real estate law

Should You Consider Refinancing Your Mortgage?

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For many homeowners, the purchase of a home is the most significant economic decision they will make in their entire lives, at least in terms of cost. Unfortunately, many people who have homes find themselves with mortgages they struggle to pay back. For them, refinancing can be a viable means of making a mortgage more affordable. But should you consider refinancing your own mortgage?

 

What Does it Mean to Refinance Your Mortgage?

 

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Five Issues To Watch Out For in Your Commercial Lease Agreement

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While some businesses pay the money to own their own buildings, the fact is that most business owners find it more practical to simply rent the space for their businesses. However, this means negotiating a lease agreement with the property’s landlord, which can lead to a number of potential legal pitfalls. Here are five legal issues you should watch out for when you negotiate your commercial lease agreement: 

 

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Why Do You Need a Lawyer To Negotiate Your Real Estate Contract?

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Given how expensive it is to purchase real estate, there are a surprising number of people who will try to save money by negotiating a sale without the help of a lawyer. By doing this, however, they place themselves at a much higher risk of legal difficulties that might have been avoided if they only had a lawyer present to help with contract negotiations. Here are five reasons you should have a lawyer with you to help negotiate your real estate contract:

 

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Seven Types of Title Defects That Could Impact Your Home Sale

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If you are engaged in any type of real estate transaction, it is essential that you discover any title defects as soon as possible. These defects, if left uncorrected, can result in substantial legal and financial problems for you. Here are seven types of titles defects that might negatively impact your home sale or other real estate transaction:

 

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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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