not obligated is true, but its something most buyers would request as part of their due diligence, so its not an out of the ordinary request

Posted by: jnjnjn2 at July 13, 2009 4:05 PM in response to Verifying Purchase Expenses

why don't you just ask the broker for copies of the bills?

Posted by: jnjnjn2 at July 13, 2009 2:31 PM in response to Verifying Purchase Expenses

Sending a time of the essence letter now has no legal effect at all - zero - and if your contract has an "on or about" closing date, then you'll have to wait until August 24 to declare time is of the essence. Also, you can not seek rent and/or carrying costs unless you have in fact purchased the property, and the former owner is still living there whether purcuant to a post-closinf possession agreement or otherwise. Your lawyer screwed up by failing to tell you that unless the contract has a time of essence clause, a closing can be adjourned up to 30 days without repercussions.

Posted by: jnjnjn2 at July 2, 2009 1:20 PM in response to If Closing Date is Postponed?

went to the first open house - its fine but way overpriced - the stairs are narrow and steep as you sometimes see in older homes - would be much better as a single family

Posted by: jnjnjn2 at June 3, 2009 2:45 PM in response to House of the Day: 240 Dean Street

I agree with the above - give the tenant 2 more weeks.

That's why you should always try to get as large as a security deposit as possible, so you can protect yourself in the event something like this happens.

Posted by: jnjnjn2 at March 17, 2009 10:11 AM in response to landlord advice

agreed re buffett, he's an absolute hypocrite -if he really believed in what he said he wouldn't have an estate plan in which he will pay little or no estate taxes - granted he's giving most to charity but if he believed in what he said, he'd pay his share to the government

Posted by: jnjnjn2 at February 26, 2009 2:26 PM in response to Home Sales Falling, Condo & Foreclosure Auctions Rising

Given the comments pro/con on the bush tax cuts, and political leanings aside, I am interested to know what people think is a reasonable amount of taxes for a person to pay? 30% of income? 40%? 50%?

Posted by: jnjnjn2 at February 26, 2009 12:40 PM in response to Home Sales Falling, Condo & Foreclosure Auctions Rising

and if can't trust what henry blodgett says, who can you trust........why bother even quoting the crook

Posted by: jnjnjn2 at February 25, 2009 9:38 AM in response to U.S. Housing Prices Down 18.5%, NYC Almost 10%

How is helping someone buy a home with low mortgage rates different than helping someone get out of bad loan by allowing the loan to be modified? Rates are incredibly low as it is - and if an extra point off a mortgage is the difference maker for a person deciding to buy a home or not, that person shouldn't be buying a home. People are losing their jobs left and right, and its getting worse - the buyers out there are vanishing.

Posted by: jnjnjn2 at February 13, 2009 12:21 PM in response to Housing Rescue Plan: For Some or For All?

If you don't allow failure to occur, the US is going to end up just like Japan in the 90's - real estate prices fell for 15 straight years until they finally took the proper steps to wipe out bad debt in 2003/4. People most definitely should not be tossed to the curb and maybe the banks could end up owning the homes but letting the prior owners rent them out until they could repurchase them at a later date.

Posted by: jnjnjn2 at February 13, 2009 11:38 AM in response to Housing Rescue Plan: For Some or For All?

Couldn't agree more - they need to let the foreclosures occur and for the system to cleansed. Painful as it may be, it makes no sense to spend good money for a temporary temporarily fix - modifying loans will only delay the defaults.

Posted by: jnjnjn2 at February 13, 2009 10:02 AM in response to Housing Rescue Plan: For Some or For All?

You should contact the accountant for Rangel and Daschale - then you definitely won't have to pay any taxes.

Posted by: jnjnjn2 at February 10, 2009 9:48 AM in response to Rental taxes and deductions

agree with the above but if it really becomes problem, you could use their security deposit

Posted by: jnjnjn2 at February 6, 2009 10:51 AM in response to Late Rent Notice

not sure what point you proved, but you're welcome nonetheless

Posted by: jnjnjn2 at February 4, 2009 12:50 PM in response to 2 Fam purchase, estoppel letter

you're funny - thanks for the laugh

Posted by: jnjnjn2 at February 4, 2009 12:19 PM in response to 2 Fam purchase, estoppel letter

no need to speculate if the tenant would be traumatized or out a lot of money - the person might even be able to find a better and cheaper place elsewhere - yes, it might not be nice or compassionate, but its still the owners choice

Posted by: jnjnjn2 at February 4, 2009 12:03 PM in response to 2 Fam purchase, estoppel letter

at the end of the day, you should do what you are comfortable with - if you like the tenant, keep him - if you don't, give him notice

Posted by: jnjnjn2 at February 4, 2009 11:09 AM in response to 2 Fam purchase, estoppel letter

oh yeah, its basically a statement signed by the tenant certifying certain things, like that there are no defaults under the lease, the rent has been paid - it prevents a tenant from claiming later on (i.e. - after the closing) a different state of facts

