If an owner of a property is mentally unstable, e.g. has Alzheimer’s, that owner may not be able to sign off on the documents needed to sell their property. Unless someone contains a power of attorney executed prior to them becoming mentally unstable, this matter will need to go through probate court to have an…

When a real estate contract contains terms referring to “time is of the essence,” this refers to a strict deadline being imposed by a party to the transaction, to when the transaction must close. Often times, if the closing date in a contract for a purchase and sale has passed, one of the parties will…

As we have all read in the news, prices of Brooklyn’s real estate are soaring. From Bushwick to BedStuy, property sales are setting all-time record highs. This legal tip will examine how these prices will influence your client’s closing costs whether sellers or buyers in New York City. Let us first examine the seller’s side…

We always hear about real estate transactions falling through for a variety of reasons. But what is a buyer’s recourse when this happens? A buyer can bring an action/lawsuit for specific performance to legally force the seller to sell and close on the contract. In essence, the buyer is requesting a judge to make a…

Real estate contracts for the purchase and sale of property can get voluminous and extremely complex. However, the mortgage contingency clause or loan contingency clause, is one of the most important clauses of any real estate contract. An example of such a clause can be found below. The mortgage contingency clause provides protection to the…

If you have been injured in a car accident, at a construction site or at a hospital you may be entitled to a cash award. But you won’t just get a check in the mail. You have to go to court and follow a long process. If you and your lawyer are successful, you may…

 Come up with a financial plan – examine your finances to find an affordable price range for a property. Figure out how much down payment you can make and what monthly payments you can afford. You may want to seek assistance from your accountant or financial advisor.   Get a mortgage pre approval – contact…

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