What is a Proprietary Lease in New York?

A proprietary lease is a legal document that establishes the rights and responsibilities of co-op shareholders in New York City. It outlines the terms by which a tenant can occupy their unit and the terms of their agreement with the co-op board. In essence, a proprietary lease is a hybrid between a lease and a deed, in which the shareholder is granted ownership rights to their unit, but must abide by certain rules and regulations established by the co-op board. 

Before buying a co-op apartment in New York, it is important to speak with a skilled NYC real estate attorney to help you understand your rights and responsibilities as a buyer. A top-rated attorney may be able to provide the legal advice you need during the co-op board interview and answer any questions regarding your co-op purchase. 

Contact Sishodia PLLC today to speak with an experienced NYC real estate attorney. 

Co-ops and Proprietary Leases

When it comes to owning a co-op apartment, it’s important to note that it’s not the same as owning a condo apartment or a single-family home. The key difference is that you’re not actually purchasing “real property.” Rather, you’re buying shares in a corporation, which is determined by the size of your co-op unit. Essentially, you become a shareholder in the cooperative.

How A Proprietary Lease Works

Most shareholders receive specific rights, such as the right to sublet a unit in a Shareholders in cooperative apartment buildings are granted specific rights, such as the ability to sublet their units, as well as obligations outlined in the proprietary lease document. This lease contains vital information about how the cooperative functions and ensures that the building is maintained for the benefit of all residents.

The proprietary lease typically includes provisions for monthly maintenance payments, monthly bills, repair and maintenance procedures, compliance with laws, apartment inspections, and tips for maintaining the apartment. The lease also outlines the responsibilities of the shareholder, such as adhering to maintenance rules and caring for building items like windows and elevators.

As the apartment owner, the shareholder is responsible for maintaining their unit and seeking permission from the cooperative before making any renovations. These rules ensure that only licensed and insured professionals work within the building, protecting both the cooperative and its shareholders

Before signing a proprietary lease agreement, it’s crucial to review it carefully to fully understand the cooperative’s duties and the shareholder’s responsibilities. It’s worth noting that cooperative apartments do not confer ownership to occupants, meaning that shareholders do not receive a title or deed.

Legal Framework of Proprietary Leases in NYC

The legal framework surrounding proprietary leases in New York is complex and stems from various sources, including statutes, case law, and the lease agreements themselves. The most important statute that governs proprietary leases is the New York Business Corporation Law (BCL). Section 501 of the BCL permits the creation of cooperative apartments, which are registered corporations that own the building and offer proprietary leases to tenants.

The BCL also sets forth the responsibilities and rights of shareholders in cooperative apartments, including the right to transfer their shares and the obligation to pay maintenance fees. Additionally, the BCL requires the cooperative board to conduct annual meetings and manage the corporation’s affairs in the best interests of the shareholders.

Another important legal source for proprietary leases is case law. Court decisions have clarified and interpreted the BCL’s provisions for cooperative apartments. For example, the case of Levandusky v. One Fifth Avenue Apt. Corp. established that cooperative board decisions can only be overturned by a court if they are arbitrary, capricious, or illegal.

Finally, lease agreements themselves play a crucial role in defining the terms and conditions of proprietary leases. These agreements specify the rights and responsibilities of the tenant-shareholders, including their obligations to pay maintenance fees, comply with building rules, and maintain their units. The agreements may also contain provisions for alterations, subleasing, and dispute resolution.

Key Features of a Proprietary Lease

Ownership

Ownership is a crucial aspect of understanding what a proprietary lease is in New York. When purchasing a cooperative apartment in New York, the buyer does not own the physical unit. Instead, they own shares in the cooperative corporation that owns the building.

Duration

In a proprietary lease agreement in New York, the duration refers to the length of the tenant’s occupancy. The duration of a proprietary lease agreement is typically medium to long-term. Co-op boards in New York usually extend the lease term when it reaches 25-30 years prior to expiration. Proprietary Leases that expire in less than thirty years may cause problems with lenders. 

Maintenance and Repairs

One of the most important aspects of a proprietary lease in New York is the extent to which maintenance and repairs are the responsibility of the tenant or the landlord. When a tenant signs a proprietary lease, they typically agree to take care of routine maintenance activities within their own unit, such as changing light bulbs, replacing air filters, and keeping the space clean and orderly. 

Subletting

Subletting is a common practice in New York City, where space is at a premium and rents are high. A proprietary lease grants the lessee the right to sublet their apartment or commercial space, subject to certain conditions. Your coop purchase real estate attorney shall review sublet policy and advice on the terms during the due diligence process before the Contract signing. 

