Whatever your particular reason of needing a real estate lawyer, you are still going to need to find one. There are a couple of things to keep in mind when selecting one. Here are some tips.
1. Find a real estate lawyer. By this, it means someone who practices primarily in the field of real estate. Most lawyers own homes, so they think they can handle real estate transactions. This typically is not true. Real estate law can be complex, so get someone that already knows it.
2. Go local. Real estate laws tend to be state wide, but regulations tend to be local. Obviously, it depends on the situation in your state, but you need to seriously consider getting a lawyer in the area you are selling or buying.
3. Comfort Level - Many people just choose any old lawyer. This is a mistake. Get one who speaks your language and you are comfortable. If you like aggressive people, get an aggressive lawyer. If you like yellers, get a yeller. If you prefer a more poised attorney, a yeller is probably not a good choice.
4. Know Your Purpose - Lawyers have distinct styles. Some prefer to try to find solutions to disputes. Others prefer to crush the other side. You need to know what your goal is when interviewing lawyers and communicate it clearly. Their reaction should give you an idea of whether they are a good choice or not.
Perhaps the biggest rule to remember when dealing with lawyers is your role. You are the client. They represent you. Most people hire a lawyer and then ask for advice on what they should do and what decisions they should make. This makes lawyers uncomfortable because they don't know you from a hill of beans. Know what you want and communicate it to them. Their job is then to go get it.
Family law attorney, Eric M. Gansberg, Esq., is located on Staten Island, New York, and represents men and women with divorce, child support and family law throughout the New York City area, including Staten Island, Annadale, Arden Heights, Bay Terrace, Dongan Hills, Eltingville, Emerson Hill, Fort Wadsworth, Graniteville, Grant City, Grasmere, Great Kills, Greenridge, Grymes Hill, Heartland Village, Huguenot, Lighthouse Hill, Midland Beach, New Dorp, New Springville, Oakwood, Old Town NY, Pleasant Plains, Prince's Bay, Randall Manor, Richmond Valley Richmondtown, Rosebank, Rossville, Shore Acres, Silver Lake, South Beach, St. George, Tottenville Beach, Ward Hill, Westerleigh, Willowbrook, Woodrow, other areas of Staten Island, New York City, Brooklyn, Manhattan, Queens, Bronx, Long Island, Suffolk County, Nassau County, Westchester County, and Rockland County.
Showing posts with label real estate transactions. Show all posts
Showing posts with label real estate transactions. Show all posts
Sunday, September 12, 2010
Monday, March 8, 2010
Predatory Lending
Lending can become predatory when aggressive tactics are used to convince a borrower to agree to unfair or abusive loan terms and conditions. Although there is no single definition for predatory lending, it generally occurs when a lending company, broker, or even home improvement contractor takes undue advantage of borrowers by deception, fraud, or manipulation.
Predatory lenders charge excessive fees, interest rates, and pre-payment penalties and often require balloon payments. Frequently, lending decisions are made without considering the borrower's ability to repay, and predatory lenders may permit repeated refinancing over a short period of time without any economic gain for the borrower.
Although predatory lending occurs across various demographic groups, predatory terms are often targeted at the elderly, minorities, and low-income homeowners. Victims of predatory lending practices often face financial crisis, including bankruptcy and home foreclosure, as a result of the deceptive conduct.
Anti-Predatory Lending Laws
Several laws are designed to protect consumers against predatory/abusive lending practices. On the federal level, the Truth in Lending Act (TILA) requires lenders to disclose the APR and loan terms, and the Home Ownership and Equity Protection Act, which is an amendment to TILA was specifically designed to identify predatory mortgage loans. In addition, other consumer protection laws such as the Federal Trade Commission Act (FTC Act), have provisions that deter predatory lending practices.
Moreover, many states have their own anti-predatory laws that are designed to address abusive mortgage lending by restricting the terms or provisions of certain loans. In addition, states have increased the registration or licensing requirements of mortgage brokers and mortgage lenders and have undertaken enforcement activities under existing consumer protection laws and regulations to combat abusive lending.
