Real estate attorneys play a significant role in facilitating property purchases and protecting buyers from sellers who misrepresent their property. Navigating the real estate landscape can be complicated, and attorneys represent a critical support system for buyers.
A real estate attorney can oversee all legal aspects of buying a property, from preparing the contract of sale to managing the down payment process and preparing the closing documents. However, their role goes beyond preparing and explaining paperwork. They can also help buyers gain a full picture of the property they are purchasing and understand potential issues.
Buyers need to consider many aspects of the property, and an attorney can help them in this process. For instance, they may need to know if the seller has made alterations and if these comply with the building code. They may also consider whether they can make desired alterations in the future. In addition, they may want to inspect the property and understand what happens if issues arise, like termites or asbestos in the building.
A real estate attorney can order a title report, which includes a legal property description, information about zoning and property value, outstanding liens, and much more. All of this information can help buyers understand if the seller has misrepresented the property, and ultimately make an informed decision.
In conclusion, hiring a real estate attorney is essential for a stress-free property purchase. They can offer buyers legal advice and protection as they take the important step of purchasing a new home.
For many, home ownership brings psychological satisfaction, a sense of achievement, and an opportunity to enjoy a consistent community and surroundings. However, the cost of ownership, especially for first-time buyers, can be challenging, especially in cities like New York. For example, the average cost ranged from $93,250 in Allegany County to $770,000 in Westchester in 2022 and an average of $560,000 in 2023. To ease the burden, the government offers various grants for first-time homeowners. First-time homebuyers can qualify for the grants by filling out forms in the county, depending on eligibility.
First-time homebuyer refers to someone who has never owned a house in their lifetime or the past three years at the time of application. The Department of Housing and Urban Development (HUD) sets further criteria to define first-time home buyers. This includes someone with non-compliant housing as per the law, principal residence with no permanent foundation, and displaced homemakers who owned property with a spouse.
The government offers five programs to aid in home ownership through low-interest mortgages and closing costs aid for the eligible. The loans strictly service permanent residents and should not be used for vacation houses, prospecting, or investments.
The HomeFirst Down Down Payment Assistance Program offers the prospective home buyer a maximum of $100,000 for a downpayment or closing costs. The property should be located in one of the five boroughs of New York City and should be a one-to-four-family home, condo, or cooperative housing.
The qualifying criteria include meeting the first-time homebuyer definition in New York and completing a homebuyer education program. The education program includes classes on the homeownership process and covers finding, financing, and owning a home. Other requirements for the assistance include a downpayment of three percent of the purchase price, of which one percent should be from their funds.
The prospective homebuyer must also pledge to live in the home for at least ten years if the assistance is $40,000 or less and 15 years for loans above $40,000. Also, the housing unit should be 80 percent of AMI. This means that the household can afford to live in the house without spending 30 percent of its income on housing costs.
The State of New York Mortgage Agency (SONYMA) Achieving the Dream targets people with good credit and a stable source of income for a 30-year fixed-rate mortgage. As with the previous program, the applicants must complete the homebuyer education program and meet set income requirements like the ability to make mortgage payments and other debts and sufficient cash to pay the downpayment and closing costs. In addition, the prospective buyer can combine the Achieving the Dream program with other housing subsidies.
Thirdly, a SONYMA Conventional Plus aids low-income earners through a mortgage program with affordable monthly payments. The program combines a 30-year mortgage program with a down payment and assistance with closing, depending on the prospective buyer’s financial status. Conventional Plus differs from other programs in that it includes non-first-time buyers seeking to refinance their current mortgages due to financial constraints.
The SONYMA Low-Interest Rate has similar eligibility requirements and terms to others except for the Conventional Plus. Lastly, the SONYMA FHA Plus program is funded by the Federal Housing Administration (FHA). It targets prospects with a minimum credit score of 580, a stable source of income, and a downpayment of 3.5%. The prospect pays mortgage premiums till they decide to refinance, shift permanently, or clear the loan.
Though less pursued by the public, other grants include the VA Loan, available only to veterans and service members. The VA loan applicants do not require a downpayment or mortgage insurance after closing.