Termination

The section on Termination in a proprietary lease is a critical element that defines the consequences of ending a lease agreement. Before entering into a lease agreement, tenants and landlords must understand the conditions under which the lease can be terminated. A lease agreement can be terminated for different reasons, including the expiration of the lease, a violation of the lease terms by the tenant, or the landlord’s decision not to renew the lease.

Getting the Skilled Legal Assistance of a New York Real Estate Attorney

A proprietary lease outlines the rights and responsibilities of a tenant in a cooperative building in New York City. It provides the tenant with a degree of control over their living situation that is not typically available in a rental arrangement and ensures that everyone in the building is subject to the same rules and regulations.

However, disputes can arise, and legal assistance may be necessary to ensure that all parties are treated fairly and in accordance with the law. Overall, proprietary leases are an important feature of New York’s unique real estate landscape and play a vital role in ensuring that residents have access to safe, affordable, and comfortable housing.

Speaking to an experienced New York real estate attorney about proprietary leases can help you understand your rights and make sure that they are protected. At Sishodia PLLC, our team of skilled real estate lawyers may be able to provide the legal advice you need when purchasing co-op apartments. Contact us today at (833) 616-4646. to schedule a consultation. 

source https://sishodia.com/what-is-a-proprietary-lease-in-new-york/

What Can Go Wrong With Attorney Review?

When buying or selling a home, it is important to make sure that every step you take will ultimately lead to you getting the best deal out of your transaction. This is where an experienced NYC real estate attorney can help. A skilled attorney may be able to help you understand the process of buying a property in New York. 

Before you close a transaction, your contract will have to go through a possess called an “attorney review.” Many people can be confused by this part of the process, however, it’s a necessary part of securing your dream home. During this process, both the buyer and the seller’s lawyers will review the contract to ensure that everything is legal and fair. 

You may wonder: what can go wrong during the attorney review? The answer is that a lot of things can go wrong during this stage. Most real estate transactions fall apart during the attorney review stage of the real estate buy/sell process. Because the contract is not yet legally binding at this point, the seller or the buyer may back out from the transaction without any penalties. Sellers are also still able to entertain another offer as long as the attorney review process is not yet over. 

If you are looking to buy or sell a property in New York, the attorney review process is an essential step to take. Speak to a skilled NYC real estate attorney at Sishodia PLLC or read on to learn more about the process. 

What is an Attorney Review? 

As mentioned above, an attorney review is one of the many steps in a real estate transaction. At this stage of the transaction, the lawyers from both parties will review the contract. 

The lawyers will then negotiate (if they have to) with the other party to ensure that the transaction is fair to both parties. This process usually takes three business days and either lawyer is able to recommend changes to the contract. 

An attorney review helps protect the rights of both the buyer and the seller. Attorneys take the time to make sure everything is correct. While this process is expected to conclude in three business days, other important concerns between the parties may warrant an extension to the deadline. 

What Happens During the Attorney Review? 

During the review period, buyers and sellers have the opportunity to talk with their attorneys. Their attorney can then review the terms of their contract, make modifications, or “disapprove” the agreement. 

The attorney review period often takes three to five business days and begins when the buyer’s side receives a copy of the draft contract of sale. 

Speaking to a skilled real estate attorney in NYC can help you understand your roles and responsibilities in the transaction. Contact Sishodia PLLC today to speak with a top-rated New York real estate lawyer. 

Issues Negotiated During the Attorney Review Process

There are many matters that need to be discussed and agreed upon by both parties with the help of a lawyer. Here are some of the issues discussed during the attorney review and that need to be resolved during negotiation:

• Deposit Due Date: The deadline by which you need to pay the deposit.
• Scope of Inspection: The extent to which you can inspect the property to ensure that it is in good condition.
• Mortgage Commitment: The time period given to the buyer to obtain a mortgage loan.
• Funding Contingency: mortgage contingency after commitment date and before the Closing. 
• Date of Closing: The date on which the property ownership is transferred from the seller to the buyer.

Apart from the aforementioned issues, there may be other things that need to be discussed and agreed upon as well including

• Home Sale Contingency: If the buyer needs to sell their current home before buying the new one, they may include this contingency in the contract.
• Replacement Home Contingency: If the seller needs time to find a new home before moving out of the current property, they may include this contingency in the contract.
• Use and Occupancy Agreement: If the seller needs to stay in the property for some time after the closing, they may sign an agreement to pay the buyer’s carrying costs such as daily mortgage and tax expenses.

All these issues need to be resolved during the attorney review period to ensure that both parties are satisfied with the terms of the contract.

What to Look for in a Real Estate Contract

When reviewing a real estate contract, it’s essential to look for key terms and details to ensure that you are protected during the sale process. Here are some critical factors to consider:

Financing Terms

Contracts should detail how you intend to pay for the property. This includes your down payment and mortgage contingency. 

Closing costs

It should be clear in the document who will pay the closing costs. The contract should also state how much each party will pay in dollar amounts.

