The importance of a lease

There is nothing that can provide more benefit to the landlord/tenant relationship than a written lease. In the residential setting, a plain language lease helps greatly in outlining the rights and responsibilities of either party. The law requires that leases be in clear language (which is different than rules regarding commercial leases). Many people use pre-printed forms or forms found on the internet, but it is important, especially for the landlord, to have those forms reviewed by an attorney make sure that the following issues are addressed thoroughly: (more…)

Tags: landlord/tenant, lease, residential lease

Searching through hundreds of listings on your iPhone or your realtor’s website to find the perfect home is a time-consuming process. Once you find the perfect red-brick, 4-bed, 2-bath cape on the quiet, tree-lined sidestreet around the corner from your favorite café, the work isn’t over. I’m not just referring to the seemingly endless stack of papers you’ll be asked to read (ha!), sign, and initial. I’m not talking about the enjoyable and gratifying job of packing up every single item you own into those little cardboard banker boxes you swiped from the copy room at the office. You’ve negotiated the price, you’ve secured a lender, and now comes the infamous property inspection. That’s where the old adage “Buyer Beware” comes into play. (more…)

Tags: home buyer beware, home inspection, PCDS, property condition disclosure statement, property inspector

While this article is geared towards real estate agents, we feel it is helpful for others to be aware of. With the ever-increasing importance of the internet in our day-to-day lives, scams such as the one described below, and other email scams/solicitations, are becoming more and more common. The need to be cautious and confirm the legitimacy of any solicitation is more important than ever.

In this past year alone, HoganWillig has encountered half a dozen fraudulent internet schemes stemming from residential real estate transactions. (more…)

Tags: preventing fraud

Our real estate department handles all types of real estate related matters, including foreclosures.  This might be an unpleasant task, however the local lenders we represent are very understanding and sympathetic to their borrowers’ plights.  I have had our banks agree to postpone actions and sales, and to work out payment plans, or allow a home to be sold for less than the loan amount very often. (more…)

Tags: foreclosure, mortgage, notice of conference, re-financing

At the end of 2010, Governor Patterson signed a new bill into law which set realistic limits on the current levels of exemption values which will reflect today’s values and households and bring New York State into accord with other states exemption statutes. This law will be a welcome face lift to the current Debtor Creditor statutes and the Civil Practice Law and Rules! (more…)

Tags: bankruptcy protection, personal property exemption, real property exemption

Congratulations! You’ve signed a contract to purchase a new home and now you are waiting for your mortgage to be approved and for closing to take place. You are excited to move into your new home and usually preparation and economizing is a responsible thing. (more…)

Tags: credit, Fannie Mae, mortgage

Karen and Anthony Regan purchased 107 Blue Heron Court in 2007 from owners Elaine and Robert Altman. They spent $282,000. It should have been just another residential real estate transaction – completed, recorded and, except for those involved, forgotten. Instead, it may have far-reaching consequences in the local real estate market.

As the Regan family soon found out, the house was one of the “sinking homes” in Amherst with serious foundation issues. The Altmans completed the required property condition disclosure paperwork prior to the sale. The Regans, with a home warranty in place, opted not to spend the money for a home inspection that may have exposed the foundation issues.

The result: The Regans filed suit against the Altmans and both real estate agents involved in the transaction, John Fox of Hunt Real Estate Corp. and Scott Thomas of Keller Williams Realty.

Last month, a jury in state Supreme Court awarded $282,000, the full purchase price of the property, to the Regans.

The jury then divided the liability, finding that the previous owners were 75 percent liable for the verdict, the buyers were 5 percent liable and Fox, who represented the sellers, was 20 percent liable.

It is the 20 percent liability for the real estate agent that has many wondering: Was the verdict fair?

If a real estate agent is given information and he presumes it to be true, how far will he or she now have to go to verify facts? Will agents have to insulate against what could be a flurry of similar lawsuits from homeowners unhappy with their new purchase?

Tags: amherst ny, foundation issues, real estate transaction, sinking homes