An experienced attorney based in East Rockaway, New York, Marc Rovner joined BETA Abstract, LLC, in 1998 and continues to support the multi-million-dollar title insurance company as vice president and managing director of all business development. He also serves as general counsel. As an attorney and lifelong New York Giants fan, Marc Rovner follows the team from both a competitive and legal standpoint.
In the midst of the team’s 2022 playoff run, the New York Giants upgraded their legal office with the promotion of Richard Hernandez. The former chair of McCarter and English, a sports practice and antitrust, Hernandez initially joined the franchise as assistant general counsel during the previous season. His official title with the Giants is legal chief, a position he inherits from William Heller.
Hernandez was announced as the new head of the Giant’s legal unit prior to New York’s loss to the Philadelphia Eagles. It was New York’s first postseason showing since 2016, when the Giants lost a wild card game to the Green Bay Packers. Prior to that, New York last played in the playoffs as champions of Super Bowl XLVI.
An East Rockaway, New York, resident, Marc Rovner is an experienced attorney who works at BETA Abstract, a title insurance firm. As part of his duties, attorney Marc Rovner supervises the legal department to ensure clients with real estate agents also hire the right attorney for their needs.
Hiring the right attorney is essential for anyone selling a home in New York state. Besides having a real estate agent to do marketing and coordinate negotiations on a property, an attorney’s work is to create a contract of sale and to represent clients at closing. Real estate agents advise sellers on the prices of comparable homes, help them decide on the best sale price, and receive offers. Agents provide an offer document to the prospective buyer, who uses it to make a formal offer on a home.
When a seller accepts a buyer’s offer, an agent informs the buyer and prepares a term sheet for both the seller’s and buyer’s attorneys. Once a seller’s attorney receives the term sheet prepared by the agent, they prepare a contract of sale. The seller and buyer sign the contract before the buyer sends a down payment to the seller’s attorney. In New York, a down payment of 10 percent applies to the total purchase price. After a contract is signed, a seller’s attorney gets ready for closing. This includes reviewing the title report requested by a buyer’s attorney and checking for any issues that require addressing before closing.
An attorney prepares closing documents, including the deed and transfer tax returns, and computes the balance payable at closing. For mortgages, a seller’s attorney obtains a payoff letter indicating the amount a lender owes the seller and calculates all the closing costs a seller needs to settle and what the buyer owes. Finally, they represent the seller at the closing and ensure all documents are signed and payments submitted as agreed.
An East Rockaway, New York-based attorney, Marc Rovner serves as director of business development, general counsel, and senior staff attorney for BETA Abstract in nearby Garden City. Marc Rovner studied to become an attorney at Boston University. He is interested in the competitive advantages and disadvantages between Ivy League and state colleges and universities.
While people pursue higher education for a wide variety of reasons, many look upon it as an investment in their financial future. Is an Ivy League education truly worth it for those who want to maximize their educational return on investment (ROI)?
Examining statistics from multiple studies, the independent online resource Affordable Colleges found that graduates of Ivy League schools tend to out-earn their colleagues from other schools. Drawing upon PayScale data from more than 1,500 institutions, U.S. News & World Report stated that Ivy League graduates earned roughly $60,000 more per year than other graduates at the peak of their careers.
However, the debt that many Ivy League graduates face can make this education a bad investment. According to Affordable Colleges, state school graduates can often get high-paying jobs without the upfront expense of an “elite” education. For this reason, the average ROI for a public education is twice the average ROI for a private education. Because Ivy League schools are all relatively expensive private schools, this statistic shows that they fall significantly behind public schools in ROI.
Moving a business requires a lot of detailed planning in order to pull it off successfully, especially if you want to minimize downtime so you can keep the flow of operations running smoothly. Finding the right movers, securing a storage facility that will safely house items you can’t move just yet, and making sure you have a well-planned timeline are just a few key pieces you’ll need to consider.
The experts at Beta Abstract are the premier provider of title and closing services.
Whether you’re moving your business to a new state or just to the other side of town, there will be a lot to do, so getting organized is essential. Think about whether you want to make the move all at once or if it would be more beneficial to do it slowly over time. How will either choice affect your customers? If you need inspiration or just a boost of confidence during this hectic time, take a look at some of the resources offered below.
