New York Real Estate Law

The legal battles and regulations that are currently taking place can be attributed to the debates surrounding property rights and real estate at the state level. Understanding New York's property laws is crucial due to the state's increasing population. Below, you will find valuable information about the state’s property laws that can be helpful.

New York Real Estate and Property Laws

What Your Real Estate Attorney Wants You to Know About Foreclosure

This article will guide you through the key points your attorney wants you to know about foreclosure. We will examine how foreclosure works, discuss strategies to avoid foreclosure, and highlight your attorney's vital role in protecting your home and interests. By arming yourself with knowledge and seeking expert legal guidance, you can confidently navigate this challenging situation and make informed decisions to safeguard your home.

Should I Hire a Real Estate Attorney To Buy a House?

Do you need a real estate attorney to buy a house? The 2023 American housing market is and remains a seller’s market at the time of this writing. Unfortunately, tight inventory and high housing prices have made it difficult, if not impossible, for first-time homebuyers to enter the market. For an edge over other buyers, folks may wonder if it’s worth hiring a lawyer who specializes in real estate transactions to aid in the home-buying process. 

The Basics of Land Use Law

This article provides a comprehensive guide to the fundamentals of land use law, providing insights into zoning regulations, special use permits, and the broader legal landscape governing land development. By exploring the essential concepts and procedures in land use law, you can understand the legal framework underpinning land use decisions and the potential implications for your own ventures. 

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A real estate lawyer can protect you and your investment by addressing zoning, title, disclosures, disputes, and construction issues before and during closing.

How To Hire A Real Estate Attorney

Much Does a Real Estate Attorney Cost? [2023]

If you are a buyer, you’ll want to be able to rest easy, knowing that you aren’t throwing your money away on a bad real estate investment. If you are a seller, you’ll want to be sure you are receiving fair compensation for selling your home or land. It’s common to work with experts, such as a real estate agent, a property inspector, or an appraiser, when buying and selling real estate. Another expert that may provide valuable advice and peace of mind at such a time is a real estate attorney. 

How Much Does a Real Estate Attorney Cost? [2023]

What To Know About Property Boundaries

You should understand the nuances of property boundaries before taking on a big project like a fence or assisted dwelling unit (ADU). Property lines, also known as plats, are the legal boundaries for a piece of land that distinguishes it from others. Often property lines do not follow obvious boundaries, and disputes over property lines can cause serious rifts between neighbors. Knowing your local property laws and your plat’s measurements can save you time, frustration, and money. 

How To Handle a Property Dispute With a Neighbor

If you find yourself in an argument with a neighbor over a property issue, stay civil and check your community’s laws. Many times, disagreements can be resolved neighbor-to-neighbor with some good old-fashioned communication without escalating the dispute to court. If you need to know the best way to handle a property dispute with a neighbor, these general guidelines can help you evaluate your options and move toward resolution. 

What Type of Lawyer Do I Need for a Property Dispute?

Owning property is something that many people aspire to do. Having your own piece of real estate brings with it a sense of freedom and independence and can be a smart investment that your future self will thank you for. It is also a major responsibility, with which come certain risks. It is not uncommon for owners of both residential and commercial real estate to find themselves embroiled in complicated or stressful battles related to their property. If you find yourself involved in a property dispute, it is important to know what rights you have and what steps will need to be taken to reach a satisfactory resolution. A qualified property dispute lawyer can help you through the process. 

Construction Defects: Everything Your Real Estate Lawyer Wants You To Know

If you find yourself in a position that requires legal action for construction defects, you’ll likely need to hire a litigation or real estate attorney to represent your interests. In that case, there are a few things you should know beforehand.

Call 315-442-5200 to reach the non-emergency hotline of the Syracuse police station.

Incident reports are available in the Syracuse Police Department, located at 511 S. State St., Syracuse, NY 13202. To obtain digital copies, visit: <a href="https://secure.coplogic.com/dors/en/filing/submitreport?dynparam=1686745214610#">https://secure.coplogic.com/dors/en/filing/submitreport?dynparam=1686745214610#</a>.

According to NY's Division of Consumer Protection, potential Syracuse tenants who are vulnerable to rental scams, like immigrants, first-time residents, and young individuals, can avoid them by knowing these red flags:
<ul>
<li>There's no upfront payment before obtaining an apartment.</li>
<li>There are no mandatory commission rates. </li>
<li>The real estate agent refuses to give copies of necessary documents, including receipts, checks, and the lease.</li>
<li>The agent insists on tenants making deposits with cash.</li>
<li>The agent's not licensed, which can be verified online.</li>
</ul>

Real estate lawyers in Syracuse can assist property buyers in drafting, analyzing, and preparing contracts of sale, as well as help them negotiate additional terms with the property buyers. They review the title report, address liens and violations, and handle transfer documents and the deed. Real estate lawyers also assist those with mortgages in calculating the amounts owned at closing, including condo and coop closing expenses.

Residential property sellers in Syracuse who failed to deliver a disclosure statement before the signing of the contract of sale must pay a statutory fee of $500 to the buyer at closing. They are also liable for any damages that the buyer may suffer from property defects, according to the New York Real Property Law section 465. However, the Syracuse disclosure law exempts various types of property transfers, including those that are part of the divorce settlement.

