Following the death of a loved one, you may become the recipient of an unexpected parcel of real estate. Yet, with every windfall comes great obligations, so be prepared for the surprises you may encounter when inheriting property.

Andrew Lieb's latest article featured in The Huffington Post includes the following topics:

1. Mortgage Transfer
2. Reverse Mortgage
3. Rental
4. Homeowners Insurance
5. Testamentary Substitutes
6. Estate Tax
7. Capital Gains Tax
8. Probate
9. Heirs at Law
10. Right of Election

What's the single piece of advice you'd give any prospective buyer right now?

Andrew Lieb along with a select group of industry insiders on the East End share advice to prospective buyers on Dan's Papers. Click here to learn more. 

The Appellate Division recently addressed a situation where a guaranty accompanying the original lease was enforced post-modification of that underlying lease in 4 USS LLC v. DSW MS LLC where the court ruled that the Guarantee could "recover under the terms of the lease, prior to its modification".

This means that where you make a deal to modify the terms of your lease, you may still be personally liable under the old guaranty for past breaches of that previous lease.

The takeaway from this case is to address the guaranty documents in the modification documents and expressly state the intentions of the parties as to past breaches and their enforceability post-modification.

Real estate agents often only think about getting the functional results that their clients expressly state accomplished - this case is a reminder of the necessity to clean up the past before emerging into the goals stated by your clients for the future.

Otherwise, the past can come back to bite you.

If you or your clients are in the process of purchasing property and want a resource guide that explains Homeowners' Insurance, check out Andrew Matthew Lieb's latest article featured in The Huffington Post.

Surprises About Homeowners' Insurance You Probably Didn't Know


Topics Include:

• Categories of Insurance
• Deductibles
• Property Damage Coverage
• Off-Premises Coverage
• Household Workers' Coverage
• Rental Issues
• Notice Requirements
• Mitigation Requirements
• Duty to Defend
• Declaratory Judgment Option: 

Before letting a family member stay at your house, read and share Andrew Lieb's latest article published in the New York Section of the Huffington Post.

The answer depends on two very important factors:

1. Do you really need the money from your rental?
2. Are you actually related to your family member?

The comprehensive article is available through the following link. Full Article

If you missed last week's Realife episode, you can listen to it here. The Last 10 minutes Andrew Matthew Lieb discusses purchasing a home in the hamptons and real estate tips.

http://peconicpublicbroadcasting.org/post/real-life-episode-65

Changes to the federal flood insurance program in March attempted to address deep concerns about skyrocketing rates for those in flood-prone areas covered by the National Flood Insurance Program (NFIP), but upcoming deadlines implementing these changes raise the specter of litigation.

To read the full article, visit The Journal of Real Estate Litigation and Condemnation of the American Bar Association. Full Article 

Just because the term of the lease is over does not mean that the landlord automatically gets their seasonal rental property back. Additionally, smart brokers put a clause in their agreements that provides for a commission being due should the tenant purchase the rental property from the landlord.   Andrew Lieb shares even more tips in the Home Section of the Huffington Post.   The comprehensive article is available through the following link.  Full Article

1. Gaining Repossession: Just because the term of the lease (a/k/a duration) is over does not mean that you, the landlord, automatically gets your seasonal rental property back. In many States, such as New York, the tenant must surrender possession of the property prior to the landlord retaking possession regardless if the lease period has ended. In best practice, a written lease agreement will provide not only when the term is over, but also the mechanism of how, when and where the tenant is supposed to surrender possession (e.g., tenant shall surrender possession by way of turning over the keys to the subject premises to the landlord, in-person, at the subject premises at 12:00 p.m. on September 30, 2014 or at such other time, date and manner as is mutually agreed upon by and between the parties in a signed writing). Such a surrender clause is particularly important for landlords because a landlord who engages in a self-help eviction (i.e., going into the property without the tenant’s permission and changing the locks) is exposed to a lawsuit by the tenant for treble damages for the tenant’s lost use and occupancy of the property. Beyond protecting oneself from a self-help claim, landlords should also motivate the tenant to leave on time by utilizing a holdover liquidated damages clause (i.e., predetermined monies due and owing in the case of a holdover tenant – staying after the expiration of the lease). Courts in many States, such as New York, will enforce this type of clause at a level of three times the previous rent due for the duration of the holdover period.
2. Damage Inspection: There are 4 steps to a proper damages inspection: (1) Establishing a baseline condition of the property when the tenant takes possession (i.e., countersigned and dated pictures should have been taken); (2) Distinguishing between actual damage and ordinary wear and tear (i.e., definitions should be included in the lease for each category); (3) Determining the condition of the property upon the tenant surrendering possession (i.e., tenant and landlord walk through the property while memorializing the condition in pictures that are countersigned and dated); and (4) Obtaining 2 estimates for repairs from licensed home improvement contractors to establish the cost of repairs.   
3. Refunding the Security Deposit: A landlord is a trustee for the tenant’s security deposit monies. Where a landlord wrongfully withholds the security deposit, the tenant may be able to sue for those monies on theories such as breach of contract, conversion and breach of fiduciary duty, among others. Additionally, many States, such as New York, provide a tenant with a reciprocal right to sue for attorneys’ fees whenever a lease provides the landlord with such a right (i.e., landlord’s right to attorneys’ fees in the event of breach is standard practice in leases). Consequently, a tenant can frequently hire an attorney, who will be paid for by the landlord, to recover their security deposit.
4. Lease Renewal: The best tenants continue to renew season after season. For the landlord, this not only makes your budget for operating the property predictable, but also avoids the landlord from having to continually make yourself or your agent available to show the property to prospective replacement tenants. The protocol for the tenant exercising a lease renewal option should be set forth in the current lease agreement, including how notice to renew should be rendered (i.e., mailing a certified mail return receipt letter to the landlord indicating that the tenant shall exercise its renewal option). Additionally, the lease should provide how the rental fee will be adjusted for future seasons by what is typically referred to as a rent escalation clause, (i.e., either at a percentage increase such as 3% or tied to an index such as the Consumer Price Index). Oral renewals and text messages should be avoided as they often result in litigating.   
5. Brokerage Agreement: Many real estate brokerage agreements provide for additional monies being due to the broker in the event of a renewal of the lease by the current tenant or a member of the tenant’s family. Additionally, smart brokers put a clause in their agreements that provides for a commission being due should the tenant purchase the rental property from the landlord. Reviewing the brokerage agreement that was applicable when the tenant first let the property is a great first step before lease renewal to know how a landlord’s net profits will be effected in future years.

