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IS MY MORTGAGE “DUE ON SALE”? …Maybe NOT!

September 10th, 2014 — 3:36pm

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Most, if not all mortgages contain what is called a “due on sale” clause.  These clauses generally provide that if the borrower sells or transfers the property encumbered by the mortgage, then the lender has the right to declare the mortgage immediately due and payable.
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Comment » | News, Transfer of Real Property

‘TILL TRANSFER TAXES DO US APART

June 29th, 2014 — 9:43am

divorce1As if divorce isn’t unpleasant enough, New York State and New York City will have their hands out to collect taxes for the transfer of your apartment pursuant to a separation agreement. This can be a real bitter pill to swallow. Continue reading »

2 comments » | Divorce and Transfer Taxes, News, Transfer Taxes

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

Buying With or Without a Mortgage – A Balancing Act

January 27th, 2014 — 3:46pm

balance2In today’s fast-paced market, an all-cash buyer is very attractive to sellers of cooperative units.  As banks are increasingly sluggish in giving out mortgages, they are creating undesirable delays in the process of buying and selling property.  To avoid the inevitable setbacks associated with obtaining a mortgage to purchase a cooperative unit, if feasible, it may be advisable to purchase the unit with cash and obtain a mortgage after the closing. Continue reading »

Comment » | Board Packages, Funding Contingency, Mortgage Contingency, News, The Buyers World

UPDATE: Squatters, Transients and Luxury Apartment Renters – Are You Confused Yet?

November 1st, 2013 — 11:08am

confusedOur last post discussed a case in which the City was successful in enjoining Smart Apartments from advertising for transient (i.e. less than 30 day occupancy) rentals.  On this NYC marathon weekend when the City is virtually flooded with tourists here for very short periods, we thought it appropriate to revisit this issue. Continue reading »

Comments Off on UPDATE: Squatters, Transients and Luxury Apartment Renters – Are You Confused Yet? | News, Renting Your Apartment

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