Friday, August 2, 2013
Friday, September 21, 2012
The Real Estate Closing Process in Buffalo, NY
The Real
Estate Closing Process in Buffalo, NY
Property
rights and ownership are two of the most coveted rights. The transfer of real property in New York
State from one owner to another is designed to bring order. It is an undertaking that should be viewed
legally from the perspective of "delivering good title."
Good Title:
When you
buy a new home, you want to make sure that the seller has satisfied all of his
or her obligations, such as paying off the mortgage and all tax liens, so as to
deliver "clear title." Clear
title means that there are no outstanding claims against the property when the
title transfers to you.
Suppose,
for example, that the seller has a personal judgment, unrelated to the real
estate, against him for losing a lawsuit years ago? Well, in New York State, a properly filed
judgment becomes a lien against all real property that person owns in that
county. If you were to purchase that
property without resolving that judgment, the judgment creditor can then come
after you and your real estate to collect!
In New
York State, an attorney is required to oversee and conduct the real estate
transfer, commonly referred to as a "closing." After first reviewing the sales contract, a
lawyer orders a "title search" that scours the legal chain of title
to uncover all claims against the seller and the property.
The
lawyer collects and assembles all tax bills from the municipalities, including
county, town, village, and school taxes.
Since tax bills are based on different periods, the closing date
determines pro rata who pays which part of the tax bill. For pre-paid bills, the seller would be
credited for the taxes paid up until the date of closing, and the buyer would
be responsible for taxes from the date of closing and thereafter. The lawyer then apportions the dollar amounts
to each party.
Survey:
A survey
is a document that states the exact boundary of a parcel of real estate. It tells you where your property ends and
your neighbor's property begins - on all sides of the property. This is not an exact science and frequently
one surveyor may differ with another over the exact boundary of adjacent
properties, thus giving rise to "boundary disputes." Ownership of property is an inherent right,
so it may seem, and arguments can ensue over feet or even inches of land.
Absent such
disputes, however, a survey adds certainty to the property you are buying. A lawyer reads the survey and compares it to
the "legal description," which describes the property's boundary in
legalese. "Beginning at a point 20
feet from one point, continuing eastward 120 feet to a point..." And so it begins describing the lines
outlining your coveted piece of real estate, until encapsulates by returning to
the point of beginning.
Deed:
The Deed
is the tangible evidence, a piece of paper, properly recorded in the chain of
title in the county clerk's office, that represents your legal ownership of
real property. It legally defines the
property transaction from one owner to the next.
"WITNESS,
that the party of the first part (the seller), in consideration of lawful
money, does hereby grant and release unto the party of the second part (the
buyer)..." And so the legal jargon
of centuries ago continues today.
Closing:
The real
estate "closing" is where and when the actual transfer from one
property owner to the next occurs.
Though sometimes in lawyers' offices, the real estate closing usually
takes place in the county clerk's office, where documents are exchanged
and"filed" with the county clerk.
Gathered
that day at one of the many conference tables, sellers, buyers, lenders and
their attorneys congregate for one purpose - to exchange title. Title companies are situated in their nearby
cubicles, ready to "update title" all the way up to the magic moment
of title transfer to ensure that nobody slips in the last minute to claim an
interest in the subject property. You
want your title to be "clear."
Closing
Statement:
The
Closing Statement is a summary of the real estate transaction. It identifies the parties and summarizes all
the costs each party must pay. The
seller, for example, pays for the survey.
This makes sense, because the seller is responsible for proving that she
is delivering good and clear title.
Then, the taxes are pro-rated and apportioned. The closing statement identifies who pays
which filing fees, transfer tax and mortgage tax.
For more information on this subject, or to ask questions
about a particular matter, please contact us to speak with an Attorney:
Konst Law Offices:
5511 Broadway
Lancaster, NY 14086
Email: KonstLaw@gmail.com
Save Money on Divorce in Buffalo, NY
You Can Save Money in a Divorce
Divorce can be very expensive. It
splits your assets, doubles your living costs, causes havoc on your emotions,
and has psychological affects on those involved.