Fee Responsibilities 

It’s crucial to understand how much each party will pay for escrow fees, realtor fees, title insurance, transfer taxes, flip tas, and any other fees involved in the sale. These terms are often negotiated before signing a contract, and their exact distribution should be clear in the document.

Home Inspection Terms

A home inspection contingency should be included in the contract, allowing the buyer to withdraw their offer and have their earnest money returned under specific conditions. Common contingencies include mold growth, foundation problems, pests, and radon.

Fixtures, Appliances, and Furniture 

The contract should clearly state whether light fixtures, windows, doors, and domestic appliances are included in the sale. If the owner is including any furniture in the sale, they must provide a list of the belongings and their value, which should be factored into the final price of the house.

Closing Date

The contract should specify the closing date, which typically takes between 30 and 90 days. Certain contingencies can be included in the contract that allows the buyer or seller to cancel the transaction under specific conditions.

While these are the most common terms found in real estate contracts, your document may include other relevant factors. The best way to ensure you are fully protected during the sale process is by having an attorney conduct a real estate contract review.

If you are looking for an experienced lawyer for a real estate transaction, contact Sishodia PLLC. Our team of experienced real estate attorneys may be able to help answer your questions about the contract and help ensure that you understand your rights and responsibilities. Call us today to schedule a consultation. 

The Importance of Having a Lawyer in a Real Estate Contract

An attorney can help you understand the legal terms and provisions of the contract and negotiate terms in your favor. They can also review the financing terms, closing costs, and fee responsibilities to ensure that everything is clear and fair for both parties. Additionally, they can review the home inspection terms and identify any contingencies that may affect the sale or purchase of the property.

The benefits of having an attorney review your real estate contract include:

• Protecting your legal rights: An attorney can ensure that your legal rights are protected throughout the process.

• Identifying potential issues: An attorney can identify potential problems in the contract and help you avoid them.

• Negotiating favorable terms: An attorney can help you negotiate favorable terms that benefit you.

• Ensuring clarity: An attorney can ensure that the contract terms are clear and that you understand what you are agreeing to.

• Providing guidance: An attorney can provide guidance on how to proceed if any issues arise during the transaction.

In conclusion, it is important to have an attorney review your real estate contract to ensure that your best interests are represented and protected during every step of the process. The relatively small legal fee paid to have an attorney review the contract is well worth it to ensure that the transaction goes smoothly, and your financial and legal rights are protected. 

Contact the Top-Rated Real Estate Lawyers at Sishodia PLLC Today

Buying or selling a home is a significant financial transaction that involves signing a contract. It’s crucial to review the agreement carefully to ensure that you understand the terms and protect your legal rights. Therefore, having an attorney review the contract can help identify potential issues and ensure that your interests are adequately protected.

Contact Sishodia PLLC for your real estate transactions. Our team of skilled real estate attorneys may be able to help you answer your questions about the transaction and help you protect your best interests. Contact us at (833) 616-4646 to schedule a consultation. 

source https://sishodia.com/what-can-go-wrong-with-attorney-review/

6 Questions To Ask a Real Estate Lawyer Before You Hire Them

Buying and selling real estate, especially in today’s hot market, can be stressful and may leave you legally vulnerable. While many individuals buying or selling a home know the basics of a real estate purchase, the basics won’t help if you get into a dispute with a potential investor. There are things to consider when selling your home. You may also find that you didn’t fulfill some of your contractual requirements as a first time buyer in New York, and now you are stuck.

Outside of New York State, it is not uncommon to see real estate transactions done with nothing but real estate agents and title company involvement, but it’s to every buyer or seller’s advantage to have legal guidance. While agents are an invaluable resource, they can’t dispense legal advice and are only liable for the specific services they are licensed to perform. However, New York real estate transactions can get really complicated and require an experienced attorney to navigate through the process.
A skilled NYC real estate attorney will review your contract, manage your due diligence, and guide you through closing. Having a real estate lawyer in your corner helps ensure the safety of your transaction and cuts down on the potential for litigation. But not all attorneys are alike. Asking the right questions will lead you to the right attorney for you.

Real estate attorney in Manhattan

Do You Practice Other Types of Law?

While many attorneys practice multiple areas of the law, you want an attorney whose primary focus is real estate. This ensures that he or she is well-versed in all the complicated real estate laws that your transaction may be subject to. It’s impossible to be the best at what you do if you practice multiple unrelated types of law, and you are looking for a lawyer who offers the best real estate legal guidance possible.

How Familiar Are You With My Type of Real Estate Transaction?

Real estate transactions are not created equal. Commercial and investment transactions are completely different from residential primary home transactions. There will be different due diligence requirements, liability issues, and tax implications depending on the type of property and transaction. You want to ensure that the New York City real estate attorney you choose has extensive experience with your particular type of real estate transaction, whether you are buying or selling a home or investing in an apartment complex.

