What are the Steps to Buying a Home in Rochester? As a Rochester Real Estate Lawyer, first time home buyers often ask me what the steps in buying a home are. The first step is the preparation of the contract of sale by either the real estate broker or if there is no broker, by…
What is a Rented Property Rider? I am often asked whether or not real estate investors should use a rented property rider as part of the contract. This is a very essential document in which there is disclosure as far as the leases, security deposits, and terms of the lease. Also, one very important provision is…
Rochester Real Estate Attorney Discusses Closing Costs of a Foreclosed Property I am often asked as an experienced Rochester Real Estate Attorney, about closing costs for a foreclosed property. Closing costs are spelled out in the contract, which lists the closing costs paid by each side. If you’re buying a foreclosure property, you will usually…
Rochester Real Estate Lawyer Examines the Common Mistakes Real Estate Investors Make The most common mistake I see real estate investors making as a Rochester Real Estate Lawyer, is choosing a bad location. That’s especially true with out-of-town investors. They’re buying real estate on the internet and just think it’s wonderful to be able to…
Rochester Real Estate Lawyer Examines The New York Property Condition Disclosure Act The New York Property Disclosure Act is involved whenever properties of one to four families are sold. Keep in mind that it’s still buyer beware – caveat emptor. The property condition disclosure form does not offer any sort of warranty or guarantee. As…
Rochester Real Estate Attorney Discusses the Role of a Lawyer in a Land Purchase Nearly every week, someone asks me as an experienced Rochester Landlord Tenant Attorney, “Well, the other party doesn’t want to get an attorney. Can you represent both sides?” I always say, “No,” even for family members. Some attorneys will represent both…
Rochester Real Estate Lawyer Explains Environmental Liability Issues As an experienced Rochester Real Estate Lawyer, I am often asked about liability matters for environment issues. Today, many issues arise based on environmental issues whereas, about 20 years ago, lawsuits were brought by people who said the insurance companies were trying to deny coverage for environmental…
Rochester Real Estate Lawyer Discusses Common Mistakes Clients Make As a Rochester Real Estate Lawyer, I often get questions about what precautions to take in buying real estate investment property. The first mistake that I see quite often is buying in a bad location, especially out of town investors that don’t know about the crime…
A 1031 exchange is a legal procedure that can be used to avoid paying taxes on gain that is realized from the sale of certain real estate. If real estate is held by a business for business purposes, or if it is held for investment, income taxes have to be paid on any gain from…
RESPA stands for the Real Estate Settlement Procedures Act. It is a federal law passed in 1974 to deal with abusive practices in the real estate settlement services industry. Prior to the passage of RESPA, many parties, including lenders, mortgage brokers, attorneys and appraisers, were making payments to outside parties through fees for customer referrals,…