Andrew Lieb Shares Real Estate Tips on 88.3FM today at 5:50pm
Tune into 88.3FM (WPPB Peconic Broadcasting) for Realife with John Cristopher from Brown Harris Stevens.

Today's Line Up of Guests:

5:30pm: Cia Comnas, Executive Managing Director of Brown Harris Stevens discusses the "hot" areas in the Hamptons and what it takes to be a successful agent in the Hamptons.

5:40pm: Greg Heym, Chief Economist for Terra Holdings enlightens us about the recent release of data for the numbers in the City and here in the Hamptons.

5:50pm: Andrew Lieb, Esq., owner of Lieb at Law and Lieb School wraps up Realife as he shares some of his secrets that a buyer should know before they purchase a home in the Hamptons.

http://peconicpublicbroadcasting.org/programs/real-life-wppb

Andrew Lieb shares secrets to avoid litigation while getting home improvements in the Huffington Post and Dan's Papers.   Full Article  If you plan to do a home improvement project, there will certainly be enough on your mind without having to worry about the legal issues.  Here is your reference guide to avoid litigation while getting the job done:  10 Home Improvement Secrets: Avoiding Litigation While Getting the Job Done

Transparent solar panels may be here sooner than you think.

Accordingly to Slash Gear, a team at Michigan State University has developed "a transparent luminescent solar concentrator which looks clear to the eye but can still harvest energy from wavelengths of light invisible to humans". Unfortunately, the team has not achieved panels that are efficient enough for use on your home just yet, but it seems that great strides are being achieved relatively quickly.

So, before you say yes to solar panels being placed on your roof, maybe you should just wait a few years to redo your sunroom with transparent solar panels and generate some power in the process.

The Nassau County Bar Association and the Nassau Academy of Law Invite You to Attend

Protecting Home & Hearth
Home Insurance Everyone Needs

Monday, September 15, 6:30 p.m.

Read this terrific article - Want to buy some air? Some cities have plenty to sell - to appease your interest in air rights and development.

2 Takeaways:
a) Developing a deck (the platform in the air where development happens) to build upon is quite expensive; &
b) Financing is limited as there are minimal real property rights associated with air rights, which can be foreclosed upon (collateral).

Based upon the expense and lack of collateral, perhaps development for air rights is ripe for crowdfunding to get the job done. In crowdfunding, accredited investors (net worth of more than $1 million or have earned $200,000 in each of the previous 2 years) can provide the requisite funding in consideration of equity stakes in the development company, to get the project funded, built, and ready for tenants.

Highlights from Andrew Lieb's latest article featured in Dan's Papers...10 Secrets to Closing the Deal

1. Confirming Deeded Ownership
2. Setting the Listing Price
3. Staging and Active Concealment
4. Proactive Home Inspection
5. Broker's Loyalty
6. Budgeting for Transaction Costs
7. Certificate of Occupancy
8. Survey and Boundary Line
9. Avoiding Capital Gains Tax
10. Clearing Liens

Did you know that there are laws about keeping real estate brokerage records?

Check out Andrew Lieb's latest article featured in Dan's Papers Behind the Hedges Magazine, 10 Secrets To A Smooth Hamptons Real Estate Purchase.