Will I Be Dealing With You or Your Paralegal?

While a paralegal is a skilled professionals, their legal advice and liability are extremely limited. A paralegal is valuable for drawing up and filing important documents and conducting title searches, but dispensing legal advice and guidance is not in their wheelhouse. You are paying for the services of a lawyer, and that is what you should get. If a lawyer expects their paralegal to address all of their clients’ issues, you will not be getting the legal services you are paying for.

What Do Your Services Include?

A good real estate lawyer should offer 360-degree legal guidance from the thorough review of your contract through managing any other legal and financial due diligence necessary on your behalf. This can be extensive and will be different for each property type and transaction. You want a lawyer who has a good command of what will be necessary for your particular transaction and is clear about the services they will provide for you.

What Do Your Fees Include?

Traditionally, most real estate attorneys in New York City charge an all-inclusive fee depending upon the type of transaction and its complexity. This is typically taken at closing. If you are interviewing an attorney with a too-good-to-be-true fee structure, you may be paying extra for everything from the copies they make for you to the time they spend on a phone call on your behalf. How the lawyer expects to be paid and exactly what is included should be in writing.

What Can Go Wrong In Attorney Review?

The attorney review is a process in which the lawyers of both parties review and modify the contract. Typically, the review lasts for three business days unless an extension is agreed upon by both sides. Attorneys may modify, add or delete items relevant to the transaction. 

During this period, negotiations take place between the two parties to agree on the terms of the contract. The attorneys are responsible for negotiating and setting dates, determining deposit amounts, and resolving any legal issues that may arise. Once the attorney review period is over, the contract becomes legally binding for both parties. It is important to note that either party can withdraw from the agreement with no consequences during this period. 

Several matters must also be discussed and settled through negotiation. These matters include but are not limited to the extent of inspections, the amount and deadline for the deposit, as well as the buyer’s mortgage commitment period and closing date. Other issues that require negotiation may involve a home sale contingency, allowing a buyer to sell their current residence, or a replacement home contingency, giving a seller time to find a new house. Additionally, parties might need to discuss a use and occupancy agreement that would allow the seller to stay on the property after the sale’s completion, while bearing the buyer’s carrying costs, such as daily mortgage and tax expenses.

If you are searching for an experienced New York City real estate attorney, the team at Sishodia PLLC offers fine-tuned and individualized legal representation from first-time residential sales to highly-complex commercial transactions. Contact us at (833) 616-4646 or schedule a consultation through our online contact form.

source https://sishodia.com/5-questions-to-ask-a-real-estate-lawyer-before-you-hire-them/

How to Sell and Buy a House Simultaneously in 2023

If you thought buying a house was difficult, imagine how much harder it must be to sell and buy a house simultaneously! This scenario might seem like an anomaly, but the truth may surprise you; a whopping 61% of Americans selling homes are also attempting to buy a new one.

From moving to a different area to upgrading your space, there are plenty of reasons why you could be considering selling your house, and buying a new one at the same time in 2023.
The good news is that at Sishodia PLLC, our team of New York real estate attorneys are here to help you along the way and help prevent some of the most common mistakes during the process. Our team may be able to assist you in understanding closing costs and taxes associated with buying and selling a house. Learn exactly what you need to know to sell and buy a house like a pro below.

Tips on How to Sell and Buy a House at the Same Time

Regardless of the path you take, selling and buying a house at the same time in 2023, especially with the ongoing pandemic you have to take into account, will be a challenge.

On the other hand, some things may be easier (like virtual house tours versus in-person), but on the other, it may complicate a few other things (such as signing documents electronically.). Learn our top tips for selling and buying a house simultaneously below.

Break Down Your Goals in the Beginning

The number one tip that will help you sell and buy a house at the same time is to break down all your goals in the beginning by writing them down. This will help you stay organized and focused throughout the process.

Real estate lawyer in Manhattan

Prepare Your Current Home First

Preparing your current home for sale is a tedious process. You’ll need to clean up clutter, get your things out, and depersonalize everything. In addition, you may need to make some minor repairs or touch ups to increase your home’s value.

This process can take anywhere from a few weeks to a few months. If you work full time or have children, expect that timeline to increase.

With that said, it may be in your best interest to prepare your current home first before beginning the process of selling or buying a home. That way, you’ll have time to focus on the other complicated matters that come along later on.

Consider Contingency Clauses

If you’re making an offer on the home you want to buy but haven’t sold your current house yet, you might want to learn more about contingency clauses. This type of clause will make your offer on the new home contingent upon selling your old home first.