When you’re ready to get started with your business move, consider these tips:
Create a Timeline
Managing a business move means you’re going to have a lot of tasks to complete, so it’s a good idea to start off on the right foot by creating a timeline, using an organizational app, and checking off items as you go, such as:
Move your LLC or Corporation
If you’re moving your business to a new state, you’ll need to prepare for all the legal details that come with it, such as setting up your LLC or corporation and registering according to that state’s regulations. You can hire a formation service to handle the paperwork, which will take some of the stress off your shoulders as you orchestrate the move.
Hire Reputable Movers
The moving company will need to be booked well ahead of time to ensure they’re available on the dates you need, so do your research early in the planning stages to find a reputable service with competitive pricing. Research the best time of year to move and consider all the factors to choose the perfect dates.
Update Your Invoices and Marketing Materials
No matter where your business will be moving to, you’ll need to create new business cards and update your marketing materials, social media information, and invoices with the new address and any branding changes.
Invest in Content Marketing
Content marketing focuses on providing valuable and engaging content to potential customers in order to build trust and credibility. By creating high-quality content such as articles, blog posts, or videos, you can establish yourself as a thought leader in your field and draw in potential clients in your new location. CornerstoneContent offers some valuable content marketing tips and strategies.
Plan a Strategy for Equipment Storage
Before moving day, you’ll need to figure out a strategy for keeping equipment and supplies secure, especially if you have items that need to be removed from your current space well before they can go to the new location. There are numerous storage facilities available to secure these items. If you have items you don’t need to keep after the move, you can store them securely until there’s time to find a buyer.
Prep for the Big Day
When the big day arrives, it’s best to have a solid schedule worked out ahead of time. This will help the movers and will alleviate stress for you and your employees. Organize an unpacking team, set up a time for IT techs or internet installers to arrive, and don’t forget to work in a few breaks for everyone. Setting up a new business location takes time and patience, and the entire process will go much more smoothly if you have it well-planned in advance.
Moving a business comes with a lot to consider, but it doesn’t have to be overwhelming and stressful. By tackling details like hiring the movers, investing in content marketing for your new location, and forming a new business entity, you can make the process as easy as possible.
Thank you, Elijah Dawson for the incredible article. Elijah Dawson created Look For Jobs Here while he was furloughed from his retail management job at the beginning of the pandemic. With many still looking for work, he hopes his site will assist and motivate them as they look for their next big opportunity. For more contact information email info@lookforjobshere.com
The Long Island housing market is showing the impact of higher mortgage rates, as home sales and prices have declined.
There were 2,297 Long Island homes contracted for sale in September, down 19 percent from the 2,825 homes contracted for sale the previous month and nearly 22 percent fewer than the 2,931 homes that were contracted for sale in Sept. 2021, according to preliminary numbers from OneKey MLS.
Photo by Judy Walker
Pending home sales in Suffolk County have now fallen for the last 16 months when compared with the previous year and pending sales in Nassau County have dropped year over year for the last nine months.
Long Island home prices are also retreating. The median price of closed home sales in Nassau last month was $699,000, the first time since May that the median price was under $700,000. In Suffolk, the median price of closed home sales last month was $550,000, down 2.7 percent from the $565,000 median recorded in August and the lowest median price since April.
Brokers attribute the sales and price declines to rapidly rising mortgage rates. The average rate for a 30-year fixed mortgage was 6.88 percent this week, according to bankrate.com, that’s double the rate from just nine months ago.
Meanwhile, inventory remains lower than a year ago. There were 6,778 homes—3,140 in Nassau and 3,638 in Suffolk—listed for sale with OneKey MLS as of Tuesday. That’s slightly more than the 6,760 Long Island homes that were listed for sale at the end of August, but 3.5 percent fewer than the 7,044 homes that were listed for sale at the end of Sept. 2021.
