect of living in the new area they plan to buy real estate in. Is the area safe? How are the neighbors? Are the schools a good fit? Is it quiet at night? Is the area developing well (roads, shops, municipality etc.)? Ask around and look around and try to learn as much as possible about your potential new neighborhood.

Contributed to the Robert Aronov NYC Law Blog