This option is attractive because it lets you back out of a new home purchase if you can’t seem to sell your old home. Additionally, this option won’t come with the typical legal consequences like losing your deposit or incurring a fee. However, please keep in mind that in the Seller’s market, this contingency may not work as more contingencies you have submitting your offer, it becomes less attractive for the Seller.

Avoid (or Cope With) These Common Pitfalls While You Sell and Buy a House

These tips will help you get through buying and selling a house at the same time, but they won’t make the ordeal any less challenging! As you go through the process, there are several pitfalls that you’ll want to avoid. Keep reading to learn more about how to avoid or cope with some of the most common snags.

You Need to Move Out Before Your Next Home is Ready

What happens when you’ve sold your old home but your new home isn’t quite ready yet? In this case, you’ll have no choice but to keep all of your things in storage and stay in temporary housing. Avoid this pitfall by buying your new home before you sell your old one. This may not be realistic if you need your Sale proceeds to purchase your new home. The best way is to be absolutely transparent on your needs and plans with your real estate broker and real estate attorney so they can work out your deal to include a post-closing possession as part of your deal.

Getting Trapped in a Temporary Rental

What happens if you move out of your old house but then get trapped in a temporary rental? Always read your rental agreements thoroughly and carefully to ensure this doesn’t happen to you!

Buying a New Home and Not Selling Your Old One

What happens when your new home is ready for you to move in to but you just can’t get rid of your old one? If that’s the case, then you could end up sitting on a home that’s only devaluing as it goes uncared for. You can avoid this by using the contingency strategy outlined above.

How Soon Can You Sell A House After Buying It?

As a homeowner, you have the freedom to sell your property whenever you want, even immediately after purchasing it. However, there are several factors that you should consider before doing so. Selling your house too soon after buying it can result in financial losses, capital gains taxes, and mortgage prepayment penalties. In today’s unpredictable market, homeowners opt to remain in their residences longer to accumulate equity.

If you decide to sell your house, you could potentially be liable for capital gains taxes, which will be determined by your annual income and the duration of your property ownership. Additionally, you will be responsible for paying closing costs, which can be at least 10% of the sale price. Closing costs include fees, escrow charges, transfer taxes, and property taxes.

There is another crucial aspect to take into account, which is the interest rate on your mortgage. Upon taking out a home loan, you will be required to pay interest on the loan amount. Typically, loans are structured in such a way that you will pay a higher amount of interest during the initial years of the loan. In case you decide to sell your house within a year of obtaining the loan, you may have minimal equity, which could result in owing the bank more money than the value of the house upon selling.

Relocating expenses can also be significant. The cost of moving truck rentals, movers, packing and storage, and cleaning can add up to thousands of dollars depending on where you are moving.

If you are considering selling your house shortly after buying it, it is advisable to seek the assistance of a knowledgeable New York real estate attorney. At Sishodia PLLC, our team of experienced New York real estate lawyers can assist you in navigating the intricacies of real estate transactions and avoiding costly errors.

Get Help Buying and Selling a House at the Same Time in 2023

When you need to sell and buy a house at the same time, it’s all too easy to get overwhelmed. You have a lot on your plate, and it won’t be easy to attempt to tackle everything on your own. The good news is that it is possible to sell and buy a house at the same time, and there’s never been a better time to do so than in 2023.

The housing market is in a good place right now, and hopefully, you are, too!

If you need any help with the complicated process of selling and buying a house at the same time in New York, our experienced real estate attorneys may be able to help. Leave your contact details on our online form now to get in touch so you can make the process of buying and selling a home simultaneously go as smoothly as possible.

source https://sishodia.com/how-to-sell-and-buy-a-house-simultaneously-in-2022/

7 Things To Consider When Selling Your Home

When selling your home, you are embarking upon the next chapter in your life, whether that be a move into a larger abode, a different city, or in with a significant other. Whatever the reason, this transition can be overwhelming, and so checking off your list of things to do when selling your home can help quicken and smoothen the process.

Bittersweet feelings aside, there are logistical concerns that must be addressed prior to listing your home and opening it up to potential buyers. Unless these matters are taken care of, you might find yourself lost or stressed throughout the selling process, and it could cause a delay in what could have been an immediate sale. One way to optimize efficiency and reduce anxiety when selling your home is to hire a real estate lawyer. A skilled lawyer can provide valuable guidance and ensure that all necessary steps are taken care of. They can review contracts, determine who is responsible for paying the closing cost, and deal with any legal issues that may arise during the sale.

In addition to hiring a skilled New York City real estate attorney, consider these 7 steps when selling your home:

Manhattan real estate lawyer

1. List At The Right Price For Your Property

Listing a home at an inappropriate price point can result in either a poor impression and reduction in foot traffic or an immediate sale that could have produced a greater profit for the seller, if he or she had sought advice to better gauge the estimated value.

