Aronov Law NY

05/15/2022

Co-operative apartments are a form of shared housing that is common in New York City. They are often cheaper than the average apartment.

Co-operative apartments in the U.S. are built to provide affordable housing for people who are not able to afford rent on their own, while also providing an opportunity to regular people who have saved up money over time to buy their own apartment units in these co-ops.

Co-operative apartments are not just an idea. They are the future. Residents do not have to worry about high property taxes and getting approval from neighbors before adding a room to their home.



What is the required down payment for a co-op in New York City?

The down payment for a co-op in New York City varies depending on the area you are looking at. If the co-op is in Manhattan, then the down payment would vary from 40% and up however if you live outside of Manhattan, there may be an opportunity for a 20% - 25% lower down payment.

When you co-own a property, you have tax benefits. You can save on the interest payments of your share and your share responsibilities with the blanket mortgage.



How much are co-operative closing costs in NYC?

The buyer's contribution for closing costs at coops can range from 1% to 2%, depending on where in NYC your co-op is located. The percentage of the sale price that goes towards these costs skyrockets as the price per square foot increases, since co-op closing costs are calculated by a fixed percentage rate rather than on a per-unit basis.



Do I need a real estate lawyer when buying a co-op in NYC?

The answer is yes! They are experts in real estate law and can help you navigate all legal aspects of buying a co-op.

Whether you're a first-time buyer or a seasoned investor, it pays to consult with a qualified Real Estate Lawyer before you buy. A good attorney will not only ensure that the transaction is executed properly but can also provide ongoing advice.

If you need a real estate lawyer when buying a co-op in NYC, please don't hesitate to contact us for a free consultation at (718) 682-7483 Robert Aronov & Associates.

Robert Aronov & Associates 88-02 136th St, Jamaica, NY 11418 (718) 682-7483 https://realestatelawyernys.com/

The post What are Co-operative Apartments in New York? appeared first on Real Estate Lawyer NYC.

Co-operative apartments are a form of shared housing that is common in New York City. They are often cheaper than the average apartment. Co-operative apartments in the U.S. are built to provide affordable housing for people who are not able to afford rent on their own, while also providing an opport...

01/30/2022

What is a Rent to Own Home?

Purchasing a home in New York is one of the most significant investments that you can make. The goal of Rent to Own Homes is to allow people to purchase homes with less upfront capital by renting for a set period of time before buying.

Rent-to-Own programs are becoming more popular in New York as an alternative way to purchase a home. With rent-to-own, you don't have to put down a large sum upfront and can instead pay monthly or biweekly payments until you have enough money saved up for the down payment.

How Does Rent-to-Own Work?

Rent-to-own homes are a great way to get into a home at a lower price and with no credit check. These homes allow you to rent the property for an initial period of time and then buy it once your lease expires.

The process of rent-to-own homes is simple. You would start by signing a contract with the home's seller that specifies how much you will pay each month, the length of your lease, and what you will get at the end of your lease. After your contract ends, you have two options: either you buy the home or you move out. NYC real estate lawyers help to prepare contracts that are clear, legally binding and in both party's interest.

As you can see, rent-to-own homes have many advantages over traditional leasing options. They allow you to build equity instead of just paying rent, and they offer flexible payment plans that let you buy the home at your own pace.

Are there any benefits for renting a home that has a lease-purchase option?

If you are looking to rent a home with a lease-purchase option, you will have the option of buying the property at a later time. This is a benefit because it gives you more flexibility and control over your future.

There are many benefits of renting a home that has a lease-purchase option. One of them is that it provides more flexibility and control over your future.

Renting with a buyout option is not always the best idea for everyone because it can be expensive in some cases. However, if you want to have more control over your future, then this might be the best choice for you.

Top 5 Tips For Investing in a New Home Through Rent-to-Own

Investing in a new home is a huge decision and it will be the biggest purchase of your life. It’s important to take your time and do your research before you commit to anything. Here are 5 tips for investing in a new home through a lease-purchase or lease option:

Find out if you can afford the monthly payments with your budget.

Consider what type of property you want to invest in - single-family, townhouse, condo, etc.

Take into account the long-term costs of owning that property (property taxes, insurance, maintenance).

Make sure that you have enough money saved up for closing costs (down payment).