The property tax in Syracuse is $3,237 per year for a property with a median value of $124,400. The average property tax that residents of Syracuse pay yearly is about 4.81% of their yearly income. However, various programs can help homeowners to pay lower property taxes, such as the Disabled Homeowners Exemption, the School Tax Relief Exemption, and the Veterans Exemption.

Homeowners who believe their properties were overassessed have the right to file an appeal for overpaying property taxes by filling out a tax appeal form from the Syracuse Department of Assessment, located at Room 130, City Hall Syracuse, New York 13202. This form must contain the property's information, proposed appraisal, and the property tax appeal details, like homes with no additions but the municipality record says it does and building issues that may affect its assessed value.

Real estate attorneys are responsible for preparing and reviewing transactional documents and helping clients with the closing process. They draft purchase agreements, perform title searches, write title insurance policies, disburse funds, and prepare federally mandated HUD-1 settlement statements. They can also help clients understand the tax implications of selling a home. In the case of a dispute between the buyer, seller, or a third party, real estate attorneys also defend clients in court. Even if there is no identifiable dispute over the transaction, an attorney will make sure everyone “plays by the rules” during the purchase or sale.

In some cases, it’s possible to purchase residential or commercial real estate without consulting a real estate lawyer. However, legal representation is required in approximately 20 states, and some jurisdictions require a lawyer to be present at the closing. Usually, real estate attorneys take over once real estate agents have an offer in hand. Buyers are encouraged to consult an attorney when purchasing damaged or bank-owned property or real estate located in high-risk areas. Attorneys can also assist out-of-town buyers and negotiate favorable solutions if liens, structural issues, or legal challenges crop up during the procurement.

Real estate transactions may seem cut and dried, but it’s common for unforeseen difficulties to arise. Attorneys who represent buyers or sellers can facilitate a successful transaction while protecting their clients’ interests and preventing costly mistakes. On the buyer’s side, attorneys can provide advice related to financing, estate planning, tax law, and first-time home buyer credits. Real estate attorneys can also help sellers who are dealing with challenges due to liens, structural damage, probate disputes, or uncooperative partners.

Real estate includes land, permanent structures, and natural resources, such as water, minerals, and trees. Property typically describes personal items and belongings that aren’t permanently attached to land. The transfer of real property includes the bundle of legal rights, which give landowners the freedom to possess or occupy the property, enjoy their land without interference, restrict others’ access to the property, and dispose of their ownership rights as they see fit.

In most cases, liens stay attached to the property until the debt is satisfied or the debtor files for bankruptcy. The creditor’s rights vary depending on whether the lien is voluntary or involuntary. Additionally, if a lien has been perfected, that lienholder has priority over other creditors. Voluntary liens are most common when homeowners use their property as collateral against a secured loan. Involuntary liens are typically related to back taxes, court judgments, and child support. Properties are also subject to involuntary mechanic’s or materialman’s liens in case a customer or contractor fails to pay for materials or labor. Liens don’t necessarily prevent someone from transferring property, but most buyers want a title that’s free and clear.

Lawyers perform critical functions during every stage of the closing process. They draft and review documents, negotiate contracts, and finalize all of the details needed to close the sale. Attorneys who represent buyers can negotiate the terms of sales contracts, including contingencies, perform title searches to ensure that the seller can legally transfer ownership, and resolve issues related to third-party claims, liens, and easements. They can also assist with loan paperwork, title insurance, and other financial matters, such as taxes and transfer fees. Real estate attorneys who represent sellers are responsible for handling deeds, insurance declarations, and payoff letters.

Not necessarily. Some states require a real estate attorney to be present at the closing, but there are some situations when you might consider hiring one even if it's optional where you live. Examples might include:<ul><li>You're selling the house with an uncooperative partner</li><li>You've inherited a property from an owner who is now deceased</li><li>You anticipate tax consequences</li></ul>

Generally speaking, no, because the seller and buyer have different priorities when it comes to a home sale, and some of those interests conflict. States have specific laws governing whether or not a real estate lawyer can represent the buyer and seller, and if this does happen, there's often a waiver that has to be signed by both parties acknowledging a conflict exists. States may have different names for a document like this, but it's usually called a Conflict Waiver. Acceptable exceptions for using the same real estate lawyer might include a property being transferred from one family member to another, such as a father to his son.

Some states require a closing attorney, while others deem it optional. The cost of hiring a closing attorney varies widely by the state and law firm you choose. You can expect to pay between $2,500 and $3,000 for a simple buy/sell transaction, but keep in mind that this cost is likely to vary depending on your location and the complexities of the closing.

Technically, no, you don't need a lawyer to sell land, but there are some situations when it might be a good idea. You might consider hiring an attorney if you are faced with existing boundary disputes, involved in a sale of land that's partially wetland, or in circumstances concerning tax issues. Specific laws related to land vary by state, but one potential issue is the tax rate, which can differ depending on whether the land can have structures built on it.

Lawyers can assist buyers and sellers in transactions involving bank financing. They can review the fine print, any title insurance declarations, and the mortgage terms. A real estate attorney also will ensure that funds are distributed to the correct parties, especially if there are any outstanding mortgages or liens that need to be paid before the title transfer.