Sellers may list a home for sale through www.fsbo.highriseny.com www.listedbyowner.com or www.streeteasy.com to save on the listing agent’s commission. However, using a knowledgeable agent who is familiar with the market and can show him or her how to arrive at a realistic asking price based on comparable sales and competitive properties on the market. The first two weeks after a listing becomes active are very important, and overpriced properties will miss the first initial and important exposure to potential buyers. A broker might be able to better help you beat the competition during this critical time.

2. Keep Your Home Clean

Nobody likes walking into a home filled with dirty dishes in the sink and overflowing trash cans. Taking time to clean your apartment and create a decorative, warm and polished atmosphere for potential buyers will make your home appear more valuable. Clean the house and declutter. Thin out the closets, so that prospective buyers don’t think you are sparse in roominess and storage. Keep surfaces clean and sparkling.

While having a few family photos, such as a picture frame on a nightstand or on a coffee table next to a flower vase, could be a nice, homey touch that will welcome buyers into your home, overwhelming them with personal details will dissuade them from being able to envision themselves living in the space and creating new memories abound. Keep a few pieces, but consider putting some clothing, memorabilia and family trinkets in storage. Also, if you have a pet, remove any litter boxes and chew toys, as they can decrease your home’s appeal.

3. Take Professional Photos

It might be a wise decision to take professional photos and floor plans of your home before listing it. Most buyers are looking at photos of the properties on the Internet, and the pictures are what draw them in. The little details in these photos can really make or break a buyer’s appeal and a seller’s ability to sell the property fast.

If you are listing on your own, work with a photographer to create the best angles, lighting, and other manipulations to create beautiful pictures. Some brokerage firms suggest not posting bathroom pictures as part of your listing. If you are working with a broker, make sure he or she is detail-oriented, is very important, and has a good eye. Ask him or her to look through the camera’s lens, along with the photographer. You need to make sure that there is nothing unsightly in the photo – is there a wastepaper basket, a reflection in a mirror, a wrinkled bedspread? It’s okay to be picky in order to make the pictures just right.

4. Stage Your Home

Sometimes, it is necessary to bring in a professional stager. If the apartment is empty and not in the best condition, it will look larger and better when it is staged. Contrary to what one would think, spaces appear larger when furnished than unfurnished.

Staging also enables prospective purchasers to see how a room can be set up and how furniture can be properly placed to brighten the room and complement home accessories. If the apartment is already furnished, and it is priced right, you can also hire a stager to make subsequent adjustments, such as moving around or removing existing furniture, adding in or changing decorative pillows and artwork, and manipulating lighting. To play with lighting, you can take down drapes, wipe the windows, upgrade wattage to further brighten the room, and change lampshades to exude a sunnier, happier ambiance.

5. Be Informed Of Any Complications Early On

It’s important to know your legal and financial history from when you had purchased the home and to relay that information to your broker, if you are using one, in order to create an easy and efficient sale. For instance, be clear on where you stand regarding property liens, neighborly disagreements, and any other home disputes that might interfere in your ability to sell. If you are selling property owned by the Estate, need to make sure you have your Estate attorney involved early in the process not to have a delay when you have your offer accepted. Look for advice on how to handle these matters prior to putting your home on the market, as you want those initial two weeks to be hassle-free.

6. Consider Closing Expenses

When selling your home and deciding upon a price that fits within the market and neighborhood value, it’s important to realize that there may still be some closing expenses that can take roughly 4-7 percent of your home’s sale price. Thus, understanding what these costs entail and mentally and financially preparing yourself can help speed the efficiency of the execution and reduce disappointment and shock.

Such fees include broker fees, condo and co-op fees, attorney fees, NY non-resident withholding fees, FIRPTA, and transfer tax. Costs will vary, but there might also be lien release fees, loan payoff fees, notary fees, escrow fees, and eagle 9 fees, as well as other miscellaneous payments, such as home repairs, recording fees, and termite letters, all of which must be paid prior to a closing. Knowing whether your property falls into any of the categories ahead of time will help with organizational aspects, meeting deadlines, and successfully closing the sale.

7. Fashion A Team To Help Sell

When putting your home up for sale, it’s important to create a team of people who can help guarantee that the process is run smoothly and safely, as it’s hard to sell a home on your own! Fashioning a team of a real estate attorney, an accountant, a tax professional, a real estate agent, a photographer, an interior designer, and even an organizer or cleaning service, can give you access to immediate and valuable assets. Whether you choose to work with all of these professional services, or just pick two or three from the bunch, knowing that you have solid relationships in place can take the pressure off of these vast life transition.

