Ethics Opinion on the “Grossing Up” of a Real Estate Contract of Sale
An important ethics opinion recently weighed in on the practice of some real estate professionals of “grossing up” the contract of sale and providing an equivalent credit at closing to offset the grossed up price. The opinion says that when the purchase price in a contract is “grossed up” and combined with an equivalent seller’s concession, the lawyer who participates in the transaction is ethically required to ensure that the grossing up of the price is disclosed in the contract.
If you would like to read the opinion and the history surrounding it in its entirety, it can be found here.
Condos, Co-ops, Cond-ops…Any Questions?
As you begin your hunt for a place to call home here in New York City, you might need a brush-up course in the differences between co-ops, condos, and cond-ops. The following short article from Curbed may answer some of the more common questions.
Of course, if you have other questions about condos, co-ops, or anything else related to New York real estate, feel free to give us a call at 212-832-7400 or email us at info@www.whfirm.com!
Expiring Tax Breaks for Real Estate Investors
Real estate investors might be interested in the information recently provided by a 1031 Exchange Agent unaffiliated with our firm. Check out the changes in their newsletter:
New Mortgage Lending Rules Go Into Effect
Prospective purchasers looking to obtain financing should be aware of the new mortgage lending rules that just went into effect. An easy to understand article on the topic can be found at:
Changes to Offering Plan Escrow Regulations
As a participant in a new public offering of interests in a condominium, it is important to understand the recent changes to escrow regulations which went into effect on March 1, 2013. The amendment to the escrow regulations will have an effect on both new offering plans as well as on some existing offering plans. In short, the revised regulations will, among other things, eliminate the Attorney General’s role in dispute resolution concerning the disposition of any funds in connection with the sale of a cooperative interest in realty that have been placed in escrow.
Weidenbaum & Harari, LLP has worked actively on new offerings that have adopted the new methods required under this escrow amendment.
For the full list of changes to the regulations, here is a link to the Attorney General’s website:
http://www.ag.ny.gov/real-estate-finance-bureau/revised-escrow-regulations