Author Archives: Jay Butchko
5 Common Contingencies In A Home Purchase Deal
A contingency clause in a real estate contract sets a condition that must be met before the purchase contract becomes binding. Contingency clauses are widely used ways to protect both buyers and sellers in a real estate transaction. Importantly, these conditions allow parties to back out of their contracts under agreed-on circumstances that are… Read More »
Smart Strategies To Protect Real Estate From Nursing Home Costs
If a person owns or has recently purchased real estate, they might also wonder how best to protect that property when the nursing home costs arise in the future. This is due to the common misconception that property owners must necessarily sell off their homes when they need to enter an assisted living facility… Read More »
Fixtures Vs. Personal Property In Real Estate Sales – What Is The Difference And How Can They Affect Your Closing?
Say that you’ve found the home of your dreams – complete with state-of-the-art appliances, an antique stained glass window in the doorway, and mahogany bookshelves on the walls of the study. You assume without double-checking that these items are part of the real estate sale as well. However, you get to closing day only… Read More »
How Can An Attorney Help In A New York Real Estate Sale?
When it comes to selling or buying a home in New York, most people take it as a given that they will need a real estate agent to market and negotiate offers. Not everybody understands the importance of having a New York real estate attorney at their side during this process as well. While… Read More »
What To Know About Zoning Ordinance Laws In New York
Zoning refers to local laws that determine how land is to be used and divided. The goal of zoning laws is to create an orderly system of development within neighborhoods and across the city as a whole. When buying or selling property (or vacant land) it is critical to know what that location is… Read More »
5 Common Mistakes That Home Buyers Make
Searching for and purchasing a home can be an exciting process, whether it is your first home or another purchase. It can also be an overwhelming and nerve-wracking experience for those unfamiliar with the various steps and terminology used when going through a real estate transaction. No matter how experienced you are, however, it… Read More »
Protecting New York Real Estate From Creditors And Financial Risk
A homebuyer may be tempted to think that once the closing is complete and a title and deed are in hand, nothing can happen to their newly acquired property. In some ways, however, risk only begins once the property has been transferred. Without certain protections in place, a property is open to attack from… Read More »
When And When Not To Put Real Property In Your Children’s Names
A common myth is that when we get older, we should transfer title of our home and other real property to our children. The stated goals of this transfer are to obtain eligibility for Medicaid, avoid estate taxes, and simplify the eventual transfer by avoiding probate. In reality, these goals can usually be met… Read More »
5 Things To Know About Foreclosure Short Sales In New York
Short sales are a frequently used tool to benefit both a homeowner/borrower and the bank holding a lien on real property. The outcome of a short sale usually benefits both parties, and can benefit potential buyers as well. Whether you are a potential seller or buyer, there are important things to know about the… Read More »
What To Do When A Commercial Tenant Stops Paying Rent
A commercial lease is a contract between the property’s owner (the landlord, or “lessor”) and the business operator seeking to rent space for commercial use (the tenant, or “lessee”). The lease details all obligations that both parties have as part of the agreement. For example, a lessor is required to maintain the property, respond… Read More »