And in our adversarial legal system, where each attorney is fighting for his or her client's best interests, a prolonged divorce can escalate before it becomes settled. It's no wonder why divorce is the leading cause for negative opinions about the legal profession.
But there is an alternative that can save everyone substantial legal fees, not to mention the aggravation associated with the divorce process. In New York State, it's called an Uncontested Divorce.
An Uncontested Divorce, or "UD," is where both spouses agree to getting a divorce and to the settlement terms before filing. It is the filing of forms and documents, all of which are accessible online at the New York State Court website:
http://www.nycourts.gov/divorce/forms.shtml
But as the court website states:
"Before you use the booklets and forms, we strongly suggest that you give serious thought to using a lawyer for your divorce, even if you believe that your divorce will be “uncontested” (i.e., your spouse will not oppose the divorce in any way). There can be a lot more to think about than just ending the marriage and filling out court papers. (For example, there may be property to divide between you and your spouse, or you may need an Order of Protection and/or child support and other financial support, among other things.)"
I remember the first Uncontested Divorce I did using the forms available online. I had a particularly difficult time, but I plodded through them, seeking guidance and advice the entire way. And I am an attorney. Since then, I have had several clients approach me and ask me to handle it for them after they tried and failed to do it on their own.
After doing a few, it got easier and the process went much smoother. I soon offered the service to my clients for a flat fee, barring any complications.
To be eligible for an Uncontested Divorce, you must first be eligible to file a divorce in New York State. There are two requirements: (1) satisfy residency requirements, and (2) comply with one of the grounds for divorce.
And in our adversarial legal system, where each attorney is fighting for his or her client's best interests, a prolonged divorce can escalate before it becomes settled. It's no wonder why divorce is the leading cause for negative opinions about the legal profession.
But there is an alternative that can save everyone substantial legal fees, not to mention the aggravation associated with the divorce process. In New York State, it's called an Uncontested Divorce.
An Uncontested Divorce, or "UD," is where both spouses agree to getting a divorce and to the settlement terms before filing. It is the filing of forms and documents, all of which are accessible online at the New York State Court website:
http://www.nycourts.gov/divorce/forms.shtml
But as the court website states:
"Before you use the booklets and forms, we strongly suggest that you give serious thought to using a lawyer for your divorce, even if you believe that your divorce will be “uncontested” (i.e., your spouse will not oppose the divorce in any way). There can be a lot more to think about than just ending the marriage and filling out court papers. (For example, there may be property to divide between you and your spouse, or you may need an Order of Protection and/or child support and other financial support, among other things.)"
I remember the first Uncontested Divorce I did using the forms available online. I had a particularly difficult time, but I plodded through them, seeking guidance and advice the entire way. And I am an attorney. Since then, I have had several clients approach me and ask me to handle it for them after they tried and failed to do it on their own.
After doing a few, it got easier and the process went much smoother. I soon offered the service to my clients for a flat fee, barring any complications.
To be eligible for an Uncontested Divorce, you must first be eligible to file a divorce in New York State. There are two requirements: (1) satisfy residency requirements, and (2) comply with one of the grounds for divorce.
As of October 2010, there is a new
ground known as “No-Fault Divorce.”
Here, a party must swear that the marriage has broken down irretrievably
for the previous six months.
For more information on this subject,
or to ask questions about a particular matter, please contact us to speak with
an Attorney:
Konst Law Offices:
Website: www.KonstLawOffices.com
Email:
KonstLaw@gmail.com
Telephone: (716) 601-1000
Mail: Konst
Law Offices
5511
Broadway Street
Lancaster,
NY 14086
Friday, May 20, 2011
Affordable Law - Legal Advice
Welcome to my blog, KonstLaw. My name is Harry Konst. I'm a New York attorney and am also an entrepreneur and developer. I try to view my client's problems from their perspective. I offer advice and options so that you can make an informed decision about how to proceed. Sometimes, you might be surprised at how simple a solution might be. Give me a shout. No obligation. Konst.Law@gmail.com
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