Consider how long you plan on living in this area

Before purchasing, leasing or renting any property in the NYC area be sure to consult with an experienced real estate attorney.

Real Estate Lawyer Queens R.A Esq. 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 https://realestatelawyernys.com/

The post What to Know about Rent-to-Own Homes In New York appeared first on Real Estate Lawyer NYC.

What is a Rent to Own Home? Purchasing a home in New York is one of the most significant investments that you can make. The goal of Rent to Own Homes is to allow people to purchase homes with less upfront capital by renting for a set period of time before buying. Rent-to-Own programs are […]

11/04/2021

Thanks, Queens Ledger News for sharing!

Those selling real estate in Queens can parlay this new 2 in 1 team of lawyers and real estate agents. This apparently comes out much cheaper than hiring them separately. https://realestatelawyernys.com/sell-real-estate/

No need to find a real estate lawyer and agent separately anymore I guess. More information at:

Robert Aronov & Associates, PC Real Estate Lawyer Queens R.A Esq. 88-02 136th St, Jamaica, NY 11418 (718) 206-1555 https://realestatelawyernys.com/

11/04/2021

We offer a magnitude of real estate legal services. Our attorneys have over 40 collective years of experience in the real estate industry.

With our expertise, we guarantee you a worry-free process. Our experienced attorneys will conduct a rigorous due diligence process to make sure the property you purchase is free of any liens, defects, judgments, free or open violations.

Call us for a FREE consultation at (718)-682-7483

10/21/2021

Thank you Queens Ledger News for sharing!!!

Getting in on NYC Condo purchases early provides tremendous benefits according to this well knows Queens Real Estate Lawyer.

https://realestatelawyernys.com/2021/01/26/buying-new-construction-condos-in-manhattan/.

NYC Real Estate Lawyers Group 305 Madison Ave, New York, NY 10017 (917) 900-1366 https://realestatelawyernys.com/

05/04/2021

Signing the dotted lines on a new home is probably the biggest investment you’d ever make in your lifetime. But buying and selling a residential home or a commercial building can be a complex procedure. Real estate deals are always associated with high risks. Mistakes in any transaction can always result in loss of money and unnecessary litigations. The only proven way to avoid such issues and protect yourself from real estate blunders is to hire the services of a real estate lawyer.

What Is The Job Description Of A Real Estate Attorney?

Real Estate Lawyers, otherwise known as real estate attorneys, are certified professionals that oversee all legal aspects of every real estate transaction. Real estate lawyers are lawyers specializing in real estate transactions, land disputes, and property claims. The job of a real estate attorney revolves around knowing the rules and regulations related to real estate transactions. They can prepare legal documents, review them, negotiate the terms of real estate transactions, and oversee the transfer of titles.

A real estate lawyer helps their clients understand contracts and all legal aspects of an estate. Whether you’re buying or selling a property, residential or commercial property, you need a real estate lawyer. A real estate attorney can help you answer all your questions regarding the legal aspects of real estate transactions and guide you through the entire process of buying or selling real estate. In NYC, most real estate lawyers like Real Estate Lawyer Queens R.A Esq. provide the whole spectrum of real estate legal services like counselling their clients, summarizing documents, and discussing and finalizing the terms of the contracts or transactions.

When To Get A Real Estate Lawyer

Depending on your state laws, you may have no option but to get a real estate lawyer when drafting purchase contracts, finalizing them, writing amendments to a standard contract, completing a title search or conducting the closing. Some states require that a real estate attorney be present at closing. In places like New York, the real estate attorney is involved in all transactions. They are allowed to prepare the home purchase documents, perform a title search, and close the deal.

Here are a few reasons why you need a real estate attorney

State Requirement

As mentioned earlier, every state in the U.S. has its laws on real estate transactions. These regulations are often designed to prevent real estate agents from acting in a legal capacity that they aren’t trained or licensed for. In New York and some places like Connecticut, Georgia, Massachusetts, South Carolina or West Virginia, an attorney is needed to conduct your closing.

Contracts

The purchase agreement on any estate deal will often contain within its endless pages lots of confusing legal jargons. A real estate lawyer is needed to sort out the legal terms and present a clear, well-defined deed that can be read and understood by an average person. And suppose you wish to amend any part or section of the contract to reflect your desires better. In that case, your real estate attorney is in the best position to handle that. And when the home fails to meet up to your expectations, your real estate lawyer has the authority to spell out terms suitable for both parties. Your real estate lawyer also ensures that all legal documents are endorsed with the appropriate signatures.