Numerous federal, state, and non-profit agencies offer assistance for victims of predatory lending practices, including the U.S. Department of Justice, Housing and Urban Development (HUD), state and local consumer protection agencies, state attorney general's office, debt counseling agencies, consumer protection agencies and other nonprofit organizations such as the AARP.
Are you a Victim of Predatory Lending?
Before borrowing money, particularly where your house is used for collateral, read all terms and conditions of the loan carefully and honestly evaluate your ability to repay the loan. Refuse to go through with a lending transaction if you can't afford the repayment plan, if the number of "points" (up-front interest) on the loan is high, or if the terms are changed at the last moment. If you have entered into a loan agreement with terms and conditions that appear predatory, it is important to act quickly to reduce the risk of harm. For certain transactions, you may have the right to rescind the loan if you act within 3 days of signing the agreement. Otherwise, you may need to take additional steps to manage your finances and protect your home against foreclosure.
Victims of predatory lending practices should report any predatory activity to appropriate federal, state, and local agencies. If your loan problem relates to an FHA mortgage origination, underwriting, appraisals or foreclosures, you can seek assistance from HUD National Servicing Center. For non-FHA mortgage problems, including non-disclosure of interest rates and finance charges, prepayment penalties, credit life insurance, fraud, deception, etc., you should contact the appropriate agency to file a complaint against the lender.
Predatory lenders charge excessive fees, interest rates, and pre-payment penalties and often require balloon payments. Frequently, lending decisions are made without considering the borrower's ability to repay, and predatory lenders may permit repeated refinancing over a short period of time without any economic gain for the borrower.
Although predatory lending occurs across various demographic groups, predatory terms are often targeted at the elderly, minorities, and low-income homeowners. Victims of predatory lending practices often face financial crisis, including bankruptcy and home foreclosure, as a result of the deceptive conduct.
Anti-Predatory Lending Laws
Several laws are designed to protect consumers against predatory/abusive lending practices. On the federal level, the Truth in Lending Act (TILA) requires lenders to disclose the APR and loan terms, and the Home Ownership and Equity Protection Act, which is an amendment to TILA was specifically designed to identify predatory mortgage loans. In addition, other consumer protection laws such as the Federal Trade Commission Act (FTC Act), have provisions that deter predatory lending practices.
Moreover, many states have their own anti-predatory laws that are designed to address abusive mortgage lending by restricting the terms or provisions of certain loans. In addition, states have increased the registration or licensing requirements of mortgage brokers and mortgage lenders and have undertaken enforcement activities under existing consumer protection laws and regulations to combat abusive lending.
Numerous federal, state, and non-profit agencies offer assistance for victims of predatory lending practices, including the U.S. Department of Justice, Housing and Urban Development (HUD), state and local consumer protection agencies, state attorney general's office, debt counseling agencies, consumer protection agencies and other nonprofit organizations such as the AARP.
Are you a Victim of Predatory Lending?
Before borrowing money, particularly where your house is used for collateral, read all terms and conditions of the loan carefully and honestly evaluate your ability to repay the loan. Refuse to go through with a lending transaction if you can't afford the repayment plan, if the number of "points" (up-front interest) on the loan is high, or if the terms are changed at the last moment. If you have entered into a loan agreement with terms and conditions that appear predatory, it is important to act quickly to reduce the risk of harm. For certain transactions, you may have the right to rescind the loan if you act within 3 days of signing the agreement. Otherwise, you may need to take additional steps to manage your finances and protect your home against foreclosure.
Victims of predatory lending practices should report any predatory activity to appropriate federal, state, and local agencies. If your loan problem relates to an FHA mortgage origination, underwriting, appraisals or foreclosures, you can seek assistance from HUD National Servicing Center. For non-FHA mortgage problems, including non-disclosure of interest rates and finance charges, prepayment penalties, credit life insurance, fraud, deception, etc., you should contact the appropriate agency to file a complaint against the lender.
