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Questions Answered by David Lacher
4 Answers | Asked in Real Estate Law for New York on
Q: Is an accepted offer on a house binding in the state of NY

We made an offer on a house which was countered by the seller. We agreed. We were contacted by the sellers agent to begin the process of inspection, septic, lawyer etc. After we began the process we were told by the real estate agent that someone had made an offer over the asking price and that... Read more »

David Lacher
David Lacher answered on Oct 21, 2018

Your real estate agent told you correctly. There is no contract for the sale of real estate in the state of New York unless and until the seller signs the contract, and in addition, the signed contract must actually be delivered back to the purchaser or to the purchaser’s lawyer.

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2 Answers | Asked in Estate Planning for New York on
Q: How would creating a lifetime revocable trust allow me to avoid probate?
David Lacher
David Lacher answered on Sep 22, 2018

No probate is required for trust-owned/trust-titled assets. The trustee is responsible for distributing those assets in accordance with the terms of the trust, without separate court permission, without separate waivers or consents from any third parties, and without additional separate authority... Read more »

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3 Answers | Asked in Real Estate Law for New York on
Q: I was just married and we would like to have me added to deed of property. How do I go about doing this?

We are moving into her home, so what do I need to do, just create a new deed and file it?

David Lacher
David Lacher answered on Sep 19, 2018

Your wife creates a new quitclaim deed with her as the party of the first part and both of you as party of the second part. You have to determine what form of join ownership you want to have, with or without right of survivorship.

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2 Answers | Asked in Real Estate Law for New York on
Q: ADD PEOPLE TO HOUSE DEED

I WOULD LIKE TO ADD TWO FAMILY MEMBERS TO HOUSE DEED

David Lacher
David Lacher answered on Sep 12, 2018

Usually this is fairly simple via a quitclaim deed from the current owners to all of the people whom you want to be on the deed. There could potentially be some mortgage issue if there is a current lender. But this should not be a complicated transaction.

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2 Answers | Asked in Real Estate Law for New York on
Q: Can a buyer back out or ask for more money after an offer has been accepted?

Buyer accepted offer less than a month ago and wants to close mid sept. This is a cash deal. I have already spent monies on 2 inspections, and a title search and have accommodated the sellers around their 2 week vacation. Now the sellers are saying it is taking too long to sign contract. The... Read more »

David Lacher
David Lacher answered on Sep 2, 2018

First of all, I believe you are asking if a Seller can back out and ask for more, not a buyer. Not sure why you had more than one inspection and spent money on a title search in advance of having a signed contract. The bottom line is, there is no firm binding deal until there is a signed contract.... Read more »

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1 Answer | Asked in Business Formation, Business Law and Tax Law for New York on
Q: What’s the best way to save money on taxes when trying to form an llc or Corp with personal 1099?

Llc or Corp? I have a personal job that pays 1099 what is better for me to form when doing taxes?

David Lacher
David Lacher answered on Aug 30, 2018

So long as your corporation is an S Corp, there is no real practical difference with respect to taxes between that and an LLC. The profits and losses of the business flow through to your personal tax return in either instance. But there might be other considerations which favor one form of entity... Read more »

2 Answers | Asked in Business Formation, Business Law and Contracts for New York on
Q: Hello, so so to make a long story short. A few months ago I bought a business (restaurant) and it’s a 3 man partnership.

I’m in New York by the way. Hello, so so to make a long story short. A few months ago I bought a business (restaurant) and it’s a 3 man partnership. I was added on to the LLC. now Can I sell my part of the share without the permission of my other of my other 2 businesses partners? And also my... Read more »

David Lacher
David Lacher answered on Aug 27, 2018

The governance of LLCs is determined only partially by state law, but primarily by the LLC Operating Agreement which hopefully your LLC has and hopefully you signed. That agreement should detail both the responsibilities and duties of the officers as well as the options and requirement for... Read more »

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2 Answers | Asked in Real Estate Law for New York on
Q: Can a landlord retroactively ask for more rent? They've cashed my checks for 13 months, but there's no lease.

LL offered me a rent for the forthcoming year. I said "no, that's far too much, i'm willing to pay X-$300, because subway is closing". They didn't respond, we did not sign the new lease, and I continued living this way for 13 months now (with zero emails between us). They now suddenly came back and... Read more »

David Lacher
David Lacher answered on Aug 22, 2018

There is no legal basis for you to have to pay back rent above what you paid and what was accepted for all that time. However, without a lease, you can be evicted on 30-days’ notice.

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2 Answers | Asked in Real Estate Law for New York on
Q: How long do sellers have to close on a house? It is already 30 days past the one or about date, I the buyer am ready

Sellers are delaying, on or about date was 30 days ago, they won't set a closing date. What are my options?

David Lacher
David Lacher answered on Aug 13, 2018

The conventional wisdom is that the “on or about” closing date affords both parties a “float” of up to 30 days. In fact, there is no established law that specifies the 30 days. It could be less, depending upon the circumstances.

