How current events impact business & real estate

Thursday, November 30, 2017

Real Estate Updates & Tips | Latest Publications by Andrew Lieb, Esq.

The first step to determine who owns a given parcel of real estate in the State of New York is to visit the County Clerk’s Office and to locate the latest recorded deed on the parcel. Recording of a deed is imperative because we live in a Race-Notice State and, under the Recording Act, priority of ownership is often determined by who records their deed first (i.e., the First in Time / First in Right Rule). The next step, which is of equal importance, is the realization that a deed can be rescinded or voided, and as such, the deed is not the last word on the topic of real estate ownership. As such, these top 5 lawsuits to set aside the deed should be considered in order to determine if the recorded deed is in jeopardy. Only then, should a property be sold.
Just because it’s silent doesn’t mean it isn’t there. Did you know that the state of New York provides residential tenants with many rights that supersede even the most grueling landlord-favorable lease terms? Below is a list of the top 10 tenants’ rights that should be fully understood by landlords, tenants and real estate brokers who engage in the rental market.
A real estate broker whispers to you that they have an off-market listing that is to die for, but you have no idea what an off-market listing is. More so, the way the real estate broker told you about the listing just sounds to you like something is not right about the transaction. Is this pocket listing even legal?
A good attorney should save you tens, if not hundreds, of thousands of dollars by doing their job right. So why does saving a thousand dollars drive selecting one attorney over another for representation? Andrew Lieb shares a list of 5 questions that you should ask when selecting your attorney.
A process server comes to your door, what do you do? These are the five steps to respond to a lawsuit:
Imagine finding your dream house, touring the house, negotiating for the house and then getting an accepted offer on the house. Imagine attending a closing and receiving the keys. Imagine moving into your new house and making it your home.Fast forward a few years.Imagine coming home from a hectic day only to find a ticket from Code Enforcement at your doorstep. The ticket states that it’s a vacate order and that you are being fined and must appear in court. In simplest terms, you can no longer live in your home and are being fined $1,000, with each passing week’s continued violation resulting in additional fines, which can escalate up to $10,000 each (these fines vary between municipalities). To reiterate, you need to move out, find a new place to live, correct the violation and apply for a new Certificate of Occupancy; all before considering moving back into your home. Learn how to avoid this scenario. 
The Department of Financial Services has closed the door to the good old boys’club of title insurance kickbacks. Say goodbye to free meals and beverages, tickets to entertainment events, gifts, golf outings, parties, office supplies and the like. Two new regulations, Regulations 206 and 208, respectively at 11NYCRR35 and 228, have ended the party.