Surveys: What they are and why they are needed

When you finance the purchase of a house, Lenders will usually insist that you provide their attorney with a survey of the property to be purchased.  A survey is simply a drawing to scale of the property's boundaries and the structures built on the land, including the house, garages, swimming pools, fences, etc. and will ensure, amongst other things, that your structure or fences do not encroach on a neighbor’s property, and that theirs do not encroach on yours.

By |2020-07-27T13:28:50+00:00November 19th, 2014|Real Estate|Comments Off on Surveys: What they are and why they are needed
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Lawyers & Realtors: Can They Play Nicely Together?

Lawyers and realtors each have specific roles to play in the sale of any house, and each brings a particular set of skills and expertise to the table. When they work together as a team, their client gets the best of both worlds.

By |2020-07-27T13:29:23+00:00November 1st, 2014|Real Estate|Comments Off on Lawyers & Realtors: Can They Play Nicely Together?
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Closing In: The Real Estate Closing Date

One of the most important terms of a real estate contract is the “closing date.” This is the date that the purchaser remits the balance of funds due and the seller delivers the deed and gives possession of the property to the purchaser.

By |2020-07-27T13:30:41+00:00October 16th, 2014|Real Estate|Comments Off on Closing In: The Real Estate Closing Date
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New York’s Statute of Limitations – Another Pitfall to Avoid!

New York’s Statute of Limitations ("SOL") is designed to protect homeowners from the unfairness that might otherwise result from foreclosures concerning defaults that occurred so long ago that the homeowner may no longer possess documents, evidence or proof of payments made.

By |2020-07-27T13:30:07+00:00September 12th, 2014|Real Estate|Comments Off on New York’s Statute of Limitations – Another Pitfall to Avoid!
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Strict Foreclosure: The Second Bite of The Apple

When a mortgage is foreclosed, not only are the rights of the owners of the property extinguished, but all rights of third parties who have subordinate liens or other interests are extinguished, as well as the property, which will be sold at the foreclosure sale “free and clear” of any such interests.

By |2020-07-27T13:25:50+00:00August 5th, 2014|Debt Collection, Real Estate|Comments Off on Strict Foreclosure: The Second Bite of The Apple
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Dual Tracking Prohibited When “Complete” Loss Mitigation Application Received

While Borrowers have always had the ability to request Loss Mitigation as a way of resolving a foreclosure, both the public awareness and the legal requirements for Loss Mitigation have dramatically increased since the foreclosure crisis began in 2008.

By |2020-07-27T13:28:13+00:00July 22nd, 2014|Real Estate|Comments Off on Dual Tracking Prohibited When “Complete” Loss Mitigation Application Received
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Reducing the Foreclosure Timeline

Most Default Mortgage Servicers consistently refuse to accept a deed in lieu of foreclosure from a defaulting homeowner unless there are no subordinate liens and unless they have obtained a financial statement from the homeowner to ensure he/she does not have adequate resources to repay the loan from their other assets.

By |2020-07-27T13:33:02+00:00June 27th, 2014|Real Estate|Comments Off on Reducing the Foreclosure Timeline
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Lender’s Title Insurance: It’s No Guarantee

Title insurance is an indemnification contract, like many other types of insurance. Just as a life insurance policy does not ensure you will live forever, a title insurance policy does not guarantee that your title is valid, but merely provides the insured with compensation to offset the loss sustained as a result of title not being as insured.

By |2020-07-27T13:31:25+00:00June 12th, 2014|Real Estate|Comments Off on Lender’s Title Insurance: It’s No Guarantee
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What Recourse Does a Lender Have When A Mortgagor’s Signature is Forged?

Most residential mortgages are executed by a husband and wife.  When you discover that one of their signatures was forged, there are still several means in which your investment may still be recovered:

By |2020-07-27T13:32:01+00:00May 29th, 2014|Real Estate|Comments Off on What Recourse Does a Lender Have When A Mortgagor’s Signature is Forged?
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Avoiding Transfer Tax Penalties for REOs

When real estate is sold in New York State, the seller must pay a “transfer tax.” If the property is located in New York City, or other municipalities that impose transfer taxes of their own, an additional transfer tax must be paid to the municipality as well.  

By |2020-07-27T13:32:29+00:00April 29th, 2014|Real Estate|Comments Off on Avoiding Transfer Tax Penalties for REOs
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