To read a very well written article about different perspectives on facing foreclosure click here. In full disclosure, I am quoted in the article.
Showing posts with label Lieb at Law UPDATES. Show all posts
Showing posts with label Lieb at Law UPDATES. Show all posts
Thursday, January 06, 2011
Sunday, January 02, 2011
Top 10 Real Estate Laws of 2010
By Andrew M. Lieb, Esq., MPH
1. Bankruptcy Exemption:
The Homestead Exemption, which allows a bankrupt individual to preserve their home equity while filing for Bankruptcy, has increased from $50,000 for an individual and $100,000 for a married couple to $150,000 for an individual and $300,000 for a married couple throughout Long Island. Be mindful that outside of Long Island different exemption amounts apply by County.
2. Real Estate Agency Disclosure:
Real Estate Agents are now required to provide additional informed consent to their customers concerning the nature of their representation, particularly in the dual agency scenario. The new law provides for advanced consent with continual reminders to customers. It also extends the disclosure requirements to Condominiums and Cooperative Apartments, which were previously exempt.
3. Foreclosure Requirements:
a. Defendant’s Attorney’s Fees – The Access to Justice in Lending Act now provides defendants with a right to make a claim for attorney’s fees in a foreclosure action if they are successful in defending the foreclosure, but this right only exists if the lender could have recouped attorney’s fees pursuant to the mortgage agreement if the lender was successful; almost always the case.
b. Plaintiff’s Affirmation Requirement:
Combating the prevalence of robo-signers and shabby documentation, New York became the first State to require lenders to vouch for the accuracy of their mortgage documents prior to a foreclosure sale. In fact, the assurance must come from the lender’s attorney who will be very careful to perform the requisite investigation in order to protect their license.
4. Distressed Property Consultant Advertisements:
In addition to the many consumer protection laws that already regulate this industry, now individuals acting as consultants for mortgage workouts (Loan Modifications and Short Sales) must provide information about the availability of free state-funded services and the number of the New York State Banking Department as part of a consumer disclosure statement in their advertisements. Remember that a Distressed Property Consultant is an individual or business entity that undertakes employment to provide consulting services to a homeowner for compensation with respect to a distressed home loan or a potential loss of the home for nonpayment of taxes. Real estate brokers and salespersons are not exempt from this law, but attorneys practicing law are not so regulated.
5. Title Insurance Tax:
Title related services, inclusive of all relevant searches, which are not used in the course of preparing a title insurance policy, are now subject to New York State and Local Sales and Compensation Use Taxes.
6. Lead Paint Contractor Certification Requirement:
The Federal Environmental Protection Agency now requires contractors who preform renovations involving lead paint to be certified by the Agency following extensive training and to employ certain work practice standards similar to what is done with respect to asbestos. Among other requirements, contractors are now required to construct containment zones, wear protective clothing, and utilize HEPA vacuums.
7. Carbon Monoxide Alarm Requirement:
New York now requires essentially all residences, both new and existing, to have carbon monoxide alarms installed as follows:
a. Constructed before January 1, 2008 - must have one alarm installed on lowest level with a sleeping area.
b. Constructed after January 1, 2008 - must have an alarm installed on each level with a sleeping area or where a carbon monoxide source is located.
8. New Power of Attorney Form:
In real estate, this mainly affects a transaction where the buyer or seller is unavailable. Now, many of the sloppy changes made by the Legislature just over a year ago have been corrected. Most importantly, a Power of Attorney no longer automatically revokes all prior Power of Attorneys.
9. Home Inspector Code of Ethics:
Home inspectors must now provide a written contract to clients prior to performing the home inspection. This contract must clearly and fully describe the scope of service to be provided and the costs associated therewith. Additionally, this contract must include specific language, including:
a. Home inspectors are licensed by the NYS Department of State. Home Inspectors may only report on readily accessible and observed conditions … Home inspectors are not permitted to provide engineering or architectural services.; and
b. If immediate threats to health or safety are observed during the course of the inspection, the client hereby consents to allow the home inspector to disclose such immediate threats to health or safety to the property owner and/or occupants of the property.
10. Federal Estate / Gift Tax Exemption Increase:
After continuous Congressional debate, the Exemption is now set at $5,000,000 for 2011 and 2012. While 2010 had an unlimited Exemption, there was speculation that 2011 could see anything from $1,000,000 to $3,500,000. This new Exemption means that families can easily transfer ten million dollars through the generations by way of a minor estate planning vessel called a Credit Shelter Trust.