Posted by: jnjnjn2 at February 3, 2009 5:38 PM in response to 2 Fam purchase, estoppel letter

your lawyer (not you) should be handling this - that's what you are paying them for -all he/she has to do is ask the seller's lawyer to provide it - it is standard and if you are financing, your bank will likely request it - unless you are absolutely comfortable with the tenant, you should request that the place be delivered vacant especially if you are going to live there as well

Posted by: jnjnjn2 at February 3, 2009 5:35 PM in response to 2 Fam purchase, estoppel letter

If you go forward, perhaps set up an entity to own the property - an llc for example - and have yourself and your friend be the members on 50/50 basis. The operating agreement for the llc should specifically set forth the terms and conditions of the arrangement, including, what the parties are responsible for on a day to day basis, cost and expense allocation, the conditions under which the property gets sold, and dispute resolution of there is a deadlock. In terms of financing, the rate on the mortgage will probably be a point or so higher, and the bank may request personal guarantees. You'll also get the benefit of deducting interest paymments if the llc elects to be taxed as a partnership.

Posted by: jnjnjn2 at January 21, 2009 3:49 PM in response to Joint Purchase of 2-Family?

what's the listing # in the NYT and/or the blog address?

Posted by: jnjnjn2 at January 21, 2009 10:49 AM in response to Tips on FSBO?

looking forward to it

Posted by: jnjnjn2 at January 16, 2009 5:10 PM in response to best pricing strategy now?

seriously - have your friends e-mail the details, etc. if possible - I am not a broker and have been looking for a 3 bedroom apt. for my family - who knows, maybe something will come of this

Posted by: jnjnjn2 at January 16, 2009 4:40 PM in response to best pricing strategy now?

Price it at 15-20% off of 1.2 - or put some pics. up here and i'm sure to get an idea of what some educated buyers would pay - maybe even some would be interested - i would be

Posted by: jnjnjn2 at January 16, 2009 4:03 PM in response to best pricing strategy now?

It doesn't ignore the real world - say this happens as frequently as you may think it happens, do you think that the broker and lawyer who screw their clients time and again will keep on getting business and/or referals? The returns are diminishing for a broker and lawyer who engage in this type of conduct - and say a lawyer did this 25 times before getting caught/disclplined - after that, he would be done - and for what, an extra $50,000 or so in his/her pocket - that's not exactly retiring money and to boot, his/her career would be over.

I've swam plenty long in this alleged "polluted world" to know of what I speak and have actual experience, as opposed to some shallow view from the outside. Sure there are some bad apples, but like anything, if you engage in some simple due diligence, these problems can be easily avoided.

Posted by: jnjnjn2 at January 7, 2009 3:00 PM in response to Atty/Broker Conflict of Interest

That is illogical - the lawyer has no incentive to cater to the interests of the broker over his/her client. There is nothing to be gained, financially or otherwise.

Its easy to make generalizations and snap comments, like "money talks", but without any substative basis for doing so, they mean nothing.

Posted by: jnjnjn2 at January 7, 2009 1:25 PM in response to Atty/Broker Conflict of Interest

No need to knock my opinion - I have much more experience than you might assume. To me, there is no grey area here - either you do the right thing or you don't.

A simple letter to the Bar is all that is needed - very easy and a real pain to the lawyer thereafter.

If the lawyer is experienced and has done a lot of closings in a particualr neighborhood, then he's going to know most brokers, etc. - its just a fact.

Posted by: jnjnjn2 at January 7, 2009 12:32 PM in response to Atty/Broker Conflict of Interest

I undesratnd - that's not a conflict, that's just being a bad lawyer.

Posted by: jnjnjn2 at January 7, 2009 12:20 PM in response to Atty/Broker Conflict of Interest

There is no gray area - either the lawyer acts in the best interests of his/her client or he/she doesn't. If the lawyer acts improperly, make a complaint to the Bar - this is, by far, much more of a pain to deal with for an attorney than the money to be earned from a closing. Just like any profession, there are some bad apples, but by and large you shouldn't dismiss a recommendation just because of that. Don't blindly accept a recommendation - talk to the attorney, see if call you back promptly, undertake some due diligence before retaining the atty.

Posted by: jnjnjn2 at January 7, 2009 11:33 AM in response to Atty/Broker Conflict of Interest

So where's the conflict then? The lawyer does not represent the broker, and is required by law to act on behalf of, and in the best interests of his/her clients - if the lawyer somehow capitulates to the interests of the broker over those of the clients, then that lawyer is in deep doodoo. Not only does he/she get a bad reputation, but could also face disciplinary action if there is a complaint. There is no upside for the lawyer to do this, only downside, and the money to be made from a closing is minimal compared to the potential liabilities.

