Real Estate
An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest. The individual holding the life estate – the […]
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The Automated City Register Information System, more commonly referred to as “ACRIS”, is New York City Department of Finance’s online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms. This system is used for all property within four out of […]
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A Limited Liability Company (LLC) is a type of business entity that limits the personal liability of the owners. When clients own rental property in their individual name, or are considering purchasing rental property, we advise them to create an LLC to own the property instead. An LLC does exactly what its name suggests, it […]
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A Medicaid lien on a home must eventually be satisfied. Typically, a Medicaid lien is placed on real property when an individual is receiving benefits through the Medicaid program during his or her lifetime and still owns a primary residence. Even when the home is exempt, it can become subject to a lien when the Medicaid […]
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The closing is the final step in a real estate sale where the buyer obtains title to the property. The time between an offer’s acceptance and the closing date—evidenced by a deed from the seller or stock certificate for a cooperative apartment –is filled with activity. In New York, most buyers and sellers hire an […]
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In general, when a person dies in New York, that person’s Last Will & Testament must be probated in Surrogate’s Court so that an Executor can be appointed to legally distribute assets. If there is no Will, an administration proceeding will be required and an administrator will be appointed to distribute the decedent’s assets according […]
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When a co-owner of real property passes away, what happens next depends on how the co-owners took title to the property. Upon the death of a co-owner, it is necessary to review the last deed of record to make this determination. There are three ways to own property in New York as co-owners: tenants in […]
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In general, a person cannot be removed from a deed without his or her consent and signature on a deed. Absent legal action with a court order, such as a foreclosure or a partition action, the only way an owner’s interest in real property can be transferred is by a properly executed, acknowledged and recorded […]
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Elder Law attorneys hear this question constantly. Typically, once people reach a certain age there is pressure to transfer assets to their children for unspecified “asset protection” reasons. Some people feel that if they do not do this, the “State” will take their money either in taxes or for the costs of long term care. […]
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A deed is a legal document used to convey title to real property. There are different types of deeds that may be used depending upon the circumstances of the transfer. It is always best to consult an experienced real estate attorney who can prepare and advise which type of deed should be used to meet […]
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