By Andrew M. Lieb, Esq., MPH
1. Bankruptcy Exemption:
The Homestead Exemption, which allows a bankrupt individual to preserve their home equity while filing for Bankruptcy, has increased from $50,000 for an individual and $100,000 for a married couple to $150,000 for an individual and $300,000 for a married couple throughout Long Island. Be mindful that outside of Long Island different exemption amounts apply by County.
2. Real Estate Agency Disclosure:
Real Estate Agents are now required to provide additional informed consent to their customers concerning the nature of their representation, particularly in the dual agency scenario. The new law provides for advanced consent with continual reminders to customers. It also extends the disclosure requirements to Condominiums and Cooperative Apartments, which were previously exempt.
3. Foreclosure Requirements:
a. Defendant’s Attorney’s Fees – The Access to Justice in Lending Act now provides defendants with a right to make a claim for attorney’s fees in a foreclosure action if they are successful in defending the foreclosure, but this right only exists if the lender could have recouped attorney’s fees pursuant to the mortgage agreement if the lender was successful; almost always the case.
b. Plaintiff’s Affirmation Requirement:
Combating the prevalence of robo-signers and shabby documentation, New York became the first State to require lenders to vouch for the accuracy of their mortgage documents prior to a foreclosure sale. In fact, the assurance must come from the lender’s attorney who will be very careful to perform the requisite investigation in order to protect their license.
4. Distressed Property Consultant Advertisements:
In addition to the many consumer protection laws that already regulate this industry, now individuals acting as consultants for mortgage workouts (Loan Modifications and Short Sales) must provide information about the availability of free state-funded services and the number of the New York State Banking Department as part of a consumer disclosure statement in their advertisements. Remember that a Distressed Property Consultant is an individual or business entity that undertakes employment to provide consulting services to a homeowner for compensation with respect to a distressed home loan or a potential loss of the home for nonpayment of taxes. Real estate brokers and salespersons are not exempt from this law, but attorneys practicing law are not so regulated.
5. Title Insurance Tax:
Title related services, inclusive of all relevant searches, which are not used in the course of preparing a title insurance policy, are now subject to New York State and Local Sales and Compensation Use Taxes.
6. Lead Paint Contractor Certification Requirement:
The Federal Environmental Protection Agency now requires contractors who preform renovations involving lead paint to be certified by the Agency following extensive training and to employ certain work practice standards similar to what is done with respect to asbestos. Among other requirements, contractors are now required to construct containment zones, wear protective clothing, and utilize HEPA vacuums.
7. Carbon Monoxide Alarm Requirement:
New York now requires essentially all residences, both new and existing, to have carbon monoxide alarms installed as follows:
a. Constructed before January 1, 2008 - must have one alarm installed on lowest level with a sleeping area.
b. Constructed after January 1, 2008 - must have an alarm installed on each level with a sleeping area or where a carbon monoxide source is located.
8. New Power of Attorney Form:
In real estate, this mainly affects a transaction where the buyer or seller is unavailable. Now, many of the sloppy changes made by the Legislature just over a year ago have been corrected. Most importantly, a Power of Attorney no longer automatically revokes all prior Power of Attorneys.
9. Home Inspector Code of Ethics:
Home inspectors must now provide a written contract to clients prior to performing the home inspection. This contract must clearly and fully describe the scope of service to be provided and the costs associated therewith. Additionally, this contract must include specific language, including:
a. Home inspectors are licensed by the NYS Department of State. Home Inspectors may only report on readily accessible and observed conditions … Home inspectors are not permitted to provide engineering or architectural services.; and
b. If immediate threats to health or safety are observed during the course of the inspection, the client hereby consents to allow the home inspector to disclose such immediate threats to health or safety to the property owner and/or occupants of the property.
10. Federal Estate / Gift Tax Exemption Increase:
After continuous Congressional debate, the Exemption is now set at $5,000,000 for 2011 and 2012. While 2010 had an unlimited Exemption, there was speculation that 2011 could see anything from $1,000,000 to $3,500,000. This new Exemption means that families can easily transfer ten million dollars through the generations by way of a minor estate planning vessel called a Credit Shelter Trust.
Wednesday, December 01, 2010
Please contact Lieb at Law at 631-878-4455 to schedule a complimentary 20 minute question & answer at your office about the new dual agency disclosure forms - the new forms will be provided.
Thursday, May 20, 2010
Many in the news are saying that Home Affordable Modification Program is dying. They point to insufficient income as the cause, I submit its insufficient application skills. My firm has many alive HAMPs. I am lecturing attorneys in Nassau this evening on how to navigate the program as well as the rest of Making Home Affordable. The problem is all of the press that says homeowners can do this themselves and that they don't need help. Yes, homeowners can technically submit their own application, but having a lawyer seems pretty important in all other aspects of citizens legal lives (for instance Miranda Rights), why not here? Lets get some really trained attorneys who can fight for our clients in CPLR 3408 Settlement Conferences and you will see HAMP be reborn!
