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...
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 ...
The Servicemember Civil Relief Act is a federal law that provides benefits to military service persons on active duty. The Act offers protections to both servicemember homeowners, tenants, and their families. The SCRA applies to members of the Army, Navy, Air Force, Marine Corps, Coast Guard, res...
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...
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 ...
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...
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...
Money is the root of the majority of contentious disputes between landlords and tenants. New York landlord-tenant law regulates security deposits in particular, dictating how they should be handled and referencing the rights of parties involved. The laws regarding security deposits in this state ...
The prospect of moving in with your partner is an exciting one. But while you may be delighted to enter into a new phase of your relationship, there are a few things you should consider before making the leap. Co-owning a house is a decision that many unwed millennial couples have been increasi...
Through home-sharing sites like Airbnb, most people are looking to make a few extra bucks by renting out their unused apartments or condos. But using these platforms as a side hustle in New York may be more convoluted than you would expect. The Law: SB S6340A In 2016, a law was passed in New Yo...
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...
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...
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...
If you have ever leased or rented a residential or commercial space, you have undoubtedly been a part of a transaction that falls under the purview of Landlord-Tenant Law. Specifically, statutes and other laws that govern the rental of residential and commercial property are what are known as “La...
If you are a New York resident who has been served with a foreclosure lawsuit, you may be feeling afraid, overwhelmed, and hopeless. Depending upon the circumstances which led to the filing of the foreclosure action, however, there may be legal recourse that you can take against the Plaintiff by ...
For those who find themselves faced with an inability to pay their monthly mortgage payment, trying to figure out what to do to save their home can be a confusing and tedious process. Once a foreclosure is initiated, the stress of trying to respond to the lawsuit can quickly become overwhelming. ...
If you have been served with a foreclosure action in New York, you may be overwhelmed by the paperwork that you have received. Understanding what each document is, along with whether you need to respond to the document, is the first step toward defending against the foreclosure action. Melvin Mon...
A home is one of the most important--and most expensive--purchases that a person can make in their life. While homeownership certainly has its pros, owning your own home does not come without some downsides. If you're in the process of deciding whether or not to purchase a home, Melvin Monachan h...
2019 is a new year and an opportunity for a fresh start. For New Yorkers who are facing foreclosure, however, the new year can bring a high level of uncertainty about the future. If you're facing foreclosure in New York state, the legal team at Monachan Law has several suggestions to ease the str...
If you have purchased a home, you likely obtained a home loan through a lender in order to fund the purchase. While you may think that this means you will pay the lender for the life of your loan, this is oftentimes not the case. The servicing of many loans is dealt with by a loan servicer, who i...
No matter the circumstances, there may come a time where you need additional funds to pay for whatever life throws your way. Whether you need to pay for repairs to your home or want a safety net to cover unanticipated expenses that may occur down the road, a home equity line of credit may provide...
If you are in the process of obtaining a home loan to purchase a new home, your monthly mortgage payment will likely have a great deal of influence on the home that you choose--if you can't comfortably pay the mortgage payment, then you likely won't choose to purchase the home. It's important to ...
Homeowner's insurance is a concept that is familiar to almost everyone who owns their home--most homes are covered by such insurance. The vast majority of the time, homeowners choose their own insurance carrier and policy, even if their insurance payment is escrowed in a mortgage. Sometimes, howe...
If you own a home or condominium in the state of New York, you may be part of a homeowner's association (HOA) or condominium association (COA). If this is the case, you are likely subject to assessments for your membership in these associations. These fees should not be taken lightly; failure to ...
The process of purchasing a home can be both exciting and stressful, even if everything goes smoothly. When there is a hiccup in the closing process, however, delays can occur which can extend the time you have to wait to close. It's important to keep a watch out for the most common reasons for c...
"We understand that a real estate transaction is typically one of the largest financial transactions of most peoples lives. That is why we take the time to properly guide you and keep you informed about the process every step of the way."