Real estate is an ever-present investment vehicle that you can utilize to grow your finances. As with any market, profiting from real estate is a matter of studying trends so that you know when to buy and sell. Compared to a stock portfolio, however, building and maintaining real estate investments requires a certain amount of legwork and physical labor. There is a lot that goes into becoming a successful real estate investor, but your road to profit can be simplified into four attainable steps, outlined here by Beta Abstract.
1. Build a Network
Before you get in over your head with acquiring the first property that catches your fancy, it would be wise to build a network of professionals that can help you in your endeavors. Keep in mind that the most affordable properties are ones that may require some maintenance and renovation before they can be flipped for a profit. Unless you have the time to manage and repair your properties yourself, you should seek to build relationships with contractors and potential business partners in your area.
2. Find Profitable Properties
Your local real estate agent can help you find available properties on the market, but a savvy investor must know how to separate a lucrative opportunity from the duds. The location of a property is perhaps the most important factor.
A desirable piece of land is more likely to appreciate in value over time, allowing you to sell for a profit in the future. Alternatively, you can start a rental or vacation home business on your new property that will yield a tidy profit if the location is popular.
3. Exercise Good Property Management
Money Inc explains that, after closing the deal on a home, it can take at least 2-3 months to flip the house after repairs and marketing. If you find yourself sitting on a property for months or years, you need to manage your investment well until it comes time to sell.
It is important to maintain a clean appearance and address any utility issues that arise. Constant supervision is particularly necessary if you have tenants living on your property. The Balance notes that delegating such tasks to a property manager is a great way to save yourself a lot of time and make it possible for you to manage multiple properties concurrently.
You should also consider expenses that will come up when home systems or appliances are on the fritz. One option is purchasing a home warranty that will cover such things. When determining whether a home warranty is worth it, take into account how much repairs would otherwise be without coverage. If the HVAC broke down, for example, you would be out up to $5,000 (or more for larger systems). With a home warranty, you can rest assured that your tenants will have items fixed as quickly as possible. Be sure to check with providers to see what all is covered and get quotes for your particular needs.
4. Maintain Legal Protection
If an accident occurs on a property you own or rent out, affected individuals may seek legal action against you. If you are held responsible for injuries or damages, you might be forced to forfeit your home or other personal assets if you can not pay out of pocket.
You can protect yourself from litigation by establishing a professional corporation for your investment property business. Your corporation will be considered a separate entity that may assume liability for certain incidents. You can seek a lawyer to help you form a professional corporation, or you can opt for a less expensive formation service.
Investing in real estate has the potential to reward you generously for the amount of hard work you put in. However, there is always risk in any investment venture. Following best practices and using the resources around you to the fullest will help mitigate your chances of being burned by a bad transaction.
As one of the premier providers of Title and Closing services in New York, New Jersey, Florida and Connecticut, Beta Abstract has built a client base by maintaining a strict customer-comes-first approach. Contact us today to learn more! info@betaabstract.com.
Thank you, Elijah Dawson for the article. Elijah Dawson created Look For Jobs Here while he was furloughed from his retail management job at the beginning of the pandemic. With many still looking for work, he hopes his site will assist and motivate them as they look for their next big opportunity. For more contact information email info@lookforjobshere.com
According to real estate industry experts, more than 44 million Americans are renters. That is a massive pool of potential tenants. There are profits to be earned in buying, improving, and renting out living quarters. Excelling at the job requires knowledge. Beta Abstract Title & Settlement Services shares the following tips to help you prosper.
Purchases
It’s in your interest to spend as little as possible on a property. One wise strategy for getting a good deal is scouring the foreclosure market. Another is to look for homes that have been available for a long time. Owners who are having trouble selling are more likely to be motivated to make a deal. Plunder the Multiple Listing Service and target homes where the price has dropped.
There are other considerations besides the condition of the building and the cost of renovations. Keep in mind property taxes and insurance. The desirability of the neighborhood and the type of home you’re offering are two factors affecting how much you can charge for rent. If you plan on managing the property yourself, don’t forget the expense of property management software when fashioning a budget.
Repairs
Fixes are necessary before tenants will be willing to consider moving in. Test everything as though you were living there. Do the lights come on? If not, hiring a professional electrician reduces the possibility of a fire. When commodes are malfunctioning, call a plumber. HVAC systems are also vital. No one wants to live without heat during frigid winter temperatures or AC during the hottest part of the summer. Test that garbage disposals, smoke detectors, and window latches are all working.
