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New York Real Estate Law Blog

Lawsuits could reshape the entire realty industry

Despite the proliferation of online aids for homebuyers, realtors still largely retain control of the market -- and their 6% average commission is usually split between the seller's realtor and the buyer's realtor.

A number of different lawsuits, however, taking aim at the system used to buy and sell homes could permanently upend the status quo that's existed between seller, buyers and realtors for a long time now.

Red flags prior to a split with your business partner

Business disputes often happen when two partners decide that it is time to stop working together. They may have started out with the same goals, a solid business relationship and even a general friendship, but things have fallen apart over time.

Unfortunately, it's not always easy to divide up these roles and obligations. Financially speaking, both people have heavily invested in the business. They may both technically want to keep running it; they just don't want to do it together. It's their livelihood and their identity.

New York City property owners bracing for changes

Six New York City bills passed as part of the Climate Mobilization Act could affect real estate sales. That's because property owners must make fixes to increase energy efficiency and cut carbon emissions or be fined.

Owners of buildings of more than 25,000 square feet must do things such as install insulation and new windows or upgrade boilers in an effort to cut greenhouse gas emissions by 40 percent by 2030 or by 80 percent by 2050.

Can a condo association really evict you?

Living in a condominium has its perks. You get all of the convenience of an apartment along with the benefits of ownership.

However, you also have to deal with the condo association that controls your homeowners association agreement (HOA). The board that governs your condo's HOA does wield considerable power -- and you could end up evicted if you don't follow the rules.

What is a mortgage contingency clause?

Real estate is a big investment. In fact, for many people, purchasing a house is the biggest financial transaction they're ever going to make. Therefore, it pays to be cautious. That's where a mortgage contingency clause can come in handy.

A contingency is generally any event that has to happen prior to an agreement becoming final. In real estate agreements, mortgage contingencies are common. In essence, they're a clause that says, "I will buy this property as soon as I get the mortgage approved by a bank."

Dealing with an illegal sublet on your New York property

As a landlord, there will be certain things that you will want to ensure are within your control. These things will likely include knowledge of who is living in your property, and whether anyone is illegally gaining income from your property.

Unfortunately, illegal sublets are a surprisingly common issue that landlords have to deal with in New York and around the country, but there are things that can be done to put a stop to them. The following are some of the firsts steps that you should take as a landlord if you have learned about an illegal sublet on your property.

Hoarding and the problem tenant

Hoarding, or collecting piles and piles of unused (and often useless) items, is an aspect of a serious type of obsessive-compulsive disorder. While the last thing you want to get into is a lawsuit over disability discrimination against a tenant, the reality is that a hoarder can put your entire property at risk.

Learn more about what to do when you have a tenant renting from you and the hoard has become a problem.

Sales of real estate in Manhattan slump again

Real estate sales in Manhattan have been in a serious slump -- for quite a while. Sales fell for the sixth quarter in a row, making that the worst record in the area's history for the last 30 years.

Last year, the housing market across the nation generally favored sellers -- but conditions in 2019 are already shaping up to slow down the rising price of homes and reduce bidding wars. That's turning the real estate game into a buyer's market -- and that probably won't make it any better for Manhattan this coming quarter either.

What happens after a deficiency judgment?

A lot of people end up losing their homes to foreclosure. Sometimes, a job loss or a sudden disability makes it impossible for someone to keep up with the mortgage. Sometimes, a marriage falls apart before there's enough equity in a home to sell it successfully, and neither spouse can afford to handle the mortgage payments alone. Sometimes, the price of real estate in an area just falls through, and borrowers feel compelled to walk away from mortgages that have put them underwater.

Whatever the reason, once a lender has foreclosed on a home, they will then (eventually) sell it at auction. Whatever the lender gets is usually not enough to cover the entire mortgage that was originally owed -- so the lender may decide to pursue a deficiency judgment.

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