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Why It Matters: Rent Reform

Posted by Melvin Monachan | Jul 02, 2019 | 0 Comments

It's no secret that there's an affordable housing crisis plaguing New York City. But since Mayor Bill de Blasio took office, he's ignited a small light at the end of the tunnel. His short-term solution to this incredibly convoluted issue has been to build an unprecedented quantity of affordable a...

Why You Should Survey Your New York Property

Posted by Melvin Monachan | Jun 28, 2019 | 0 Comments

There is a lot of research that goes into buying and owning a property. Part of securing a financial investment wisely is gathering as much information as possible about your property. A necessary step of obtaining this information is conducting a property survey. The benefits of a survey are pl...

Condo Associations and Eviction

Posted by Melvin Monachan | Jun 19, 2019 | 0 Comments

A condominium is a private property within a larger building or community. Condos have recently drawn a lot of buzz in the New York market due to the fact that buyers get the best of both worlds: all the convenience of an apartment with the additional perks that come with being a property owner. ...

Closing Costs Increasing in New York

Posted by Melvin Monachan | May 21, 2019 | 0 Comments

New Yorkers may soon be paying more in closing costs. The amount of taxes paid in a residential real estate sale is increasing as of July 1, 2019. New York lawmakers have approved a new state budget that expands the mansion tax and increases the state transfer tax. These changes are expected to g...

Common Real Estate Contract Contingencies Explained

Posted by Melvin Monachan | May 17, 2019 | 0 Comments

A contingency is an addendum to a real estate contract. A contingency acts as a legal safeguard, allowing a party to back out of a real estate purchase or sale if the terms of the contingency are not met. In these situations, the real estate contract is considered legally void. When a contingency...

Protect Yourself Against Down Payment Wire Fraud

Posted by Melvin Monachan | May 13, 2019 | 0 Comments

A prospective home buyer in Massachusetts recently became the victim of a wire transfer scam, causing him to lose his $300,000 down payment for a condo. The man followed the wiring instructions that he received in an email, only to discover at the closing that a wire fraud scammer had stolen his ...

Actress and Filmmaker Sued by Landlord Over Loft Law

Posted by Melvin Monachan | May 07, 2019 | 0 Comments

According to reports, actress Emily Ratajkowski and her filmmaker husband, Sebastian Bear-McClard, have been sued by their New York City landlord for $120,000 in unpaid rent. The landlord's lawsuit claims that the couple has exploited New York's Loft Law allowing them to live rent-free in the 1,1...

Can A Landlord Evict a Tenant for Having a Pet?

Posted by Melvin Monachan | Apr 30, 2019 | 0 Comments

Many landlord-tenant disputes arise when a tenant keeps a pet in a pet-free rental property. In some cases, a landlord may have the legal right to evict a tenant for having an animal in violation of the no-pets term of a lease. In other situations, a tenant may be allowed to keep a pet under the ...

Fighting Off Foreclosure

Posted by Melvin Monachan | Apr 23, 2019 | 0 Comments

​If you've fallen on hard times and are behind on your mortgage payments, don't panic just yet. There are several options you can choose from before being facing foreclosure. Here are some common alternatives. Consider modifying your mortgage Most mortgage companies give you the option of mortg...

Things to Consider When Buying a Foreclosure

Posted by Melvin Monachan | Apr 04, 2019 | 0 Comments

​Foreclosed homes are generally residential properties that have been repossessed by a lending institution due to nonpayment by a previous owner. Banks attempt to regain a portion of the outstanding mortgage balance by putting the property up for sale at a foreclosure auction. This process presen...

Mortgage Loan Modification in New York

Posted by Melvin Monachan | Feb 28, 2019 | 0 Comments

During the recent government shutdown in the United States, thousands of federal workers went without pay. Lives do not stop just because the government has shut down. Groceries still need to be bought and bills still need to be paid, including mortgages. Fortunately, there are options when it co...

Tips for First-Time Home Buyers

Posted by Melvin Monachan | Feb 19, 2019 | 0 Comments

Purchasing your first home can be both very exciting and terrifying. As a first-time home buyer, you may not be aware of the types of questions you should be asking. There are several things that first-time home buyers should be aware of beyond location and home size. First-time home buyers shoul...

What Are Real Estate Transactions, Generally?

Posted by Melvin Monachan | Feb 12, 2019 | 0 Comments

The process of buying, leasing, or subletting property all fall under the auspice of real estate transactions. At some point in your life, you will most likely find yourself a party to some sort of real estate transaction. For that reason, it is important to understand what a real estate transact...

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