Posted by: jnjnjn2 at January 7, 2009 10:05 AM in response to Atty/Broker Conflict of Interest

There's no conflict per se - their interests are the same, and neither the lawyer nor the broker stands to gain anything from a botched closing - if the broker recommends a bad lawyer to a client, or vice-versa, then in the end, it will reflect poorly on both parties and they will both lose potential future business. These people depend on repeat business and good word of mouth from their clients, so its in their interests to make referrals to competent professionals.

Posted by: jnjnjn2 at January 7, 2009 9:10 AM in response to Atty/Broker Conflict of Interest

Quick question - what do you think a reasonable fee for legal advice here would be -$200? $500? $1000? Most lawyers charge by the hour or a portion thereof, and in the NYC area, that aren't many who charge less than $200 an hour. Problems with co-op boards can be very drawn out and time consuming, so before retaining a lawyer you should think long and hard because it can end up being an expensive proposition, even with a lawyer whose fees are reasonable.

Posted by: jnjnjn2 at January 5, 2009 10:06 AM in response to Looking for a Real Estate Lawyer

Most title companies will not remove the old mortgage from the Schedule B (the list of exceptions for which they will not insure against) without the seller agreeing to escrow a portion of the sale proceeds in an amount equal or close to the old mortgage. Then, the seller, if they can't find proof to establish that the old mortgage was indeed paid off, will have to start an action to "quiet title" and if successful, they then get the remaining balance of the proceeds that are held in escrow.

Posted by: jnjnjn2 at December 16, 2008 5:46 PM in response to Help! Closing Nightmare

Most title companies will not remove the old mortgage from the Schedule B (the list of exceptions for which they will not insure against) without the seller agreeing to escrow a portion of the sale proceeds in an amount equal or close to the old mortgage. Then, the seller, if they can't find proof to establish that the old mortgage was indeed paid off, will have to start an action to "quiet title" and if successful, they then get the remaining balance of the proceeds that are held in escrow.

Posted by: jnjnjn2 at December 16, 2008 5:46 PM in response to Help! Closing Nightmare

unless he was doing you a favor, you'd be better off going to "we the people" - odds are he has a form, plugged in your name and didn't spend more than 2 minutes thinking about you or your needs - that is just plain scary

Posted by: jnjnjn2 at November 3, 2008 4:30 PM in response to Wills/Estates Lawyer in Brooklyn/NYC

As one of those lawyer people who handles real estate closings and the like, I would suggest you change lawyers if possible. We're not all so bad - far from it. Many of these attorneys depend on high volume and have paralegals do the work at a much cheaper rate -otherwise, closings are a money loser for them. With a higher volume and non-professionals doing much of the work, mistakes and delays occur frequently. Ask around and get a referral from a friend or someone you trust. However, please note that if someone promises to handle a real estate transaction (or anything else for that matter) for a set fee or price, be very wary. If problems arise (and they often do), once the billings hit that amount, it becomes a losing proposition for the attorney. On the flip side, if billings never reach the set fee, then you are essentially paying for work that will never be done. The best solution, I think, is to have your attorney keep you informed of the costs as you go along, this way there are no surprises - and if its costing more than anticipated, you can discuss ways to save money going forward.

Posted by: jnjnjn2 at October 2, 2008 5:20 PM in response to Real estate lawyer (cont)

We've been through the same thing recently."On or around" allows 30 days of wiggle room. "On or before" is a harder definition. It means there is a breach of contract if the closing does not happen within that time frame. Whoever delayed forfeits the deposit. So if your seller pushed past the "on or before" date you can step out of the deal and reclaim your deposit. Your lawyer should explain all this to you.

Posted by: marlowe at July 2, 2009 8:10 PM in response to If Closing Date is Postponed?

I think that the original poster probably has the answer. If the agent underestimated the taxes so grandly, there's probably a similar process going on with the utilities. You could ask the agent for the bills, but I doubt they are obligated to provide them.

Posted by: Minmin at July 13, 2009 2:39 PM in response to Verifying Purchase Expenses

It's a simple task to check out the taxes on any property in NYC. Just go to the link below, select "Find Property Tax Payment History" and type in the address of the property in question:

http://nycserv.nyc.gov/NYCServWeb/NYCSERVMain

Posted by: Park Sloper at July 13, 2009 2:44 PM in response to Verifying Purchase Expenses

not obligated is true, but its something most buyers would request as part of their due diligence, so its not an out of the ordinary request

Posted by: jnjnjn2 at July 13, 2009 4:05 PM in response to Verifying Purchase Expenses

Are you sure you have the correct tax? The entries on Property Shark, for example, are confusing. There's "Actual Land," some other kind of land tax, and actual something else, etc.

Posted by: mopar at July 18, 2009 12:05 AM in response to Verifying Purchase Expenses

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Posted by: kriz888 at November 8, 2009 9:31 AM in response to landlord advice