If you are planning to buy a home, you need to be extra vigilant about inspection because there are sellers who will do anything to close a sale - including not disclosing problems with their homes. As a buyer, you need to be vigilant in knowing every single issue with the home you are planning to purchase. Not doing so can cost you a significant amount of time and money in future repairs. Doing a thorough home inspection before buying can alert you to the following problems home sellers might hide from you. But what happens when the buyer discovers serious issues with the property after the d ..read more

Buying a house, whether newly constructed or not, is a significant investment for everyone. It might have taken you several visits to the property before finally deciding to buy it. Discovering undisclosed property defects after sealing the deal can be a daunting experience, especially when you have trusted the seller to be transparent with the property’s condition. Sellers have a legal duty to disclose property defects, recent repairs and relevant incidents to potential buyers. It includes any information that impacts the property’s value or safety. It could be anything related to the house f ..read more

Investing in residential real estate can be a smart financial move in the long-term sense. Those who maintain ownership of real property can convert a fixed ongoing expense generated by the need for housing into a source of personal wealth. Instead of paying rent, they pay a mortgage and slowly accumulate equity in the home where they live. When looking at long-term property values, residential real estate in New York tends to appreciate value over time. However, not every property conforms to that trend. Some people may find that their home does not accrue value as rapidly as other residentia ..read more

Wherever you are living, whether you own the place or are renting, you will always want to make it a place you can call home. Decor, paint and lighting changes could affect how cozy your living environment is. For someone living in a condo, altering their unit is a complicated process. A condo unit owner has less control over renovation than a detached house owner. Moreover, the Condo Association controls most activities in your building. Before proceeding with the unit renovation, you would need the approval of the Condo Association. Here are three reasons why the Condo Association might reje ..read more

Your neighborhood was quiet and serene until your next-door neighbor opened a bustling insurance office. As their agents, staff and claimants come and go, day in and day out, you wonder if something can address such disturbance at your apartment complex. Although New York City allows residents to operate businesses from their homes, its Zoning Resolution has set some limitations. A home-based business should be 500 square feet or 25% the size of a house, whichever is smaller. How commercial businesses and residential units interact in NYC While most NYC residents live in apartments, many ..read more

When you enter into a co-ownership agreement, you tie your financial and legal interests to those of another party. You may have purchased a home with a sibling, inherited a property with other family members or invested in real estate with a business partner. The two most common forms of co-ownership you will encounter are joint tenancy and tenancy in common. While co-ownership is a smart way to share costs and responsibilities, it can also lead to disagreements and quarrels between co-owners. Why does co-owning property lead to disputes? Because you are a co-owner, you have legal rights and ..read more

Dealing with real estate disputes can be challenging, especially if they involve severe errors or problems that can impact the title and the owner's rights. These conflicts often lead to lengthy legal procedures to help clarify the situation and determine an appropriate outcome, such as a quiet title action. This type of lawsuit happens when someone wants to settle ownership disputes that may arise because of various issues. It may only be applicable in specific scenarios, such as the following: When the property's owner died before resolving ownership claims, causing problems when the p ..read more

A residential real estate transaction is a major financial undertaking. There are numerous documents that influence real estate transactions, and those who prepare properly may have few issues reaching the closing table. Unfortunately, some closings do not occur as scheduled. Changes in the buyer's employment or issues with the property might lead to a canceled closing. Those who had hoped to purchase real property may then find themselves negotiating for the return of their earnest money. Sometimes, conflicts about earnest money may require litigation before a resolution can be reached effect ..read more

Real estate transactions often involve multiple parties and large sums of money, making them complex. With so much at stake, these transactions can become prime targets for scammers or fraudsters. Property owners selling their homes can suffer devastating losses if they fall victim to these scams, potentially losing their property and expected proceeds from the sale. Given this, sellers must be aware of the most common types of scams that could lead to significant financial losses. By understanding these risks, they can avoid the traps set by dishonest individuals. Scams sellers should be awar ..read more

The 1031 exchange, often referred to as the “like-kind” exchange, is a provision under U.S. tax law that can be a game-changer for you as a property investor. It allows you to put off paying taxes when you sell a property, provided you reinvest those profits into a similar or “like-kind” property. This strategy can provide significant benefits for those looking to diversify their real estate portfolios without incurring immediate tax liability. However, the 1031 exchange is not without its pitfalls. You must follow specific timeframes set by the IRS if you hope to qualify for this tax deferral ..read more