Tagged: New York real estate lawyer

New York and New Jersey Real Estate Questions

When purchasing or selling a home many questions may arise especially if it is a first time home purchase or selling a home for the first time. Questions may range from general questions to more in depth questions that may be answered with state specific or city specific laws in mind.

Real estate questions should be addressed to an experienced real estate professional so that answers can be answered appropriately based on the state specific laws (and possibly city specific real estate laws).

To speak with a New York and New Jersey real estate lawyer regarding any real estate questions call 718.979.4300. We are able to answer questions concerning and represent clients in:

  • Buying a home
  • Selling a home
  • Short sales
  • Refinancing a home
  • Home loan modification 
  • Purchasing a new construction home
  • Foreclosure 


Purchasing a Condo in New York is Becoming More Popular

In recent months you may have hear a lot about the increase of sales of newly constructed homes but a report released by Miller Samuel Inc., a New York appraisal firm, recently shows that New York condo sales are up 45.6% from last quarter.  While this number is still down 16% from a year ago this is still a significant jump in for condo sales.

The report released by Miller Samuel Inc. also showed that more people selling a condominium in New York had to drop their sales prices by 5.7% compared to last quarter and 16.5% from last year.

With prices at such a dramatic low it is time for those considering to purchase a condo in New York to make a move.

Many people, especially if they are single, a young couple, or elderly, may consider purchasing a condominium unit.  Condo’s have become increasingly popular over the past few years because they allow the buyer to purchase a home of their own without having to have the complete responsibility of certain things.  Some of the advantages to buying a condominium are:

  • Most condominiums include amenities that you normally may not be able to afford.  Certain condo’s the extras you may be looking for such as swimming pools, a gym, volleyball court, tennis courts or basketball courts.
  • The cost is less than a detached home.  Condo’s normally sell for anywhere between 20-30% less than a single detached home so you are getting the experience of owning your own home and you are able to do it for less than purchasing a detached house.
  • Costs are shared. In a condominium the cost of repairs are shared with the other owners of the condominium so instead of having to pay for something yourself, while the cost for materials may be more than for a detached home, the final cost to you will probably be much less because it is being shared with everyone else in your condo.

To find out more information about purchasing a condominium in New York or if you currently own a condo in New York and are looking to sell it contact Steven T. Decker, Staten Island and Brooklyn real estate lawyer.

Mortgage Credit for First-Time Home Buyers Purchasing a Home in New York

New York state is offering a tax credit to first time home buyers who are purchasing a home in New York (including New York City – Staten Island, Brooklyn, Manhattan, Queens and the Bronx) in addition to the $8,000 tax credit for first time home buyers.

The additional credit will be given to first time home buyers buying a home in New York and obtaining a new fixed rate mortgage – including Fannie Mae, Freddie Mac, other conventional loans, VA loans and FHA insured loans and will offer a tax credit of up to 20% of the mortgage tax credit for the life of your loan.

The credit is called New York State Mortgage Credit Certificate and you apply for it at the same time you apply for your mortgage and upon approval you can claim the tax credit on your federal taxes along with IRS form 8396 (mortgage interest credit form).

There are restrictions on who can apply for the loan, some of the qualifications are listed below:

The borrower must…

    • Be a first time home buyer as defined by SONYMA;
    • Meet SONYMA’s Household Income Limit requirements (click here to see Household Income Limits for your area);
    • Occupy the home as their permanent residence;
    • Not have used more than 15% of their current residence (or a prior residence) for a business or commercial use in the past year.
      • The property must…
    • Be located in New York State;
    • Have a sales price that does not exceed SONYMA’s Purchase Price limits;
    • Not have been used for any business or commercial purpose;
    • Be one of the following property types:
      • Existing or newly constructed one family home (includes condominiums and cooperatives);
      • Existing two, three, and four family home that is at least five years old as of the SONYMA loan application date and has been used only as a residence during the past five years;
      • Two family home located in a Target Area that is newly constructed or was constructed within the five years prior to the SONYMA loan application date; and
    • Have a maximum of five (5) acres.
      If you are a first time home buyer that is considering purchasing a home in New York the Mortgage Credit Certificate (MCC) may be something that you are eligible for.  In order to find out how much of a tax credit you will receive if you apply for this program NY Homes has created a calculator.
       to help you determine how much of a credit you will receive.
      Unlike the federal home buyers tax credit of $8,000 the New York Mortgage Credit Certificate does not have an expiration date on it as of yet.  The Mortgage Credit Certificate can be used with the federal first time home buyers credit of $8,000 if the closing occurs on or before November 31, 2009.

if you are purchasing a home in New York you will need a New York real estate attorney with experience to represent you in your real estate transaction

      .  You will want to make sure you find the right New York real estate lawyer because this will be the person guiding you throughout the process of your purchase, explaining the contract to you, making sure you get what you want out of your purchase, working with the bank to help you get approved for your mortgage and representing you at closing.  If you would like more

information about finding the right New York real estate attorney

         contact our law firm which has over 35 years of real estate experience.  You can contact our Staten Island real estate law firm office at 718.979.4300.  We are located at 1610 Richmond Road, Staten Island, New York 10304.

New Jersey & New York Real Estate Contract – What Buyers Need to Know

As home prices plummet and interest rates remain low, more homebuyers are stepping into the New York and New Jersey real estate markets.  For most people, a home is the largest investment they will ever make, which is why it is crucial they know what they are getting into.

If you are a homebuyer in New York, you will most likely be asked to sign a binder or contract when you want to make an offer on a property.  This binder contains the essential terms of the offer, such as price, deposit, down payment and mortgage amount.  Depending on where the property is located in New York or New Jersey, you might be asked to sign an actual contract that is a state-approved form.

Before you sign any contract or binder, you should have it reviewed by a New York or New Jersey real estate lawyer.  A real estate attorney will be able to make sure that all of the necessary elements are included in the contract and can even help with the negotiation process.

A good New Jersey or New York real estate contract should have a clause that allows a property inspection by a home inspector or engineer.  The home inspector will be able to examine the house, including the roof, plumbing system, electrical system and so on, to determine if any problems exist.

If you are considering purchasing or selling house in New Jersey or New York, you should contact a New York real estate lawyer at Decker, Decker, Dito & Internicola at (718) 979-4300 or (800) 976-4904.