If you are using a broker to assist in selling your home, look to the agent for advice on market prices and competition within your neighborhood so that you can be informed about where your home’s value relatively stands and expectant of what is to come. Once you realize that the members of your team have your best interest in mind and are here to educate and assist you during this transition, you’ll be able to close a sale with greater confidence and ease.

Can I Take My House Off Market at Anytime

It’s not uncommon for homeowners to have second thoughts about selling their homes, especially if they’ve invested a lot of time, effort, and emotional attachment into them. This attachment can even become more apparent when potential buyers show interest in buying your house.

As the owner, you have the right to remove your house from the market whenever you want. If you’re selling the house on your own, you can take down the listing from all advertising platforms, but you might not be able to recover any marketing costs. If you’re working with a real estate agent, you’ll need to adhere to the contract terms. Canceling the agent’s contract and then listing the property with another agent might result in early termination fees and other penalties, depending on the resources and time the agent has already invested in your listing.

However, if you’ve already signed a contract with a buyer and are reconsidering, canceling the contract can be a challenge. It’s crucial to consult with a skilled real estate attorney before taking any steps to review the contract and help you understand your choices. Our skilled New York real estate attorneys at Sishodia PLLC can assist you in evaluating the potential consequences of canceling the contract and determining any legal grounds for doing so.

For more information, please contact Natalia Sishodia, Sishodia PLLC, or email natalia@sishodialaw.com.

source https://sishodia.com/7-things-to-consider-when-selling-your-home/

5 Ways to Incorporate Estate Planning Into Your 2023 New Year’s Resolution

Surveys revealed the top New Year’s resolutions for 2022 included exercising more, losing weight, saving more money, improving diet plans, and pursuing a new career goal. Did you notice a common theme with all of those resolutions?

Most of them center around bettering our own, not our family’s, well-being.

If you’re hoping to make a New Year’s resolution that will benefit your loved ones this year, consider incorporating estate planning into your resolution goals. Even if you don’t think you have a lot of assets, it’s still important to have a plan in place to make things easier for your loved ones. Estate planning can also help you skip the probate process and minimize the amount of taxes that your beneficiaries may have to pay on your estate. 

So, don’t hesitate – start estate planning today and make it a part of your New Year’s resolution for 2023. An experienced New York estate planning attorney can help you get started and guide you through the process to ensure that your wishes are legally binding and your loved ones are taken care of. Read on to learn how to make estate planning your 2023 New Year’s resolution.

1. Resolve to Make a List of Your Valuables and Assets

When was the last time you made a list of all your valuables and assets? How long has it been since you took a hard look at the debts you owe and the value of your property?

In 2023, resolve to create a list of your valuables, assets, and liabilities. Consider getting each item appraised so you have a clear idea of what everything is worth. This crucial first step will make all your future estate planning much easier.

Estate planning attorney in New York

2. Make it a Priority to Research Your Options

When considering your final plans, many people assume all they need to do is verbalize their wishes to their loved ones. While it can be difficult to talk about death, sadly, just saying what you want is not enough. A verbal arrangement is not legally binding and it’s hard to uphold. All it takes is one unhappy relative to send your estate to court and your assets to relatives you didn’t intend.

To avoid this, research your estate planning options. Creating a will is a good idea because it lists your wishes in a legally binding document. Trusts are also a very effective means to disperse your assets, property, and money, although they can be more complicated.

Make sure to add ‘research’ to your New Year’s resolution for 2023. Do your research and you’ll be in a much better position to protect your loved ones going into the new year.

3. Consider Your Wants and Needs

Once you know your options, you need to consider your end-of-life wants and needs. How do you want your will or trust plans to work? What would your dependents need to remain secure if you suddenly passed?

Take some time out to really think about these topics, and then jot down your priorities.

4. Talk to Your Loved Ones

As you go through this process, you may realize that you need some input from your loved ones. Don’t be afraid to broach these difficult topics with them before you finalize your plans. Consider what they would need and what they’d want in the event you passed on. Listen to their concerns.

If you intend to name one person as a trustee or person in charge of your estate, it’s crucial to discuss it with that person. Make sure they understand and accept the responsibilities associated with the role of trustee. You also need to make sure they’d be comfortable with managing potential conflict.

5. Commit to Speaking With an Estate Attorney in 2023

Finally, commit to speaking with an attorney in 2023. A good estate attorney will help you formalize and legalize all your final wishes. They’ll help ensure that your wishes are well-known and legally binding before you pass, which will also give both you and your loved ones a greater peace of mind.

Estate Planning Goals

One essential estate planning goal is to prepare for the unexpected, regardless of age. Starting early can ensure that your wishes are documented, and that your loved ones are cared for in the event of an accident or tragedy.

Protecting your assets is another crucial aspect of estate planning. With a comprehensive plan in place, you can ensure that your valuable possessions are managed and distributed according to your preferences while avoiding the costly and time-consuming probate process. Additionally, estate planning can help you minimize estate taxes and protect your wealth for future generations.

