Reverse Mortgage: It May Not Be All It’s Cracked Up To Be

A reverse mortgage is a mortgage loan, usually secured over residential real property, which enables the borrower to access the equity value of the property.  Specifically, it is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments or a lump sum of money based largely on the… Read More »

Tenancies – A Brief Explanation on the Three Types & Effects on Estate Planning

Just a few words on a deed may seem inconsequential, but where two or more individuals own title to real property, it is important to understand the multiple forms of ownership that are available, and unavailable, to property owners.  Whether it is residential real property, a condominium, or a cooperative apartment, the form of ownership,… Read More »

What if I Have a Contract to Reduce My Property Taxes, But I Want to Sell My Home?

A constant concern here on Long Island is the continued increase in Property Taxes and the ever-increasing cost of living.  The application for state program real estate tax exemptions (such as Basic STAR, Enhanced STAR or Veterans exemptions) may help to ease the burden, but there are instances where homeowners may not be eligible for… Read More »

Four Steps to Help Avoid Intra-Family Conflict After Passing

Relationships are complicated.  Familial relationships can be more so complicated than any other relationship.  Conflicts can arise between spouses, siblings, generations, and in-laws.  Intra-family conflicts can occur where a family member is favored over others or is perceived to be favored over others.  A conflict can also occur where a family member who is named… Read More »

“CO”s & “CoC”s

A seller of property must be mindful that there may be issues that rear their ugly head once in contract to sell the real property.  One such issue that is far too common is the existence of a deficient Certificate of Occupancy/Completion or open Building Permit. A Certificate of Occupancy (“CO”) is a document issued… Read More »

Join Us For An Upcoming Seminar: How to Protect Your Home and Avoid Probate

  Join Us For An  Upcoming Seminar:   How to Protect Your Home and  Avoid Probate – The Methods Used to Avoid Probate – How a Trust Can Protect Your Home – When to Use an Irrevocable Trust Versus a Revocable Trust Date: Jun 26, 2018 Time: 6:00 PM – 7:30 PM Location: Alzheimer’s Disease… Read More »

The Basics of Reporting a Sale of Real Property

Reporting the sale of real property could be either really complicated or relatively simple, depending on the facts and circumstances. The type of property will also impact the manner and type of taxes that need to be paid. There may also be different tax ramifications depending on who you are selling the real property to… Read More »