One of the main goals in estate planning is to provide for a clear and efficient way to distribute assets upon your death. This process can become much more frustrating for your family if they are unable to access your online account information with your banks, stock brokers, etc. Thus, it is a good idea … More Estate Planning Tip: Write Down those Usernames and Passwords.
Most of the time when you read about celebrities and their estate plans it is to point out something they may have done wrong, but today I am pleased to report that based on preliminary reports from TMZ, Robin Williams may have made the right moves in his estate planning by establishing a revocable trust … More Robin Williams’s Estate Plan: He got it right.
Reverse mortgages give seniors some options to access the equity in their homes, if it is a co-0p that they own with equity, they shouldn’t count on the availability of this option. This NY Times article explains the reason HUD is reluctant to expand this program to co-ops. A long-awaited regulatory change that would open … More HUD Reverse Mortgages for Co-ops Unlikely
Purchasers and sellers may face difficult decisions when something unexpected happens to the property between the time that the agreement of purchase and sale is signed and the transaction closes. Events such as a fire, water damage, or the discovery of environmental contamination on or under the property can have costly consequences and it is … More What if the home is damaged by fire or a flood prior to closing?
A large number of states now permit medical marijuana, while other states have decriminalized the drug and two have voted to legalize it. But while medical marijuana might be helpful to the seriously ill, many co-ops and condominiums are worried about the effects of allowing pot-smoking on their property. Apart from the fact that marijuana … More Can a Co-op or Condo Board restrict medical marijuana?
About a third of all first-time homebuyers get help from their parents or other relatives in coming up with a down payment. About a third of first-time home buyers received a gift of money from their parents, and another 9% received a family loan, according to a recent survey by the National Association of Realtors. … More One-third of first-time homebuyers get help from their parents.
Imagine this situation: You are selling your home. After a few months of listing the property and countless open houses, you land a buyer. The buyer negotiates hard and you finally come to an agreement. Once beyond the inspection and attorney review periods, things move swiftly. The buyer gets his mortgage financing and you are … More Closing with a Possession Agreement.
If you own rental property near a college or university, you may be considering renting your property to college students. While college students can often be a lucrative source of dependable rental income, they also may present unique legal issues you should be aware of. Here are three legal reminders for landlords renting to college … More Renting to College Students: 3 Legal Reminders for Landlords
A monthly mortgage payment includes at least two parts: an amount that goes toward the principal of the loan (the money you’ve borrowed) and a second amount that goes toward interest (the cost of borrowing the money). For most homeowners, however, there is also a third part of the mortgage payment: an amount that is … More What’s in a Mortgage Payment?
It is rare that maintenance will go lower. This usually occurs when either the co-op has a large windfall, usually related to a commercial property or some other business transaction, such as an insurance settlement, which allows the co-op to have a budget surplus and therefore decrease maintenance in the next year. Also this can … More Will my co-op maintenance fees ever go down?