Surprise Closing Costs
Once the negotiations are over and a buyer and seller come to an agreement over the purchase price for a home (or any type of real estate, for that matter), a contract is signed, and it's time to close the deal. In almost all real estate transactions, there are expenses and fees associated with the closing, or "closing costs." Closing costs are usually charged by the buyer's lender the bank that gave the buyer a mortgage to pay for the home-and typically include charges for things like fees for:
•Processing the mortgage
•The title company's search to make sure that no one else claims to own the property and that there are no liens against it
•Recording the deed with the appropriate government office in the county where the land is located
Usually, the sales contract states that each party, the buyer and the seller, is required to pay their own closing costs. But, if you're not careful, you could end up paying some costs and expenses that you weren't anticipating. To avoid these surprise closing costs, you need to read the closing papers carefully, or make sure that you have an experienced real estate law attorney at the closing with you.
Surprise!
How would you react if you sold property under a contract that called for the buyer to pay all of his or her closing costs, waited a month for the buyer to get financing, and then at the closing, found out that you were being charged for things like:
•Tax Service Fee $55.50
•Inspection Fee $35.00
•Photos $15.00
•Lender's Inspection Fee $80.00
•Document Review Fee $25.00
•Lot Review $25.00
•Appraisal Inspection $50.00
•Filing Fee $50.00
All of these fees were charged to sellers in actual closing statements, even though the contract called for the buyers to pay them. You can, or course, protest the charges, but chances are that the closing or escrow agent, who usually doesn't represent either the buyer or seller, will say, "Oh, HUD (or FHA or VA) requires the seller to pay these charges."
Well, that's not necessarily right. In fact, neither the Federal Housing Administration (FHA) (or its parent organization, the U.S. Department of Housing and Urban Development (HUD)), nor the U.S. Department of Veterans Affairs (VA) requires the seller to pay anything. Nor do they have the authority to require payment.
To be accurate, the closing agent should tell you that these agencies don't allow these charges to be assessed against the buyer-borrower, but they allow them to be charged to the seller.
Plan of Action
What if the seller doesn't want to pay for these expenses, which the lender supposedly incurred in making a loan to the buyer, because he feels that the sales contract was negotiated in good faith? Typically, the seller has agreed to pay:
•The sales commission, if a real estate agent is involved
•The cost of preparing the deed
•Pest inspection and clearance letter
•A title search (sometimes)
•One-half of the reasonable and customary attorney's closing fee
Even these items are negotiable. The buyer could agree to pay any and all expenses involved with the transfer of ownership. But, the law requires nothing except that the sales contract:
•Be in writing
•Reflects the true intent of the parties
•Is signed by parties, who are "competent," that is, of legal age and sound mind
So, why, then, do we find even carefully negotiated and expressly written purchase agreements being flagrantly misapplied by some lenders? While the federal government requires that lenders provide the buyer with a "good faith estimate of closing costs" well before the closing date, the seller gets no such estimate until the closing. The real estate agent may offer an estimate, but usually doesn't know what, if any, hidden or ambiguous "fees and inspections" may be added later because there is no consistency among lenders regarding fees assessed to the seller.
In the end, you need to ask about closing costs and get a written estimate. Some lenders, and particularly mortgage companies, as opposed to banks and savings and loan companies, have discovered that most sellers are either simply naive about closing costs or aren't about to kill the sale at the last minute because of a couple hundred dollars in excess charges they're bullied into paying.
•Processing the mortgage
•The title company's search to make sure that no one else claims to own the property and that there are no liens against it
•Recording the deed with the appropriate government office in the county where the land is located
Usually, the sales contract states that each party, the buyer and the seller, is required to pay their own closing costs. But, if you're not careful, you could end up paying some costs and expenses that you weren't anticipating. To avoid these surprise closing costs, you need to read the closing papers carefully, or make sure that you have an experienced real estate law attorney at the closing with you.
Surprise!
How would you react if you sold property under a contract that called for the buyer to pay all of his or her closing costs, waited a month for the buyer to get financing, and then at the closing, found out that you were being charged for things like:
•Tax Service Fee $55.50
•Inspection Fee $35.00
•Photos $15.00
•Lender's Inspection Fee $80.00
•Document Review Fee $25.00
•Lot Review $25.00
•Appraisal Inspection $50.00
•Filing Fee $50.00
All of these fees were charged to sellers in actual closing statements, even though the contract called for the buyers to pay them. You can, or course, protest the charges, but chances are that the closing or escrow agent, who usually doesn't represent either the buyer or seller, will say, "Oh, HUD (or FHA or VA) requires the seller to pay these charges."
