Archives

The Mortgage Contingency Clause

November 19, 2015

By Jack Harari Sellers and Buyers alike often inquire as to the meaning of the “mortgage contingency clause,” one of the more significant clauses in New York real estate contracts. Simply put, a mortgage contingency clause ensures that if a buyer promptly applies for a loan from a qualified lender, but fails to obtain a firm […]

NYC Real Estate Attorney’s Closing Report: September 2015

November 15, 2015

Just a few of our recent closings…If you are also looking to buy or sell at these property addresses, you might want to give us a call. 71 East 3rd Street, NY, NY $752,500.00 Coop Sale 207 East 74th Street, NY, NY $929,000.00 Coop Purchase 240 East 46th Street, NY, NY $785,000.00 Condo Purchase 7 […]

The Importance of Positive Relationships

November 11, 2015

As published in the New York Law Journal By Jack Harari, Esq. It was the mid-1970’s. The elementary school was running its annual two-on-two soccer tournament. Two of the smallest kids in the school formed an unlikely team. Not many took them seriously, thinking that they didn’t have the size or the power to beat […]

Cooperative Closings: The Board Approval Process

October 24, 2015

The board approval process is one of the key stages in the purchase/sale of a cooperative, occurring shortly after execution of the contract of sale. The sellers of a cooperative unit generally have some experience with the board approval process, having gone through the process themselves at some point. Buyers may not have a similar […]

Keys to Success for Brokers and Clients Dealing with Self-Managed Buildings

October 18, 2015

Many small buildings, especially in challenging financial times, prefer to save on the expense of retaining an outside management company.  Often in such instances, unit owners perform some of the building related tasks, ranging from maintenance of the building to accounting and record keeping services. Such self-managed buildings pose unique challenges to brokers and attorneys […]

NYC Real Estate Attorney’s Closing Report: August 2015

October 15, 2015

A few of our recent closings include: 120 Greenwich Street, NY, NY $702,500.00 Condo Purchase 60 Remsen Street, Unit, BK, NY $1,415,000.00 Coop Purchase 60 Pineapple Street, Brooklyn, NY $2,500,000.00 Coop Sale 140 Seventh Avenue, NY, NY $1,388,888.00 Condo Sale 100 West 119th St, NY, NY $1,300,000.00 Condo Purchase 81 Ocean Parkway, Brooklyn, NY $455,100.00 […]

Changes to New York State Form TP-584

July 30, 2014

The New York State Department of Taxation and Finance has made several important revisions to Form TP-584. Form TP-584 is filed with each conveyance of real property and is used to comply with the filing requirements of the real estate transfer tax, the tax on mortgages, and any applicable exemption from estimated personal income tax […]

Ethics Opinion on the “Grossing Up” of a Real Estate Contract of Sale

January 22, 2014

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, […]

Condos, Co-ops, Cond-ops…Any Questions?

January 21, 2014

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. Click Here for Curbed Article Of course, if you have other […]

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: First American Exchange Company Newsletter