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When the One Percenters Join the One Percent A recent news article discussed a real estate contract battle between a famous musician and former CEO of a large toy store chain. The parties entered a contract for the purchase of an estate property for $6.7 million dollars. Based on the individuals involved and the purchase…

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Commonly Asked Questions When Buying or Selling Your Home   Q – When Should I Get a Real Estate Attorney Involved in the Transaction? A –  Whether buying or selling a home, you should get your attorney involved as soon as possible. You should explain to your attorney what you plan to do and ask how you…

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Going to buy or sell a home? Read This Before You Sign:  Spring is here, the kids are approaching summer vacation and now is a popular time to consider buying or selling a home.  We have prepared some commonly asked questions when it comes to buying and selling a home.  We urge you to read…

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Commonly Asked Property Tax Questions: A property owner calls and says “I pay too many taxes on my property.” There are two things that affect the amount of real property taxes: valuation/assessment of the property and the tax rate. Basically, the property should not be assessed above its market value. The first question is, “Do…

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New STAR Rebate Program   There’s a new STAR Rebate Program.  The STAR Exemption (lower property assessment) is being phased out and replaced by the STAR Credit (rebate check). If you are currently receiving a STAR Exemption, you do not have to register for the STAR Credit. You will continue to receive the Star Exemption….

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There are new rules governing the loan process for real estate transactions. The new TILA RESPA Integrated Disclosure (TRID) rule, referred to as “Know Before You Owe”, has new forms, and timing requirements that can slow down your real estate transaction. These new rules apply to loan applications made after October 3, 2015. The familiar…

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The City of Newburgh has a new Rental License law. This law applies to all residential rental properties, including single family homes and condominium units. The fees range from $150.00 for a single dwelling unit to $5,000.00 for a property with over 200 dwelling units. A Rental License Application must be submitted to the Newburgh…

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This is the tenth article in a series of articles about Buying and Selling a Home in New York State. Click here for the first installment in the series. Subscribe to this blog for future installments. Q: Do I Need A Survey When I Buy a House? A: The strictly legal answer is generally no….

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This is the ninth article in a series of articles about Buying and Selling a Home in New York State. Click here for the first installment in the series. Subscribe to this blog for future installments. Q. What Is a Common Interest Community and Are There Additional Risks When Buying a Home in a Common…

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As part of a new initiative to help prevent inappropriate or fraudulent STAR exemptions, all homeowners currently receiving a Basic STAR exemption are required to register with the New York State Tax Department in order to receive the STAR exemption in 2014 and subsequent years. Senior citizens currently receiving the Enhanced STAR exemption are not…

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Jacobowitz and Gubits Counselors at Law