Real Estate
What is a lien? A lien is a legal claim against real property by a creditor of the property owner, recorded in the county clerk’s office. The lien remains on the property until the property owner pays off the debt. An unpaid lien can lead to the legal right to seize and sell your real […]
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When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents. Upon closing, the net proceeds from the sale are payable […]
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Whether a Trustee can sell property in a trust depends on the terms of the trust. “Maybe” may seem like a common attorney refrain to frustrate clients, but the powers of a Trustee depend either on the terms of the trust, the purpose of the trust and New York’s Estates, Powers and Trusts Law (“EPTL”). […]
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Ever since the concept of individual land ownership emerged, passing real estate at death has existed in one form or another. Different states have different property laws that directly affect how real property passes at death. Although named after “Lady Bird” Johnson, Lyndon B. Johnson never actually used such a deed to transfer property to […]
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When purchasing investment property, it is better not to own the property in your personal name. Both a Limited Liability Company (LLC) and a Corporation (Corp) offer creditor protection. They create a separation between personal assets and assets owned by the business. In the event of any lawsuit or liability, exposure is limited to the […]
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When you buy a real estate with someone in New York State there are three ways you could take title: (i) as tenants in common; (ii) as joint tenants with rights of survivorship; or (iii) if married, as tenants by the entirety. The word “tenants” refers to individuals who are co-owners and not to be […]
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One of the most disruptive proposals put forth last year by Congress was the elimination of the tax-free basis step up at death. Luckily for many of our clients, the legislation was never enacted. People all over the country benefit from basis-step up when they inherit low basis property which they can turn around and […]
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Condominiums (“condos”) and housing co-operative (“co-ops”) seem very similar. Generally, both are apartments within a multi-unit building. The major difference lies in the ownership structure. When you buy a condo, you receive a deed and own an individual unit along with undivided interest in the common elements. Co-op owners are granted a proprietary lease and […]
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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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