Title Search

In real estate deals, the last thing any buyer will want to do is to be responsible for a mortgage in the new property purchased. Suppose the property in question is mortgaged, and the seller has to pay the lien before selling the property. In that case, a lawyer can help accelerate the process. Hiring a professional real estate lawyer can help the seller with suggestions on the best ways to financing the mortgage.

Closings

During the closing, your attorney should be in attendance. For both parties, the closing is all about the battle of legal wits. You should attend the closing with a real estate attorney by your side. A seasoned estate attorney by your side can help you secure your rights as the buyer. If disputes should arise, which is common, your lawyer by your side can help you handle it all. And if everything should go south and closing fails, your estate lawyer can help you get back your down payment.

Legal Advice

There’s always a thing as a problematic property. For instance, buying a home from a deceased, yet to undergo proper probate, can place you in a precarious position. And if there’s any need for you to exist the contract, you must have your lawyer step in on your behalf.

How Much Does A Real Estate Attorney Cost

A real estate attorney offers a lot of services. How much you’ll spend paying your attorney depends on the services that will be provided. And who’s responsible for the closing cost can determine how much you’d be paying in attorney fees. How your attorney will charge you depends mainly on,

Fixed hourly rate: Every real estate lawyer has its fixed hourly rate. This rate varies with different attorneys. Always ask your attorney how much he charges per hour.

Fixed rates for special services: aside from hourly fees, most real estate attorneys have a flat fee for some particular services. For instance, there’s largely a fixed rate for overseeing home closing. However, this price can be influenced by the sale price of the property in question.

How To Find A Real Estate Attorney Near Me?

Buying a home is a huge investment. You will want to make sure that you cross all the Ts and dot all the Is. So when you’re about signing the dotted lines for your new property, how can you find the best real estate lawyer?

Make use of your state’s Bar association directory: Different states have their Bar’s association website to help locals find certified and licensed legal aid. Use the New York Bar directory to help you.

Check out their website: check out the online websites of all potential real estate lawyers and go through their reviews.

Ask for recommendations: family and friends can always help you get a reliable real estate attorney.

Finally, a good real estate lawyer should show good negotiation skills, good decision-making skills, research and communication skills, and be well informed.

Although buying a new home could be confusing, knowing what you need to know and with a good real estate lawyer by your side, you’re on the safe side.

If you’re ready to start your home buying process, Robert Aronov & Associates, P.C., 88-02 136th St, Jamaica, NY 11418, https://realestatelawyernys.com/ is here for you.

The post Real Estate Lawyer Near Me: How To Get A Good Estate Attorney In NYC appeared first on Real Estate Lawyer NYC.

Signing the dotted lines on a new home is probably the biggest investment you’d ever make in your lifetime. But buying and selling a residential home or a commercial building can be a complex procedure. Real estate deals are always associated with high risks. Mistakes in any transaction can always...

01/27/2021

Facebook Twitter LinkedIn

Did you know that there are ways to save thousands on your next purchase or refinance? You can save big whether you are the buyer or the seller. The methods we use to save you money on mortgage taxes are known as consolidation, extension and modification or CEMA. In the state of New York, mortgage taxes are calculated as a percentage of the amount borrowed and normally range from less than one percent to over two percent of the loan amount. The range will fluctuate depending on which county you reside in. In the five boroughs of NYC the amount you are borrowing will also affect he tax rate.

How does CEMA work?

The CEMA process allows existing mortgages to get assigned from an existing lender to your new lender. This assignment is what legally allows one to avoid paying some or all of their mortgage tax a second time. This may seem rather simple, however in reality the process of consummating a CEMA can be pricey and time consuming. CEMA also requires cooperation from several different sources.