Saturday, April 24, 2010
Carrying On A Family Tradition
BY BRANDI BUCHMAN
Andrew Lieb, the managing attorney at his family-owned law firm, Lieb at Law on Main Street in Center Moriches, is ready to share a few secrets with the community.
Mr. Lieb will lead a free seminar instructing people on how to grieve their property tax assessments on Thursday, April 29, at 7:15 p.m., at the Center Moriches Free Library on Main Street. The presentation is a joint effort between Mr. Lieb’s firm and the Chamber of Commerce of the Moriches.
Mr. Lieb explained that it’s a simple process to grieve one’s tax assessment, the process in which taxpayers file a request with the Brookhaven tax assessor’s office to reduce the amount the town says their homes are valued at, and thus reduce their property taxes.
“Homeowners should only pay taxes commiserate with the fair market value [of their homes] and people don’t realize that you don’t have to be a lawyer to grieve your own property taxes. It’s only a four-page form and it’s basically foolproof,” Mr. Lieb said.
At the free seminar next week, Mr. Lieb will distribute grievance forms and discuss the finer points of a grievance—namely, what to do if the town denies the request. Residents can file suit in small claims court asking a judge to reduce their assessment, he said.
“We want to empower people with the knowledge they need to save time and money,” Mr. Lieb’s wife, Lauren, said of the idea to offer free tax counseling. “We want to humanize the experience.”
That sentiment may be indicative of a downto-earth culture of the company that Mr. Lieb said was initiated by his grandfather, Harold Lieb, who ran a drugstore, Ace Pharmacy, in the building that now houses the law firm begun by Mr. Lieb’s father, David Lieb.
In 1951, Harold Lieb brought his family from New Jersey to the sprawling duck farm landscape of Center Moriches.
“My father,” the elder Mr. Lieb explained, “had his choice of three locations when he decided to open the pharmacy, Port Washington, Huntington and Center Moriches.”
Mr. Lieb decided not to follow in his father’s footsteps.
“I was more interested in law than chemistry,” he said. “So I earned my law degree, and in 1977, I made a decision.”
The decision was to establish Lieb & Lieb, a venture David and his brother Joseph Lieb entered jointly. Eventually, the siblings went their separate ways, and Joseph opened a small firm in Patchogue.
And then a few years ago, Andrew entered the family business.
“I was studying Public Health at Indiana University,” he said. “But I was meant to be a lawyer. I wanted to work in a position where I had the power to make a positive change, to make a difference.”
Because of his family’s long connection with Center Moriches, Mr. Lieb believes that the firm’s ability to provide excellent service should be an easy sell.
“I want the vibe here to be as it was when my grandfather ran the pharmacy,” he said. “I want people to feel comfortable enough to drop in any time, if just to say hello, and as needed, find legal guidance.”
Mr. Lieb’s wife Lauren simplifies the idea a step further, “Basically, it’s nice to be nice. If you treat people with respect, talk to them openly and provide the service they need in the meantime, you can’t go wrong.”
Offering free advice for neighbors in a pinch isn’t limited to providing tax information. Lieb at Law also offers free real estate classes and certification courses.
This series of free courses, Mr. Lieb admits, may initially raise a few eyebrows.
“Traditionally, brokers and agents pay out of their own pocket to maintain licensure or to update their accreditation,” Mr. Lieb explained, “Nowadays, particularly in the real estate industry, it’s beneficial to offer these services for free.” Mr. Lieb, who moved to East Moriches with Ms. Lieb in 2007, has poured his energy into participating in several community organizations. He currently sits on the Board of Directors of Colonial Youth and Family Services of Mastic, works closely with the Chamber of Commerce of the Moriches and sits on the Business Advisory Council for Center Moriches High School.
Years ago, before the Liebs finalized plans to move to the area, the couple met with Mr. Lieb’s sick grandmother, who offered some sage advice.
“You will never regret living here,” she told them. “You will love living in a small town.”
“It’s true, when it comes to Center Moriches, we’re extremely proud to be here,” Ms. Lieb said. “You would be hard-pressed to find a better community to serve or to live and work in.”
BY BRANDI BUCHMAN
Andrew Lieb, the managing attorney at his family-owned law firm, Lieb at Law on Main Street in Center Moriches, is ready to share a few secrets with the community.