Well, that's not necessarily right. In fact, neither the Federal Housing Administration (FHA) (or its parent organization, the U.S. Department of Housing and Urban Development (HUD)), nor the U.S. Department of Veterans Affairs (VA) requires the seller to pay anything. Nor do they have the authority to require payment.
To be accurate, the closing agent should tell you that these agencies don't allow these charges to be assessed against the buyer-borrower, but they allow them to be charged to the seller.
Plan of Action
What if the seller doesn't want to pay for these expenses, which the lender supposedly incurred in making a loan to the buyer, because he feels that the sales contract was negotiated in good faith? Typically, the seller has agreed to pay:
•The sales commission, if a real estate agent is involved
•The cost of preparing the deed
•Pest inspection and clearance letter
•A title search (sometimes)
•One-half of the reasonable and customary attorney's closing fee
Even these items are negotiable. The buyer could agree to pay any and all expenses involved with the transfer of ownership. But, the law requires nothing except that the sales contract:
•Be in writing
•Reflects the true intent of the parties
•Is signed by parties, who are "competent," that is, of legal age and sound mind
So, why, then, do we find even carefully negotiated and expressly written purchase agreements being flagrantly misapplied by some lenders? While the federal government requires that lenders provide the buyer with a "good faith estimate of closing costs" well before the closing date, the seller gets no such estimate until the closing. The real estate agent may offer an estimate, but usually doesn't know what, if any, hidden or ambiguous "fees and inspections" may be added later because there is no consistency among lenders regarding fees assessed to the seller.
In the end, you need to ask about closing costs and get a written estimate. Some lenders, and particularly mortgage companies, as opposed to banks and savings and loan companies, have discovered that most sellers are either simply naive about closing costs or aren't about to kill the sale at the last minute because of a couple hundred dollars in excess charges they're bullied into paying.
Loan Modification Attorney Facts
For HAMP, your loan must be under $729,750. But to refinance the loan, it must be serviced by either Fannie Mae or Freddie Mac. If you are looking for a loan modification, you may still be entitled to get one through your lender, but must still qualify in other ways.
If you can't get a loan modification under HAMP, you can try to talk to your lender about doing a custom loan modification, but I have no idea if they'll be willing or able to do anything. You're essentially asking them to cut off a huge hunk of principal and they might just say no. In that case, your best option would be to simply hand over the house to the lender, or do a deed-in-lieu of foreclosure if you can no longer afford the payments.
You're right - until you miss a payment your lender will likely be unwilling to do anything. So you'll be stuck with a destroyed credit history and credit score no matter what.
While it shouldn’t be that way, and lenders should be willing to modify loans that are not delinquent but might become delinquent in the future, lenders are busy working on loans that are delinquent and may not see a need to work with a borrower that is current on his or her loan.
When it comes to HAMP modifications, the success rate has been rather dismal. From what I have heard, only about 5 percent of all temporary loan applications have gone on to become permanent and only about 10 percent of all applications have been approved as trial loan modifications. With those numbers, it may not make sense to pay someone to help you with the loan modification.
The paperwork involved for a loan modification is similar to the paperwork you would deliver to a lender if you were refinancing your loan. You would, however, also need to present a hardship letter outlining why you believe the lender should give you the loan modification based on your circumstances.
Most trial loan modifications reduce the amount of interest that the borrower is paying, thus lowering the interest rate. Generally, principal reductions are not being done, but lenders will do forbearance agreements, where you simply don’t make payments for a period of time.
If you can't get a loan modification under HAMP, you can try to talk to your lender about doing a custom loan modification, but I have no idea if they'll be willing or able to do anything. You're essentially asking them to cut off a huge hunk of principal and they might just say no. In that case, your best option would be to simply hand over the house to the lender, or do a deed-in-lieu of foreclosure if you can no longer afford the payments.
You're right - until you miss a payment your lender will likely be unwilling to do anything. So you'll be stuck with a destroyed credit history and credit score no matter what.
While it shouldn’t be that way, and lenders should be willing to modify loans that are not delinquent but might become delinquent in the future, lenders are busy working on loans that are delinquent and may not see a need to work with a borrower that is current on his or her loan.
