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 »
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.
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 »
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.
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.
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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.
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 »
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 »
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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