1. Most recent property tax bill
2. Appraisal completed within the last 12 months
3. Contract of Sale (if purchased within the last two years)
4. Recorded Deed


Lets talk appraisal; there are 3 traditional ways to value realty:
1. Market comparison approach estimates the value of property by applying a comparative analysis of recent sales that are similar to the property being assessed in terms of physical and locational characteristics.
2. Cost approach or summation approach estimates the value property by adding the depreciated value of all improvements to the value of the land. The cost approach is most useful to estimate the value of specialty properties for which there is no market.
3. Income approach is used primarily for commercial and industrial properties. The income approach estimates value by capitalizing the income generated by the property after deducting charges for vacancy, collection loss and expenses.

For residential property, the best bet is to get a Broker's Price Opinion ("BPO"), which costs the least and is the most available. In fact, its created by a Broker, not an Appraiser. Just be mindful that a BPO must include at least 3 Comparisons ("Comps") to similarly situated realty.

We will be co-hosting a workshop on grievances ("Do it yourself grievances") with the Moriches Chamber of Commerce at the Center Moriches Public Library on April 29, at 7pm. Please attend to learn more.

I was asked by an attorney in Chicago if there was a penalty to a landlord if they commingle their money with the security deposit of the tenant. In Chicago, I am informed that its 2x the security deposit plus reasonable attorneys fees. Not in NY. Here the tenant only has an immediate strict liability right to recover their security deposit regardless of the status of the lease. Meaning, even if the tenant already breached the lease, if the landlord had commingled the tenant's security deposit, the tenant can recover. Yet, I like Chicago's law better. Do you think we should add teeth to our law and provide for punitive (punishment) damages if landlords commingle the money?

Here is a blurb from a case on point:

General Obligations Law § 7-103(1) provides that a security deposit “shall continue to be the money of the person making such deposit ... and shall be held in trust by the person with whom such deposit ... shall be made and shall not be mingled with the personal moneys or become an asset of the person receiving the same.” While the statute does not provide any specific penalty or sanction for a landlord's commingling of a security deposit with personal funds, it has been held that the commingling of a security deposit with a landlord's personal funds is a conversion, which entitles a tenant to an immediate right of recovery ( see LeRoy v. Sayers, 217 A.D.2d 63 [1995]; Sommers v. Timely Toys, 209 F.2d 342 [1954] ).

Just at my house we lost 5 trees. We live in East Moriches. My uncle in Bellport lost 4. They are down everywhere. Through houses, on cars and boats, and on top of fences. So who is responsible if a tree falls from my yard onto my neighbors? The answer is that I have no liability for damage if the tree was sound (in good condition), but if the tree was decayed and unsound I will probably be liable. Here is to hoping the tree was sound.

Its time to start talking tax grievance. In many Long Island Towns your clock is ticking if you want to lower your property taxes. Remember, the filing of a grievance complaint with the assessor or board of assessment review is a condition precedent to going to Court. It only takes a 4 page form with simple questions and answers to start the process. During the next month this will be my topic of interest and I will be giving you the ins and the outs of the process. Lets reduce our property tax assessments.

Foreclosure Defense

It’s not just about short sales anymore. Remember that when a house is upside-down the lender can and will foreclose on the property. Therefore, every treatment available to a client should be looked at through the lens of foreclosure defense. The goal is to protect the rights of homeowners and to ensure that victims of predatory lending have a voice and an advocate. This can only be done by holding mortgage providers accountable and honest. In such, it’s proper to put the mortgage company on the defensive before negotiating a modification, short sale, or deed in lieu. This is done by way of a Qualified Written Request under RESPA. Also, a mandatory Foreclosure Settlement Conference is a great opportunity to have a short sale approved with a waiver of the entire deficiency. The key is that without managing the foreclosure action, a judgment in that action may undermine all of your work in negotiating a short sale. In today’s economic climate it’s essential that homeowners have a team of professionals in their corner. Both the real estate agent and the attorney must collaborate from the first consultation to achieve a positive result. It’s time to work together.