Safeguarding your beneficiaries is also an essential goal of estate planning. By establishing a plan, you can protect your loved ones from external influences, creditor problems, and divorcing spouses. Most importantly, you can outline your loved ones’ care and protection in your customized documents.

By incorporating estate planning into your long-term goals, you can take a significant step toward safeguarding yourself and your loved ones in the future. A knowledgeable New York estate planning attorney may be able to help you develop a comprehensive plan that meets your unique needs and provides you with peace of mind. Contact Sishodia PLLC today at (516) 574-9630 to schedule a consultation and learn more about how we can help you with your estate planning needs.

Let’s Make Your Resolutions a Reality

If you’re like most Americans, then your New Year’s resolution goals most likely revolve around bettering yourself. After the uncertainty of the past few years, however, now is the time to resolve to protect your loved ones. One of the best things you could do to take care of your loved ones is to finalize your estate planning plans.

Having these plans in place ensures that your loved ones don’t have to worry about how to divide up your assets after you pass on. It gives them the space and time they’ll need to grieve your passing. In an era of multiple global pandemics and crises, there has never been a better time than now to get your estate plans in order.

Are you currently in the New York area? If so, then our skilled attorneys would love to help you create and meet your estate planning New Year’s Resolution goals for 2023. Leave your information on our contact form to get in touch.

source https://sishodia.com/5-ways-to-incorporate-estate-planning-into-your-2022-new-years-resolution/

When Do You Need to Start Estate Planning?

An alarming number of Americans do not have any type of estate plan in place. A recent survey cited by the AARP found that six in 10 adults in the United States do not have a will, living trust, or any other basic estate planning documents. Notably, people between the ages of 18 and 50 were especially likely to lack an estate plan.

If you are considering incorporating estate planning into your plans, you may be wondering: How old do you need to be to start estate planning? Is having a will enough? An experienced New York estate planning lawyer may be able to provide valuable assistance in developing a strategy tailored to your specific needs and objectives. In this article, you will find an overview of the most important things to know about when to start the estate planning process.

What is Estate Planning?

Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. While it may not be a comfortable thing to think about, estate planning is fundamentally about protection. Among other things, an estate plan should:

● Provide clear, straightforward instructions to your family;

● Prepare property and assets for distribution to your selected beneficiaries; and

● Protect the well-being of you and your family members—no matter what might happen.

As noted above, every adult can benefit from an estate plan. That being said, estate planning is especially important for certain people. It is crucial that you know some of the big signs that suggest it is time to begin the estate planning process.

Manhattan estate planning lawyer

What is the Difference Between a Will and Estate Planning?

Estate planning is a term used to describe the complex processes involved in protecting and distributing assets after an individual’s death. While a will is an essential part of estate planning, it is not the only document involved. An estate plan is comprehensive and includes legal documents that are effective during an individual’s lifetime, as well as those that only become effective after their death.

Unlike other documents in an estate plan, a will only becomes effective after the individual who created it has passed away. It outlines the distribution of assets to beneficiaries, identifies who will be responsible for managing the estate, and details any specific requests or final wishes the individual may have. However, other legal documents, such as trusts and powers of attorney, are often used in conjunction with a will to ensure the smooth management and distribution of assets before and after an individual’s passing.

If you want to ensure that your assets are distributed according to your wishes, it is critical to seek the legal help of an experienced estate planning lawyer. At Sishodia PLLC, our team of New York estate planning attorneys may be able to help you create a thorough estate plan that provides additional safeguards and benefits for you and your beneficiaries. Call us at (833) 616-4646 to learn more about how we can help.

Three Big Signs That You Need an Estate

1. You are Getting Married

Are you getting married? If so, it is a good time to set up your estate plan if you do not already have one in place. Marriage is a major life event. You can personalize your estate plan to ensure that it is best suited for the unique needs of you and your spouse.

2. You are Having or Adopting a Child

If you and your spouse are having a child or adopting a child, it is imperative that you have a comprehensive estate plan in place. Your estate plan should provide the maximum possible protection to your child—including ensuring that they are properly cared for if you or your partner are not in a position to do so.

3. You are Planning on Buying Property

For most people, real property (real estate) is the most valuable asset that they will own. If you are purchasing a home or any other type of property, is it crucial that you have the right estate plan in place. You will want to make sure that your property and assets are best protected should anything happen.

Get Help from an Estate Planning Professional

Estate planning is complicated, but you do not have to figure everything out on your own. With help from an experienced estate planning attorney, you and your family can find a true sense of peace and security. To find out how an attorney can help you, contact Sishodia PLLC today online or by calling (833) 616-4646.

source https://sishodia.com/when-do-you-need-to-start-estate-planning/