Although condominiums have fewer tools than do cooperatives in controlling their residents, they do have “the right of first refusal” when it comes to the sale of any unit in the building. This right is very rarely exercised, primarily because most condos lack the funds to buy at today’s market rates, but if the board … More Does The Condo Board Have The Right to Interview a Buyer?
2015 is shaping up to be a fantastic year for those who are selling their homes. This Realtor Magazine article outlines the 3 main reasons for this as we move into the second half of the year. Rising home prices, demand from home buyers, and less competition is making 2015 a stellar year to sell … More 3 Reasons It’s a Great Time for Sellers
Many of my clients purchase a home knowing that there are tax benefits, however many don’t know the specifics. This RealtyTimes article explains just how you can benefit on your taxes when you own a home. One of the most useful yet widely misunderstood benefits of homeownership is tax deductions. Tax deductions are a welcome … More Understanding The Tax Benefits of Homeownership
A new shareholder should be concerned about an open lawsuit because the outcome may pose a financial burden on the building. Not all lawsuits are covered by insurance policies and, therefore, the cost of litigation and a possible negative outcome could wipe out reserves or require a special assessment. As a new shareholder, you are … More Should I be Concerned if the Coop I am Interested in Buying is Involved in a Lawsuit?
With home prices rising steadily some are starting to talk about an impending housing bubble again. This article from Realtor Magazine suggests otherwise, at least while mortgage rates remain below 6%. Statistically speaking, housing is on a roll. Year-to-date home sales are up 6.3 percent and prices in May were 7.9 percent higher than a … More No Housing Bubble in Sight
This postponement they believe will benefit both lenders and consumers as the lending industry gears up for these disclosure changes. This JDSupra article further explains the reasoning behind this decision. The Consumer Financial Protection Bureau (CFPB) recently issued a proposed amendment to the “Know Before You Owe” mortgage disclosure rule, which proposes to move the … More “Know Before You Owe” Disclosure Law is Postponed until October 3rd.
Understanding the fiduciary duty that your Coop Board has to the shareholders can help you determine if they acting within the parameters of the law. This article from The Cooperator will help you understand the role of those who sit on your Board. Having an apathetic, uncommunicative board is a big issue in many buildings … More Boards and the Law
A multi-family property can make great sense from an investment standpoint. Even for someone who’s not investment-minded, there’s the option of buying a duplex (two-unit home) or triplex (three-unit home), living in one unit and renting out the others, with your tenants’ rent moneys covering most or all of the mortgage payment. In many ways, … More Should You Invest in a Multi-Family House?
The term “depreciation” may be a little confusing at first, when you’re used to thinking of real estate as an investment that will build equity over the years. Real estate doesn’t depreciate the same way that a car does, for instance, losing value over time. Nor can the same depreciation methods that apply to, say, … More Understanding Depreciation of Real Estate
Like all taxes, your property tax is one of the government’s many ways of collecting money from you and repurposing it for the greater good of the community. In the case of a property tax, the government requires that the owner of a plot of land give back a non-uniform amount of money that’s determined … More Understanding Your Property Taxes and Your Right To Appeal Them