One of the Most Recommended Transaction Attorneys for 20+ years Professional, Efficient & Responsive
General Info
One of the Most Recommended Transaction Attorneys for 20+ years Experienced in 7,000+ Real Estate Closings Skilled in Real Estate, Wills/Probate & Business/Corporation Law
Not an Accountants, non-Business Law Attorneys or online services - The typically have the papers filed in New York State, but provide an in complete corporate book. You are then responsible to comply with New York State Law requirements by preparing and completing the Bylaws, Organizational Minutes and Stock Certificates, etc.
Business Transactions
We are highly experienced in Residential and Commercial Transactions, First Time Home Buyers & Sellers, Single Family & Multiple Family Dwellings, Short Sales & Bank Owned Properties
Insurance Company: Every Corporation which has an employee in NY State (and once a Corporation has an Officer, it is deemed to have employees) is required to have Workers' Compensation and Disability Insurance coverages. Certain exemptions apply to principal Shareholders.
Answer: The Buyers. Standard real estate transactions usually require the Seller to procure any needed Building Department Approvals. However, Bank Owned Property transactions typically require the Buyers to be responsible to procure all approvals and clear any violations. The Buyers are responsible even though they did not create the violations and will still be responsible for all delay penalties. Accordingly, before the Buyers sign a Contract, they must perform an investigation in the Town's Building Department and any related Town departments.
A Last Will & Testament (a "Will") is a legal document in which you communicate your final wishes regarding your possessions and dependents. Probate is the process in which a Court determines if your Will is valid and confirms that your directives are fulfilled.
Power of Attorney
Power of Attorney- Allows you to give authority to another to manage your financial and legal affairs on your behalf. If there is no Power of Attorney in effect, a court proceeding and the appointment of a Guardian Ad Litem might be required. Many "do it yourself" forms are not "durable" and become invalid precisely when they are most needed ( at the time you become unable to act for yourself).
Answer: If the Buyer is paying a reasonable price, then it might be the best deal the Lender will get. If the Seller's Lender does not accept the "Short Sale", then it might have to foreclose on the Property which could take up to a year. The Bank would then have to carry the Property Taxes, carry the Loan Interest, pay Foreclosure Fees and risk the possibility that the House could be in much worse condition. All of these factors would increase the possibility that the Bank would receive less money from a Foreclosure than a “Short Sale”