Selling a home during or after a divorce can be a complex and emotional process. It’s often one of the most significant financial decisions a divorcing couple will make, as the sale’s outcome can impact each party’s financial future. As such, effective communication is important when selling a home amid a divorce. Both parties should – when possible – agree on a joint strategy covering all aspects of the sale, from the listing price to how offers will be handled. This agreement should be documented, possibly with the help of a mediator or their legal representatives, to better ensure that both ..read more

For years, real estate sellers in New York have had the option of giving a buyer a $500 closing credit instead of filling out the state’s Property Condition Disclosure Statement, wherein they have to list everything they know that might be wrong with the property. As of March 20, 2024, however, that’s no longer an option. If you plan on selling your New York property any time soon, it’s important to understand what’s expected of you. Too many bitter buyers, too many rising risks The changes in the law basically transform the legal landscape between buyers and sellers from “buyer beware” to “se ..read more

New York real property owners, especially residential property owners, may not think much about the physical “ground” plot or parcel that they purchase. After all, most residential parcels are only a fraction of an acre. The focus when buying a home is often on the condition of the property, its appearance and any recent improvements made to the property. The buildings or improvements on a parcel are a major contributor to the overall value of a property. However, the land itself can also be exceptionally valuable, particularly in high-demand neighborhoods. Property owners, therefore, need to ..read more

It looks like the cost of selling (and buying) a home is going to be dropping this year, no matter where you live in the U.S. That’s thanks to the settlement reached this month by the National Association of Realtors (NAR) and home sellers participating in a class action lawsuit against the largest trade organization in the country. About 90% of home sales involve NAR-affiliated agents, who number around 1.6 million. The settlement, in which NAR agreed to pay $418 million, is pending court approval. However, it’s creating buzz across the real estate industry and beyond. The lawsuit was over th ..read more

Purchasing a multi-family dwelling is a significant investment that can result in lucrative returns but can also be risky in ways that could compromise its potential to deliver on the “promise” of such returns.  As such, whether you’re an experienced investor or new to real estate, it’s important to make truly informed decisions to protect any investment that you opt to make. To start, carefully consider the following.  Financing and economic viability You’ll want to analyze a property’s expected cash flow, operating expenses and potential rental income to better ensure economic viab ..read more

Many people would like to know if anyone passed away peacefully or violently in the house they are looking to buy. The discovery that someone did die in a house may cause a buyer to look elsewhere to avoid being associated with the death. Do sellers need to tell buyers this information if they are aware that someone did pass away in a home?  In New York, sellers don’t need to disclose a death in a home because it’s not a material defect. Similarly, if a homeowner or occupant had a non transmittable immunodeficiency disease, then the seller doesn’t have to tell a potential buyer. Understan ..read more

Whether you’re in the market for residential or commercial property, you likely want to purchase one that will increase in value over the years. That’s why you’ll want to beware of any property-related concerns associated with functional obsolescence. Most people associate functional obsolescence with tech products like phones, computers and other gadgets where something else is likely to come along in a few years or so that will make it obsolete. How many people do you see today with iPods or those bound organizers that everyone used to carry with them? While this concept makes sense in the r ..read more

When purchasing a home, conducting a title search is a critical step in the process. This search aims to uncover any issues that might affect the buyer’s right to the property. A title search seeks to ensure that the property is free of any encumbrances or legal issues that could complicate the ownership transfer. Common issues identified in a title search Various issues can emerge during a title search. These may potentially delay or derail the home-buying process. Understanding these issues is vital for anyone involved in a real estate transaction. Liens against the property: A lien is a leg ..read more

Transparency is vital to a smooth transaction and legal compliance when selling a home. Sellers are typically required to disclose specific information about the property to potential buyers.  Disclosures ensure that buyers are fully aware of the property’s condition and history, which can significantly impact their decision to purchase. Disclosures about the property’s condition Sellers must disclose any known defects in the property. This includes structural issues, such as problems with the foundation or roof, and systems, such as plumbing, electrical and heating. Even if the seller ha ..read more

Since the homebuying market is so competitive, finding a great deal may require a little extra effort. However, don’t fret, because there is almost always something out there for every potential homebuyer. If you’re looking for a new home that’s below market value, you might want to consider distressed property. With a little patience and determination, you can find a residential real estate that meets your needs. What exactly is a distressed property? Exploring the two most common types of distressed properties can give you insights into what these real estate assets entail. What is a short s ..read more