In simple terms, taking advantage of CEMA will mean paying mortgage tax on the difference between your remaining unpaid principal balance and the new loan amount. To clarify exactly how one will save money here is a straight forward example: A NYC resident has an existing mortgage for the sum of $100,000 on which mortgage tax was initially paid at a rate of 1.8%. They have been paying their monthly mortgage on time and their current unpaid principal balance on the mortgage is currently $90,000.00. Mortgage rates have begun to decline to the point that they want to refinance their home and even increase their mortgage loan to $125,000.00. When this type of scenario occurs they have to pay mortgage tax on the difference ($35,000.00) between the $125,000.00 and the $90,000.00 and do not have to pay mortgage tax on the entire $125,000.00.

In the five boroughs of NY, Saving money on closing mortgage taxes can be tricky. One should seek the help of a diligent and knowledgeable NYC real estate attorney that specializes in closings and mortgage taxes.

You may be interested in reading about: 7 Mistakes Real Estate Buyer Make

The post CEMA in NYC: Save Big On Real Estate Closing Mortgage Taxes appeared first on Real Estate Lawyer Queens R.A Esq..

Did you know that there are ways to save thousands on your next purchase or refinance? You can save big whether you are the buyer or the seller. The methods we use to save you money on mortgage taxes are known as consolidation, extension and modification or CEMA. In the state of New York, mortgage t...

04/29/2020

Facebook Twitter Google+ LinkedIn

No cap, the coronavirus pandemic has eaten deep into the root of the world’s economy. The New York retail real estate market is no exception. This doesn’t come as a surprise. With the majority of New Yorkers staying indoors due to the nationwide lock down, the general economy has taken an ugly blow resulting in various sectors of the economy facing financial stress. The supply constraints have much weighed down some sectors, most notably the real estate market.

What The Statistics Is Saying

With the retail real estate market in New York City been persistently bombarded by the COVID-19 pandemic, so much have been laid at stake here, according to a new report. The unsteady rental rates are not expected to take a positive leap anytime soon. Even after this pandemic, there’re some expected changes in the New York real estate market. What is left to decipher is how far can these changes go?

At the end of the first quarter, Q1 of the year, which started in January and ended on March thirty-first, NYC’s average retail asking rents encountered a progressive fall. According to the CBRE reports, an average of the City’s neighborhoods, surveyed showed a significant annual drop of 9% to$714 per square foot.

Also, the report showed that the Upper East Side and Upper West Side is experiencing a massive decline in rent. This is the tenth recorded serial drop in quarterly view of NYC retail real estate market and by far the worse. In Times Square, the bearish ratio is the highest for the first time since 2011. The previous year witnessed a 15.7% drop to $1,647 per square foot for average rents. Presently, the ratio stands below $1,800 per square foot, according to the CBRE report.

SoHo seems to be the hardest hit, as a corridor there now falls at 30.1% to $420 per square foot from $600 per square foot a year ago. Some of the most high-brow listings are up at a cheaper deal, as this is aimed at attracting buyers.You might just as well consult with your real estate attorney before closing off any real estate deal at this critical time. The report finally said posited that as long as social distancing and foot traffic is restricted, the retail sector will still be under much pressure.

The Implication Of The Hit

Generally, in the real estate sector, the pandemic seems to have already generated a trend. If for anything, it enhanced an already existing pattern. For instance, the demand for online shopping is now at an all-time high. Diverse aspects of New York’s real estate business will be affected even after the end of this general health crisis.

The rental apartment sector should be ready to handle tenants who may have lost their income, and as such, unable to make coming months’ rents. So far, the US government has temporarily prohibited evictions. Major mortgage lenders have also suspended mortgage payments.

Although there’s generally peculiar regard of uncertainty in the real estate market after the virus has run its course, there are still some clear speculations. The ripple effect of this health crisis will greatly hit stores and restaurants and then down to real estate investors.

The longer-term impact of this national lock down in NY tends to be more beneficial to the single-family-built-for-rent business, as more people will now seek apartment spaces to set up office and work from home for a long time. The office sector so far seems more likely to suffer the most, as some workers may even negotiate the possibility of working from home permanently with their employers. However, all hope in increased demand in office space and the general retail business is not lost yet.

Stay Safe!

The post Coronavirus Hits The New York Retail Real Estate Market appeared first on Real Estate Lawyer Queens R.A Esq..

No cap, the coronavirus pandemic has eaten deep into the root of the world’s economy. The New York retail real estate market is no exception. This doesn’t come as a surprise. With the majority of New Yorkers staying indoors due to the nationwide lock down, the general economy has taken an ugly b...