Author Archives: Jay Butchko
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 »
Mistakes To Avoid When Purchasing Property In New York
Purchasing real estate can be one of the biggest events of a homebuyer’s life, and is usually one one the most important – if not the single biggest – purchases they will ever make. The process can be exhilarating but is fraught with potential complications, however. Some common errors that homebuyers may make while… Read More »
Condos Vs. Co-Ops As A New York Real Estate Investment Strategy
Most people are familiar with condominiums (or “condos”) as a real estate option. With a condo, purchasers buy a unit within a larger dwelling, and they own the space within their unit and an interest in the common areas. Another option, relatively unique to New York, is a housing co-operative (or “co-op”). In New… Read More »
5 Reasons To Form An LLC For Your Rental Property
If you own rental property or are thinking about buying rental property, you may wonder whether it is best to keep the property in your own name or contain it within an LLC. For several reasons, it could benefit you in the long run to create an LLC for your property. An LLC (Limited… Read More »
401K And IRA Considerations When Planning For Medicaid: How Can You Keep These Accounts And Still Qualify?
If you or a family member are planning for Medicaid coverage and eligibility, the process can seem overwhelming at first. Since Medicaid is a needs-based program that reviews an individual’s income and assets, many wonder: how do I even qualify? You may have heard stories about others spending themselves into poverty just to get… Read More »
How Family Limited Partnerships Can Help With Estate Planning In New York
Estate planning involves a wide variety of aspects, including wills, trusts, advance healthcare directives and other crucial considerations. If you own a family business, estate planning can be even more complicated. You want your business and its assets to transfer smoothly to your next of kin, but without proper planning the IRS may consider… Read More »
Closing On Real Estate In New York: What To Expect From Start To Finish
Whether you are a buyer or a seller, closing a real estate sale can be an exciting – and anxious – time for all involved. A real estate closing is a seemingly simple mechanism that allows the property to transfer from one owner to the next, but is preceded by weeks of preparation and… Read More »
Disclosures In Real Estate: What Is A Seller Required To Disclose In A New York Property Sale?
Property sales are one of the most important – but complex – transactions one can be involved with. For the seller, there is the preparation and anxiety associated with putting a home on the market and getting it ready to show. For the buyer, there is the process of viewing homes and ultimately selecting… Read More »
5 Reasons A New York Landlord Might Need An Attorney
Unless you own a large real estate portfolio with millions in rental income generated each year, it is not likely you have an attorney on retainer to handle problematic issues that can arise for landlords in New York. Like running any business operation, you hope to earn revenue while minimizing unexpected costs and liabilities… Read More »