Staten Island Law (dot com)

Here's a list of the most common documents your attorney will need when you sell your home, along with some valuable hints.  Written from my NY and NJ perspective (where I'm licensed) but should be the same, more or less, in other states (although you should check with a local attorney to confirm).   Obtain a copy of the deed.  As long as it was recorded by the County Clerk, the "original" is not usually needed, so don't worry if you cannot locate it. Confirm your name is spelled correctly.  If your name has changed since you purchased the property, locate documentation, like a marriage certificate or proof of legal name change, to establish your identity. Ensure you have (and make a copy of) valid government-issued photo identification (driver's license, passport) and any documentation for name changes or variations within the last ten years.  Confirm that your identification is not expired or about to expire, and ensure your name is spelled correctly on t...

One aspect often overlooked when purchasing real estate in New York is how the property title is held. How you hold title to a property has significant implications for issues such as inheritance, liability, and tax consequences. Each option comes with its own set of advantages and limitations, so it's essential to carefully consider your specific circumstances and objectives before choosing a title-holding method. Sole ownership refers to a single individual holding the entire interest in a property. This option is common among single homebuyers or those who wish to keep the property separate from their spouse or partner. Highlights:  Full control over the property; Ease of transfer upon sale; and Upon the owner's death, the property passes through probate to heirs or beneficiaries according to the owner's will or, if there's no will, according to New York's intestacy laws. Tenancy in Common is a form of co-ownership where two or more parties hold an undivided in...

There's no doubt that home ownership is part of the American Dream.  While co-signing a mortgage may seem like a noble gesture and, to some parents, a no-brainer, it's essential to understand the risks involved before making such a commitment. It's crucial to have open and honest conversations with the primary borrower about their financial situation and ability to repay the loan. Moreover, consider exploring alternative options, such as assisting with a down payment or exploring first-time homebuyer programs.  For this blog entry, I will not delve into the difference between a note and a mortgage; I will just use the term "loan." 1: Liability for the Entire Loan When you co-sign someone else's loan, you're not simply vouching for the borrower's creditworthiness – you're essentially taking on the responsibility of the entire loan. If the primary borrower defaults on the loan, you, as the co-signer, will be on the hook for the remaining balance. Thi...

When purchasing a property in New York City, knowing the closing costs involved in the transaction is crucial because understanding these costs will help you budget appropriately and avoid surprises at the closing table. Remember that closing costs can vary depending on the specifics of your transaction, so it's essential to work closely with your attorney, real estate agent, and lender to ensure you clearly understand your financial obligations. In New York City, you must pay a mortgage recording tax when you obtain a mortgage. This tax varies based on the amount of your mortgage loan. The rates are as follows: For loans under $500,000: 1.8% of the mortgage amount. For $500,000 and above loans: 1.925% of the mortgage amount. Title insurance protects the buyer and lender against any potential legal issues related to the property's ownership history. The cost of title insurance is based on the property's purchase price and can range from 0.5% to 1% of the purchase price. Fo...