It’s Another Closing, Another Cost – New York Times

JESSICA BACAL, a lawyer in Katonah, N.Y., represented a buyer last week who was closing on a $1 million-plus house with a $765,000 mortgage in Westchester County. In reality, though, the cost of the home was more like $1 million-plus-plus-plus, because at the closing, many more costs were added — taxes and fees that together are known as closing costs.

For this house, the buyer’s closing costs, including some prepaid interest and taxes, totaled almost $40,000. In fact, experts said, the total fees paid by both the buyer and seller can amount to as much as 7 percent of the sale price.

read the rest of the article at:  It’s Another Closing, Another Cost – New York Times.

Five ways to have a richer, fuller retirement

With a little effort, retirement could be a lot better for a large number of people, says certified financial planner Marc Freedman, the author of the new book Retiring for the Genius and CEO of Freedman Financial in Peabody, Mass.

What some retirees need to do is rethink their approach and create a new blueprint, he says. Freedman offers these five ways retirees can create a richer retirement:

read more here: Five ways to have a richer, fuller retirement.

NYC Building Demolition | Historic Preservation NYC

New York City is constantly being rebuilt.

In the 19th and 20th centuries, dozens of beautiful old buildings were demolished to make way for new development. It wasn’t until 1966, with the passage of the National Historic Preservation Act, that historic buildings could be protected by federal law.

Click through to see some of these vanished buildings, which include iconic hotels, businesses, and private homes.

via NYC Building Demolition | Historic Preservation NYC.

Online Resources for Income Tax Planning as Part of Estate Planning

The Internet provides a rich source of discussions and suggestions relative to the future of estate planning. It particularly makes available a number of constructive analyses of the direction of estate-planning practices after the enactment of The American Taxpayer Relief Act of 2012 (ATRA), including the importance of focusing on related ordinary income and capital gains tax issues.

Income tax rates increased significantly after 2012, with the federal income tax brackets for 2013 topping at a marginal rate for incomes over $338,350 of 39.6 percent and a net capital gains rate of 20 percent. Thus, income tax planning for estates assumes even more significance.

see entire article at: Online Resources for Income Tax Planning as Part of Estate Planning | Technology content from WealthManagement.com.

Death of Formula-Based Estate Planning

Throughout a large majority of my 35-year career as a trusts and estates lawyer, formula-based estate planning for spouses was common. Spouses’ wills or revocable trust instruments would frequently provide that, at the death of the first of them to die, the smallest amount (or fractional share) that, if allowed as a marital deduction, would cause the predeceased spouse’s estate to incur no estate tax was to be distributed to the surviving spouse or to a trust qualifying for the marital deduction. The residue of the estate (or the remaining trust property) would pass in a non-marital deduction disposition (usually to a family trust for the concurrent benefit of the surviving spouse and descendants). Alternatively, it was appropriate in some estate-planning situations to provide that, at the death of the first spouse to die, the largest amount (or fractional share) that could pass in a non-marital deduction disposition without causing the predeceased spouse’s estate to incur estate tax was to be distributed to a family trust, and the residue (or remaining trust property) was to be distributed to the surviving spouse or to a trust qualifying for the marital deduction.

read the rest of the article here:  Death of Formula-Based Estate Planning | Estate Planning content from WealthManagement.com.

The Anatomy of a Great Construction Contract

A well-drafted construction contract clearly sets out the work to be done, the price to be paid for the work, and the terms and conditions of payment.

The contract should also designate various foreseeable risks between the parties. When the parties allocate a list of potential risks, the contract becomes longer, but it reduces the potential for disagreements in “gray areas” that are not addressed at all – assuming that both parties take the time to read and understand the lengthy, dryly-worded document.

You should be aware that all of the requirements of basic contract law must be met for a construction agreement to be valid. We will focus here on construction-specific applications of contract law.

read the entire article at:  The Anatomy of a Great Construction Contract « Ontario Home Builders.

A Guide to What Actually Happens at a Real Estate Closing – Curbed University – Curbed NY

Ahh, the closing. You’ve found your dream home, put together your board package, passed a board interview, and now your conscience is steady. Right? Once you get to the closing, everything should be fine and dandy, but of course, there are always obstacles. Before the closing, your agent should accompany you on the “final walk-through” even though they technically don’t have to so they can make sure everything seems to be in order, and that there are so gaping holes in the apartment, either literally or figuratively.

read the rest of the article here:  A Guide to What Actually Happens at a Real Estate Closing – Curbed University – Curbed NY.

NYC – Dealing with Delays in Housing Court

Dealing with Delays in Housing Court

April 3, 2014 by Todd Nahins

If you are a landlord in New York City and have been to Housing Court recently, you know the process of obtaining your overdue rent or trying a case has become exceedingly difficult.

In the 1980s, a Civil Court judge was designated for the Calendar Assignment Part on a weekly basis. The Part originally known as Part 49, and later Part 18, would hear all motions, then send cases to different parts of the Housing Court for trial. Cases were not adjourned more than 10 days unless both sides consented. Compared to the current process, when there may actually be fewer calendared cases, those were the days.

read rest of article here:  Dealing with Delays in Housing Court.

NYC – Deciding Whether to Amend Old Registrations

Deciding Whether to Amend Old Registrations

May 29, 2014 by Dov Treiman

The recent amendments to the Rent Stabilization Code (RSC) have complicated an owner’s decision whether to amend old rent registrations. Here are a few new factors owners now have to consider:

read rest of article here:  Deciding Whether to Amend Old Registrations.

NYC – High Rent Vacancy: Not Actually Automatic Deregulation

High Rent Vacancy: Not Actually Automatic Deregulation

July 18, 2014 by Adam Leitman Bailey

Throughout the residential housing industry, there is dangerous ignorance of the amendments promulgated this year, amending the Rent Stabilization Code. All owners should be reading as much as possible about these amendments. Business is simply not the same as it was.

One of the massive changes is in the notice that an owner must give to a new tenant immediately after deregulating the premises for rent that has gone above the $2,500 threshold. Prior to 2014, it was enough for the landlord to furnish the new tenant with a copy of the annual rent registration immediately following the deregulation. Under the old rules, the owner delivered it to the new tenant the later of 30 days after the registration or 30 days after signing a lease with the new tenant. That requirement is preserved.

However, the new regulation adds an additional requirement. Now, in addition to sending that copy of the registration notice, the landlord must also send a new notice promulgated by the DHCR as part of the new regulations. The DHCR has published this form at http://www.nyshcr.org/Rent/RentCodeAmendments/HRVD-N-SJ.pdf. The owner must provide the form to the tenant within the earlier of 30 days after the commencement of the tenancy or 30 days after signing the lease. Prudent landlords have been giving these forms to tenants right at the lease signing. If the owner acted wisely, the owner was already preparing the form while the apartment was still vacant.

read rest of article at: High Rent Vacancy: Not Actually Automatic Deregulation.