People seeking a home in New York are finding it increasingly difficult to find an available home. A combination of limited available homes plus growing demand for those homes means housing prices are being driven up across the board, even as interest rates for mortgages remain at record lows. Even luxury properties are rising in value, despite their higher associated cost, as more prospective homeowners compete for the limited inventory. Continue reading “Limited Inventory Plus High Demand Equals Higher Housing Prices”
Buying real estate, whether as a home or for your business, is always a complicated affair. You need to secure financing, you need to have the premises inspected, you need to negotiate the price, and so on. However, there’s one additional factor you may need to worry about that isn’t always obvious: officially recording the fact that you’ve bought the real estate.
Whenever you purchase real estate, a part of that process is supposed to include recording the transfer of title with the local clerk’s office. This is to make sure there is a consistent record showing the transfer of ownership between one person to another. However, not everyone remembers, or knows, to have their deed recorded, which can potentially lead to a lot of issues down the line, if there’s ever a dispute over who truly owns the property.
For example, there have been cases where one person attempted to claim a house they inherited from a deceased relative, only to find that the house was sold years before and the deceased relative never changed their will to reflect that. At other times, less-than-honorable people have sold the same property to multiple buyers, creating duplicate deeds for every person they sold it to. In these cases, whether someone recorded their deed can mean the difference between whether they get to keep the property they bought (or inherited, as the case may be).
Wingate, Kearney & Cullen, LLP represents buyers and sellers of residential and commercial properties including co-ops, condominiums, single-family homes, and multiple family dwellings. With law offices conveniently located in Brooklyn, New York, and Melville, New York, our lawyers are available to assist residents of the five boroughs of New York City and Nassau and Suffolk County on Long Island with their real estate needs. If you are looking to buy or sell real estate, call (718) 852-5900, or reach us through our contact page.
If you ever deal with any real estate deal, you might hear people talk about “clear title.” Establishing clear title is a crucial part of any real estate transaction, and failing to establish it can cause a lot of legal and financial problems down the line. But what does that mean, exactly, and why should you care? Continue reading “What is “Clear Title?””
According to PropertyShark, Tribeca was No. 1 among the 50 most expensive neighborhoods in New York City during the first quarter of 2019. The median home sale price in that area was $4.2 million. SoHo was a distant second with a median price of $2.9 million. Rounding out the Top 10 were the Garment District ($2.5 million), Hudson Square ($2.4 million), Flatiron District ($2.1 million), Theatre District-Times Square ($1.7 million), Central Midtown, Columbia Street Waterfront District and DUMBO (all at $1.5 million) and Carroll Gardens ($1.4 million). Continue reading “PropertyShark: Tribeca is the Most Expensive Neighborhood in NYC”
While engaging in the process of buying a home or a piece of property, many may overlook the importance of using an attorney. A real estate attorney plays an important role in the drafting of any documents relating to the sale and transfer of ownership of the home or property. One of the most pertinent documents that a real estate attorney will draft in this situation is the contract of sale, also known as the purchasing agreement. This document outlines the following: Continue reading “An Attorney’s Role in Real Estate Transactions”
The warmer weather and the nearly steady mortgage rates are bringing prospective homebuyers out into the market. Based on week-to-week performance, mortgage rates have seen little to no change.
Continue reading “Mortgage Rates Stay Virtually Unchanged during Spring Homebuying Season”