Upgrades
Once the essentials are in order, it’s time to make changes that renters want. Eco-conscious individuals are looking to leave a lower carbon footprint. Switch out older appliances, such as dishwashers and refrigerators, for newer ones with better energy efficiency. Dog owners need outdoor spaces where four-legged friends can get out their zoomies. For apartments, a modest park for the exclusive use of tenants and their fur babies will draw them in. Be sure to include attractive waste stations stocked with quality bags.
Every renter is concerned with safety. Upgrade older security systems to ones with cameras and communication features. Put motion-activated lights in common areas to scare away intruders at night. Another idea is providing safes where residents can lock up valuables.
Many inexpensive cosmetic changes can have a dramatic impact. Repaint kitchen cabinets to make them look more clean and modern. Cabinet handles that are loose or rusted are unappealing, so change them out for a more appealing, contemporary look. Touches as simple as flowers in a vase will seriously brighten a space and make people happy when it’s time to tour your property.
Marketing
Now that you’re ready to bring in tenants, you need to advertise. The web is bursting with sites where you can trumpet your availability. Detail everything that your location has to offer. Include high-quality photos that underscore the improvements you’ve made. As you take pictures, use techniques that make rooms look bigger.
Take a cue from realtors and create your own virtual tours recording videos throughout the property. While it’s important to get as much quality footage as possible, be sure to focus on the most compelling parts of your property. Once you’re done, use free online tools to quickly combine videos into a single clip you can post on your property’s website.
Investing in rental housing offers vast money making opportunities. Approach the field wisely to generate maximum return on investment. Find the right property that fits your budget, then make the necessary repairs, and opt for upgrades that generate attention. Market your property with eye-catching videos and competitive pricing, and you’re sure to get the tenants you want.
Thank you, Elijah Dawson for the incredible article. Elijah Dawson created Look For Jobs Here while he was furloughed from his retail management job at the beginning of the pandemic. With many still looking for work, he hopes his site will assist and motivate them as they look for their next big opportunity. For more contact information email info@lookforjobshere.com
Based in East Rockaway, New York, Marc Rovner is an attorney who oversees the legal department at Beta Abstract LLC, a multi-million-dollar title insurance company. With over 30 years of experience in the field, Marc Rovner also provides legal education on title insurance and real estate law.
Mary O’Donnell, CEO of Westcor Land Title Insurance Co., explains the importance of protecting your property.
Title insurance is imperative for lenders to ensure the borrower has ownership rights to a property, but it doesn’t just protect against problems affecting title. It plays an essential role in the economics of homeownership, ensuring that credit reaches those who need it and providing safeguards to those who lend it. The capital markets depend on the due diligence, transparency, and protection our industry provides to do its job.
In fact, our industry is so important that throughout the COVID-19 pandemic, title insurance professionals were deemed essential by the federal government. Their hard work kept a major part of the economy running during a challenging time when purchasing a home meant more than ever.
During this same time, our industry helped consumers take advantage of low interest rates to refinance mortgages. In a refinancing, homeowners obtain a new loan and lenders require a new title search and a title insurance policy on that loan to protect their investment. Professionals conduct the search and examine documents, with title companies regularly providing a discount, or “reissue rate” on a refinance.
Discounts also may be available if using the same lender that issued the original loan. And because the home’s ownership remains unchanged, a homeowners’ title insurance “Owner’s Policy” is valid through refinance.
Real estate is a $3 trillion industry in the United States. There has been a great deal of innovation around purchasing homes, making credit available, and closing real estate transactions. This innovation is positive for consumers. However, sometimes innovators can misrepresent products or sow confusion. They point to low claims ratios as evidence that title insurance is unnecessary. Not only is this not true, but it is a fundamental misunderstanding of what title professionals do and how our underwriting protects this work.
Mary O’Donnell is CEO of Westcor Land Title Insurance Co. and a past president of the American Land Title Association.
Marc Rovner (East Rockaway Attorney) 