When it comes to HAMP modifications, the success rate has been rather dismal. From what I have heard, only about 5 percent of all temporary loan applications have gone on to become permanent and only about 10 percent of all applications have been approved as trial loan modifications. With those numbers, it may not make sense to pay someone to help you with the loan modification.
The paperwork involved for a loan modification is similar to the paperwork you would deliver to a lender if you were refinancing your loan. You would, however, also need to present a hardship letter outlining why you believe the lender should give you the loan modification based on your circumstances.
Most trial loan modifications reduce the amount of interest that the borrower is paying, thus lowering the interest rate. Generally, principal reductions are not being done, but lenders will do forbearance agreements, where you simply don’t make payments for a period of time.
Divorce and Real Estate Consequences
One of the biggest issues that comes up during any divorce proceedings is the division of property. Every item you own has to be divided up between you and your spouse. If you're like many couples, the most valuable property you own is in the form of real estate - houses, condos, vacation homes, even businesses. You're probably wondering, "what happens to these investments?"
Before you make any decisions involving the division of real estate property, you need to carefully examine your financial situation both prior to the divorce, and after the divorce. Can you afford the property now? Will you be able to afford the property later? Is it practical for you to continue paying the expenses associated with owning a piece of real estate?
In addition to pragmatically evaluating your financial situation, you need to evaluate your emotional ties to the property. While it may be financially beneficial for you to retain possession of a particular piece of property, the painful memories associated with it may be too strong. It's impractical to think that the emotions associated with marital property don't exist.
The Law
The way you decide to divide any real estate property following your divorce is subject to the divorce laws in your particular state. Some states, such as California, believe that property division should be equal as well as equitable, meaning that the overall value of the property given to both parties should be roughly the same. Other states take into account only equitability, meaning that the general overall value of the portions should be comparable.
In general, there are three things that you will be determined about the house during a divorce:
· Which spouse will receive the house following the divorce.
· What that spouse gives up in order for the property division to be equitable.
· Whether or not the house will be sold to a third party.
If you plan on keeping the house following the divorce, you will have to buy out the other spouse's share in the house. This usually involves taking out a new mortgage on the house. Other reality follows similar rules. If you cannot afford to take out a new mortgage on the property, it will most likely be sold to a third party.
Before you make any decisions involving the division of real estate property, you need to carefully examine your financial situation both prior to the divorce, and after the divorce. Can you afford the property now? Will you be able to afford the property later? Is it practical for you to continue paying the expenses associated with owning a piece of real estate?
In addition to pragmatically evaluating your financial situation, you need to evaluate your emotional ties to the property. While it may be financially beneficial for you to retain possession of a particular piece of property, the painful memories associated with it may be too strong. It's impractical to think that the emotions associated with marital property don't exist.
The Law
The way you decide to divide any real estate property following your divorce is subject to the divorce laws in your particular state. Some states, such as California, believe that property division should be equal as well as equitable, meaning that the overall value of the property given to both parties should be roughly the same. Other states take into account only equitability, meaning that the general overall value of the portions should be comparable.
In general, there are three things that you will be determined about the house during a divorce:
· Which spouse will receive the house following the divorce.
· What that spouse gives up in order for the property division to be equitable.
· Whether or not the house will be sold to a third party.
If you plan on keeping the house following the divorce, you will have to buy out the other spouse's share in the house. This usually involves taking out a new mortgage on the house. Other reality follows similar rules. If you cannot afford to take out a new mortgage on the property, it will most likely be sold to a third party.
More Protections Under Tenancy
Check that your deposit has been placed in a Tenancy Deposit Protection scheme
Since April 2007 landlords or managing agents are obliged to place a deposit paid by a tenant into Tenancy Deposit Protection scheme.
This is an authorised scheme which protects the deposit and minimises the risk of landlords unreasonably pocketing your deposit at the end of the tenancy.
