real estate law

Five Ways a Real Estate Seller Might Not Have Clear Title

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One of the most basic requirements of selling a piece of real estate is ensuring it has a clear title. In simple terms, this means that their ownership of the property is uncontested and without legal or financial complication. While this seems like it should be an easy requirement to fulfill, a shocking number of sellers will put their property on the market without checking to see if they have a clear title. Here are a few ways that might happen:

 

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Why Should You Care About Zoning Laws?

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Many people who purchase real estate think about factors like how much a property may cost, or how it looks, or whether it is large enough for their needs. What they may not consider, at least at first, is whether local zoning laws might interfere with those ambitions. If they are not careful, though, zoning ordinances may become a major source of legal headaches and financial woes.

 

What Are Zoning Laws?

 

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Enforcing Holdover Rent Provisions in New York

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When drafting a lease agreement, many landlords include a “holdover rent” provision forcing tenants to pay additional rent if they remain in tenancy past the lease term. The provision could require a tenant to pay anywhere from two to three times their stated rent for each month they remain on the premises. New York courts have found these provisions valid as the landlord’s rights to liquidated damages.

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Aggregation of Residential Condominium Units Affects Mortgage Recording Tax Rate

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The New York City Register’s Office collects a mortgage recording tax whenever a mortgage is recorded in any of the five boroughs except for Staten Island.  The tax rate combines New York State and New York City Mortgage Recording Tax into one amount, which is based on the amount of the mortgage.  The New York City Department of Finance has a tax calculator to help you estimate how much the recording tax will be.

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