Mr. Lieb will lead a free seminar instructing people on how to grieve their property tax assessments on Thursday, April 29, at 7:15 p.m., at the Center Moriches Free Library on Main Street. The presentation is a joint effort between Mr. Lieb’s firm and the Chamber of Commerce of the Moriches.
Mr. Lieb explained that it’s a simple process to grieve one’s tax assessment, the process in which taxpayers file a request with the Brookhaven tax assessor’s office to reduce the amount the town says their homes are valued at, and thus reduce their property taxes.
“Homeowners should only pay taxes commiserate with the fair market value [of their homes] and people don’t realize that you don’t have to be a lawyer to grieve your own property taxes. It’s only a four-page form and it’s basically foolproof,” Mr. Lieb said.
At the free seminar next week, Mr. Lieb will distribute grievance forms and discuss the finer points of a grievance—namely, what to do if the town denies the request. Residents can file suit in small claims court asking a judge to reduce their assessment, he said.
“We want to empower people with the knowledge they need to save time and money,” Mr. Lieb’s wife, Lauren, said of the idea to offer free tax counseling. “We want to humanize the experience.”
That sentiment may be indicative of a downto-earth culture of the company that Mr. Lieb said was initiated by his grandfather, Harold Lieb, who ran a drugstore, Ace Pharmacy, in the building that now houses the law firm begun by Mr. Lieb’s father, David Lieb.
In 1951, Harold Lieb brought his family from New Jersey to the sprawling duck farm landscape of Center Moriches.
“My father,” the elder Mr. Lieb explained, “had his choice of three locations when he decided to open the pharmacy, Port Washington, Huntington and Center Moriches.”
Mr. Lieb decided not to follow in his father’s footsteps.
“I was more interested in law than chemistry,” he said. “So I earned my law degree, and in 1977, I made a decision.”
The decision was to establish Lieb & Lieb, a venture David and his brother Joseph Lieb entered jointly. Eventually, the siblings went their separate ways, and Joseph opened a small firm in Patchogue.
And then a few years ago, Andrew entered the family business.
“I was studying Public Health at Indiana University,” he said. “But I was meant to be a lawyer. I wanted to work in a position where I had the power to make a positive change, to make a difference.”
Because of his family’s long connection with Center Moriches, Mr. Lieb believes that the firm’s ability to provide excellent service should be an easy sell.
“I want the vibe here to be as it was when my grandfather ran the pharmacy,” he said. “I want people to feel comfortable enough to drop in any time, if just to say hello, and as needed, find legal guidance.”
Mr. Lieb’s wife Lauren simplifies the idea a step further, “Basically, it’s nice to be nice. If you treat people with respect, talk to them openly and provide the service they need in the meantime, you can’t go wrong.”
Offering free advice for neighbors in a pinch isn’t limited to providing tax information. Lieb at Law also offers free real estate classes and certification courses.
This series of free courses, Mr. Lieb admits, may initially raise a few eyebrows.
“Traditionally, brokers and agents pay out of their own pocket to maintain licensure or to update their accreditation,” Mr. Lieb explained, “Nowadays, particularly in the real estate industry, it’s beneficial to offer these services for free.” Mr. Lieb, who moved to East Moriches with Ms. Lieb in 2007, has poured his energy into participating in several community organizations. He currently sits on the Board of Directors of Colonial Youth and Family Services of Mastic, works closely with the Chamber of Commerce of the Moriches and sits on the Business Advisory Council for Center Moriches High School.
Years ago, before the Liebs finalized plans to move to the area, the couple met with Mr. Lieb’s sick grandmother, who offered some sage advice.
“You will never regret living here,” she told them. “You will love living in a small town.”
“It’s true, when it comes to Center Moriches, we’re extremely proud to be here,” Ms. Lieb said. “You would be hard-pressed to find a better community to serve or to live and work in.”
Saturday, March 06, 2010
My firm has just began an Of Counsel relationship with attorneys who speak Spanish and Chinese. Please let me know if we should offer the Real Estate School in either of these languages. Also, these attorneys are available for your Non-English speaking clients.
Opening the new location today. We are going to take measurements and start a little construction. By the end of the month, we expect consultations to be available in both Manhasset and Center Moriches. The Manhasset office is opening in correlation with our real estate school offerings through Bethpage Federal Credit Union, at their South Oyster Bay Road, Bethpage, location. We will now be a presence in both Suffolk County and Nassau County. For more information, please contact Lieb at Law at 631-878-4455 or at info@liebatlaw.com or you can always visit the website at www.liebatlaw.com.
