What is a Personal Guarantee?
Personal Guarantees in real estate are hitting the news at the moment because of a new law in New York City. Though that won’t impact all Long Island real estate owners, it’s worth taking a look at how they work. A personal guarantee is basically a clause on a contract that pledges private assets to…Read More
What is a Deed with Life Estate?
If you’re an elderly homeowner a deed with life estate is a tool worth considering. This real estate planning tool achieves several key aims. First, it keeps your home out of probate when you die. While the probate process might pass the home to your heirs anyway it is a long, drawn out process. Like…Read More
What to Do If Your Tenants Aren’t Paying Rent
Right now there’s still a moratorium on evictions in Long Island. In the wake of this economic crisis it’s not even clear how much an eviction might help struggling landlords pay their own bills. After all, who will fill that tenant’s space? With unemployment high, occupancy rates are bound to be low. 31% of renters…Read More
Can You Buy or Sell Real Estate During the Covid-19 Pandemic?
The pandemic may be slowing the real estate market, but it hasn’t ground it to a complete halt. The short answer is you may absolutely buy or sell a property at this time. The question is whether it will be advantageous to do so, and how you can protect yourself while you do. Closings and…Read More
What is a Force Majeure Clause?
The COVID-19 crisis means that Force Majeure clauses are getting brought up a lot these days. It seemed an ideal time to discuss what these clauses are. Force Majeure is a French phrase meaning “superior force.” It’s a contract provision designed to relieve both parties of their obligations in the face of large, unforeseeable events.…Read More
Long Island Residential Landlords Respond to COVID-19
COVID-19 has brought a lot of uncertainty to everyone’s lives, and if a property owner isn’t exactly in the same position as a gig worker or hourly employee there is nevertheless a lot to think about. Issues of safeguarding tenants, limiting liability, and dealing with inevitable rent disruptions are right at the forefront. Here are…Read More
What You Need to Know About Breaking a Commercial Lease
Business is tough, and there’s always a chance you’ll go out of business or will have a need to change locations before your commercial lease is up. Yet you should always consult a Long Island real estate lawyer before you do, as there can be some significant legal and financial consequences for taking this action.…Read More
When Can a Buyer Sue a Seller for Failure to Disclose?
New York imposes very little in the way of disclosure requirements for sellers. Sellers have numerous ways to avoid or limit liability for a property’s poor condition. In fact, in many cases it is highly disadvantageous for sellers to disclose any information beyond the bare minimum. All this means that if you’re a Long Island…Read More
What is a Quiet Title Action?
A quiet title action helps you resolve title issues which may prevent you from selling a piece of property. Under New York law, any interested party can file a quiet title action. A title is “clear” when nobody else has another claim on the property. There are many reasons why this chain of ownership can…Read More
What is a Partition Action?
If you co-own a property with others you have to be careful, because there’s a legal action your co-owners can use to force you to sell it. It’s called a partition action. Co-ownership happens in a number of common circumstances. Multiple siblings inherit a property together. Divorce leaves two ex-spouses in control of a property.…Read More