Today, we’re going to talk about an important issue called title insurance. A lot of people know about homeowner’s insurance but not necessarily “title insurance.” If a house catches fire and there is physical damage to the building, the owner is covered because of the homeowner’s insurance. Similarly, if there is an unpaid debt against […]
June 18, 2014 By
New Condo v. Old Condo
Usually condo buyers have two options: either buy an “old condominium”, i.e. secondhand (usually buying from an individual owner) or a “new condo”, i.e., sponsor unit (buying directly from the developer). Real Estate Taxes If you are buying a sponsor unit, the condition of the unit is usually brand new, unless the sponsor rented it […]
April 23, 2014 By
Transferring the Assets to the Children
Laws and Practices Many parents believe that transferring the title of their house to their children as a gift could save them the need to write a will and avoid will probate procedure. There are some pros and cons to doing this. The Story: Mr. and Mrs. Smith are immigrants and have been in the […]
April 14, 2014 By
5 Things to Watch Out for When Buying a New Condo
In our last blog, we talked about what to look out for when purchasing a second-hand condo, such as unpaid bills or other unexpected assessments. In this blog, we’re going to talk about some of the items/costs that you should watch out for when you are purchasing a new condo. Inspection Home inspection is normally […]
March 14, 2014 By
Buying a Second Hand Condo? Be Sure to Check the Financials
Law and Practices: Since 2005, many new condos were built and sold in the 5 boroughs. In recent years, many condo owners are selling because after 7-10 years, they either need to relocate or move into a house . Second-hand condo buyers have to pay extra attention, because the procedures will be different from buying […]
January 16, 2014 By
Holiday House Hunting
In this holiday season, most people are busy shopping for holiday gifts. A lot of people are busy shopping for houses in the beginning of the new year. Many agents are still working as usual to help buyers to purchase their dream home. When purchasers are shopping for houses during the cold winter season, however, […]
December 18, 2013 By
How Foreigners Can Purchase a Property in New York
There are many foreign investors interested in purchasing property in the New York area, which is great for the real estate industry. However, before attempting to purchase a real estate property, a purchaser should be aware of the following before she/he makes an offer. First, Estate Tax Consequences. There will be a difference in the […]
November 20, 2013 By
Know Your House Before You Make an Offer
If you like someone, and want to have a serious relationship, you would certainly want to know this person better. You would want to know such things as his/her family background, where he/she works, what he/she likes. The same rule applies if you want to buy a house, especially when you envision that you will […]
October 25, 2013 By
Do you know what you are paying for? Check out the CO!
Law and Practices: Certificate of Occupancy (CO) is a document which dictates the legal usage of a real estate property. The CO is issued by the New York City Department of Buildings (DOB). Here is a link to the NYC Department of Buildings. Anyone can check online about information on a particular building, such as […]
September 17, 2013 By
Transferring a Deed? Don’t Forget the No Consideration Affidavit!
Laws and practices: A common practice in real estate law is called deed transfer. What is a deed transfer? A deed transfer is when you change the name(s) on the deed, which is an instrument of ownership of a piece of property. I have been requested by many of my clients to do that, mostly […]
