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Category: The Sellers World

Lien on Me/Lien on You

February 17th, 2014 — 12:28pm

freedom1When you finance the purchase of a cooperative unit, the loan you receive from the bank is not a mortgage, as the lay-person may believe.  Rather, the loan is secured by a security agreement giving the lender a security interest in the stock certificate and proprietary lease.  In order to “perfect” the security instrument, the lender files a UCC financing statement which becomes public information putting the world on notice that a lien exists on the apartment. Continue reading »

Comment » | Liens, Liens, News

The Executors Corner: What You Need to Sell That Apartment!

June 5th, 2012 — 11:50am

One has to think that the old adage “No Good Deed Goes Unpunished” was designed specifically for the executor whose job it is to gather up and distribute the assets of the decedent while paying off any claims and juggling the bent out-of-shape beneficiaries who feel that they somehow and someway have been shortchanged. Continue reading »

Comment » | Documents, Executor's Concerns, News, The Sellers World

Foreign Notion – Can a Buyer be Liable for the Seller’s Income Tax?

May 14th, 2012 — 1:19pm

Contracts for the purchase or sale of real property in New York invariably include a provision that requires the seller to deliver a so-called “FIRPTA” affidavit to the purchaser at closing.  Often times, the parties are not familiar with the requirements surrounding the FIRPTA affidavit.  However, in today’s market, with the ever growing presence of foreign real estate investors and developers, it is imperative that real estate buyers and sellers understand the implications of the FIRPTA requirements. Continue reading »

Comment » | FIRPTA, News, Special Taxes For Non-Residents, Taxes for Non-Residents

Brokers Agreements: The ins and the outs

March 14th, 2012 — 9:59am

First things first.  When selling real estate (be it an apartment house, office building, townhouse or a co-operative or condominium apartment) Sellers should enter into a written agreement with their Broker setting forth their understanding.  The agreement should be fair and reasonable for BOTH sides.  Selling real estate is a collaborative effort and the agreement between the Sellers and their Broker should keep both sides eager to work together and ensure that neither feels they have been or will be treated unfairly. Continue reading »

Comment » | Broker’s Fees, News, The Brokers World

Out of State, Not Out of Mind

February 1st, 2012 — 10:25am

By now almost everyone is familiar with the transfer taxes imposed by the City and the State on sales of real property or co-operative apartments.  However, not everyone knows that non-residents must also pay a tax on their gain at the time of closing.  This can lead to a delay in the closing by unaware sellers. Continue reading »

1 comment » | Special Taxes For Non-Residents, Taxes for Non-Residents

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