In your case, more than 30 days has elapsed. You are...
Read more »

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2 Answers | Asked in Real Estate Law for New York on
Q: Can a home seller ask for earnest deposit 6 weeks after we backed out of the deal?

David, us and the seller did sign a contract, we then met with the bank for the mortgage application but never got it started because the mortgage executive said it will be declined if we can't come up with the closing cost(but we weren't officially declined since an application was not started) We... Read more »

David Lacher
David Lacher answered on Aug 11, 2018

You did not say whether you actually had entered into a contract for this transaction, signed by both parties, or whether you never made it past off and acceptance stage. If you did not have a signed contract, in me too view there was no deal and you should have been able to walk at any time. If... Read more »

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3 Answers | Asked in Real Estate Law for New York on
Q: Both parents recently deceased, my name is on the mortgage, and I want to sell. Do I have to refinance the mortgage...

...into my name in order to sell? Location is Brooklyn, NY. Correction: my name is on the deed. Not the mortgage.

David Lacher
David Lacher answered on Aug 9, 2018

The question is whether you have legal authority to sell. You said you are on the mortgage but you did not say if you are on the title (the deed). The short answer to your direct question is, the mortgage does not need to be refinanced in order to sell the property. On the contrary – the... Read more »

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2 Answers | Asked in Real Estate Law for New York on
Q: How can I share ownership of a house without altering a deed and incurring tax costs?

Sharing personal property with a domestic partner.

David Lacher
David Lacher answered on Aug 7, 2018

The deed governs the legal ownership. If you are not on the deed, you cannot have present legal ownership.

However, while not being in a true share of ownership, potentially you could have a beneficial interest in the house if the house were titled in a trust and if you are a beneficiary of...
Read more »

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1 Answer | Asked in Estate Planning and Probate for New York on
Q: Is it required by law to send notice to ALL next of kin or only a few or the ones you want notified?
David Lacher
David Lacher answered on Aug 5, 2018

If you do not obtain waivers and consents, you must send notices to all next of kin who are at the the equivalent level of kinship (“consanguinity”) as the level the law requires you to reach. In NY state, if the deceased dies without spouse or children, then look to parwnts of the subject,... Read more »

3 Answers | Asked in Real Estate Law for New York on
Q: My family listed a property with a realtor. A family member now wants to buy it. Do we have to use the realtor?

The family member is one of the owners and so would be buying out the other two. We have done this before by having a lawyer draw up the bill of sale and changing the deed. This realtor has had the property for 1.5 years without one offer. Do we still have to pay his fees and/or use him for the... Read more »

David Lacher
David Lacher answered on Aug 3, 2018

If you signed an exclusive agency agreement with the broker, then in all likelihood you cannot circumvent the broker. But it depends upon the exact language of the broker agreement.

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3 Answers | Asked in Real Estate Law for New York on
Q: We agreed to have the seller of our home stay after closing because they needed more time to move.

They are refusing to pay us the daily mortgage and insurance it would cost us to live in our new home. Can we get out of the deal before we close? We can not afford to extend out interest rate. In order to prolong closing. They only want to pay for the taxes which is about 15 dollars a day.

David Lacher
David Lacher answered on Jul 30, 2018

It is very hard to unwind a real estate deal in the 11th hour if there are no contractual contingencies remaining to be satisfied. Normally some escrow would be held that would be in a sufficient amount to cover all you your expenses. And the full terms of the post-closing occupancy agreement... Read more »

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2 Answers | Asked in Estate Planning for New York on
Q: Are there any fees for creating a trust?
David Lacher
David Lacher answered on Jul 27, 2018

In New York State, there are no statutory fees for creating a trust. The only fee is the legal fee for the lawyer you retain to draw up the trust in accordance with your objectives.

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2 Answers | Asked in Real Estate Law for New York on
Q: How can I add my wife to the title of my house without refinancing.

We were married at the time we purchased the home in 2010, but since she was only working p/t, the mortgage application was in my name only.

David Lacher
David Lacher answered on Apr 3, 2018

Mr. Siegel basically is correct, but to flesh this out: you need to execute a new deed from yourself as transferor to yourself and your wife “as husband and wife”. The words in quotations provide the legal structure of joint ownership with the right of survivorship. This form of ownership also... Read more »

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3 Answers | Asked in Estate Planning, Real Estate Law and Probate for New York on
Q: Living trust - Grantor signed deed over, but died before it was filed with county...

My main purpose for switching from a will to a living trust is solely to make sure a RE property I own goes to who I want simply, privately, and to avoid probate for various reasons.

If all of the living trust paperwork is signed as well as the deed transfer to the trust, is signed;... Read more »

David Lacher
David Lacher answered on Apr 3, 2018

If you already are contemplating a delayed recording to the extent you might die in the interim, something is wrong with this picture. If the deed was properly signed and notarized, it should be acceptable for filing, but there are other transfer documents in NY State that also have to be signed in... Read more »

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