Thursday, June 22, 2017

New York State First Home Savings Program Passes Both Houses

A new tax incentive is almost available for purchasing your first home. Legislation has passed both the NYS Senate and Assembly (it is returned to the Assembly before going to the Governor).

The program will work for the purchase or construction of a home, townhome, condominium or unit in a cooperative housing corporation.

Under the account, up to $100,000.00, exclusive of gain, can be invested and withdrawn without state personal income tax if the money is used for purchasing or constructing a first home purchase.

Better yet, parents can create these accounts for their children, where a child would be called a “designated beneficiary” under the statute.

However, to constitute a first time home buyer, whether as a designated beneficiary or on one’s own account, an individual cannot have had any prior “ownership interest in a principal residence at any time” both in the “United States or abroad.”  To clarify, an individual does not have an ownership interest if they expect to inherit property or even if they own the remainder interest under a trust.
If the first time purchaser qualifies there is a requirement to utilize the home as a primary residence for “not less than two years after purchase.”

Stay tuned as the legislation makes its way to the governor's desk and then, parents can start saving for their children's first home like they do on a 529 Plan for college. 

Sexual Harassment Trainings Needed

Wednesday, June 21, 2017

Lieb at Law: Top Tips For Strategically Negotiating Real Estate Deals

Negotiating is first and foremost about preparation.

The following is the first half of a negotiating list that is your go to guide for your next real estate transaction. Whether you are buying or selling, renting or just contracting for a home improvement, you will need to negotiate the deal. To get ready, go over this list, tailor it to your situation and then practice, practice, practice with friends and family. Don’t skimp on practice: any weakness in your negotiating game will be exploited by your counterpart.

You must take control to successfully negotiate your next real estate deal. This is the first in a two-part series.

Friday, June 02, 2017

NY Radio CLE (for Attorneys only): Law You Should Know: Real Estate Brokers and the Law (1 CLE Credit)

Law You Should Know: Real Estate Brokers and the Law
CLE Provider: Nassau Academy of Law
Featured Guest: Andrew Lieb, Esq.
CLE Credit: 1 Credit in Areas of Professional Practice

Wednesday June 7th at 3pm
Sunday June 11th at 7am

on 90.3FM in Nassau County
broadcast over the internet

To Obtain CLE Credit for the Program
Prior to Listening to the Program: Download an affirmation form

Tune into 90.3 FM and be sure to listen for a program verification code that will be announced by the host. 
Listen for the Code!
 Code must be written on the affirmation form in order to receive CLE credit.