Your landlord or agent must tell you within 14 days of you handing over the deposit which one of the three authorised schemes your deposit is protected by and provide you with details of the scheme. The three schemes include:
- The Deposit Protection Service which offers a free-to-use system funded from the interest earned on the money deposited
- Tenancy Deposit Solutions Ltd which is a partnership run by the National Landlords Association (NLA) and Hamilton Fraser Insurance
- The Dispute Service
If your landlord or agent fails to place your deposit within one of the protection schemes they could be liable to pay you up to three times the amount of your deposit.
I know the person who is letting the property to me therefore I don't need to sign a tenancy agreement.
Oral agreements can be difficult to enforce because there is often no proof of what has been agreed. If a particular problem arises it will be difficult to enforce what may not have been discussed. Nevertheless a tenancy agreement exists even if there is only an oral agreement between you and your landlord. For example, you may have agreed with your landlord at the beginning of the tenancy how much rent you would pay and when it is due, whether fuel and bills are included, and if your landlord has the right to say who else can live in the property. If you have a dispute with your landlord or you are trying to enforce an oral agreement with your tenant or landlord you should consult an experienced landlord and tenant solicitor.
I have not read the tenancy agreement so I can't be bound to its terms.
The tenancy agreement (or lease) is a legally binding document. You should be aware that by signing the agreement you will be bound for the full term of the tenancy and will not be released from your obligations (for example, to pay rent) before the tenancy expires without the consent of the landlord. The landlord should also sign the tenancy agreement. When he signs the tenancy agreement, the landlord is transferring possession of the property to you. A landlord will not be able to repossess the property before the tenancy expires unless you give up the tenancy or break the tenancy agreement; in the latter case a court order is required.
Before you arrange a date and time to sign the tenancy agreement, make sure that you (and all the other tenants if you are in shared accommodation) have seen a copy and read it through so that everyone including the landlord understands their obligations. Ask questions to clarify anything that you are unclear about.
To safeguard your position on any tenancy, consider running any questions you may have past a solicitor experienced in this kind of work.
Since April 2007 landlords or managing agents are obliged to place a deposit paid by a tenant into Tenancy Deposit Protection scheme.
This is an authorised scheme which protects the deposit and minimises the risk of landlords unreasonably pocketing your deposit at the end of the tenancy.
Your landlord or agent must tell you within 14 days of you handing over the deposit which one of the three authorised schemes your deposit is protected by and provide you with details of the scheme. The three schemes include:
- The Deposit Protection Service which offers a free-to-use system funded from the interest earned on the money deposited
- Tenancy Deposit Solutions Ltd which is a partnership run by the National Landlords Association (NLA) and Hamilton Fraser Insurance
- The Dispute Service
If your landlord or agent fails to place your deposit within one of the protection schemes they could be liable to pay you up to three times the amount of your deposit.
I know the person who is letting the property to me therefore I don't need to sign a tenancy agreement.
Oral agreements can be difficult to enforce because there is often no proof of what has been agreed. If a particular problem arises it will be difficult to enforce what may not have been discussed. Nevertheless a tenancy agreement exists even if there is only an oral agreement between you and your landlord. For example, you may have agreed with your landlord at the beginning of the tenancy how much rent you would pay and when it is due, whether fuel and bills are included, and if your landlord has the right to say who else can live in the property. If you have a dispute with your landlord or you are trying to enforce an oral agreement with your tenant or landlord you should consult an experienced landlord and tenant solicitor.
I have not read the tenancy agreement so I can't be bound to its terms.
The tenancy agreement (or lease) is a legally binding document. You should be aware that by signing the agreement you will be bound for the full term of the tenancy and will not be released from your obligations (for example, to pay rent) before the tenancy expires without the consent of the landlord. The landlord should also sign the tenancy agreement. When he signs the tenancy agreement, the landlord is transferring possession of the property to you. A landlord will not be able to repossess the property before the tenancy expires unless you give up the tenancy or break the tenancy agreement; in the latter case a court order is required.
Before you arrange a date and time to sign the tenancy agreement, make sure that you (and all the other tenants if you are in shared accommodation) have seen a copy and read it through so that everyone including the landlord understands their obligations. Ask questions to clarify anything that you are unclear about.
To safeguard your position on any tenancy, consider running any questions you may have past a solicitor experienced in this kind of work.
Tenancy Agreements
When signing a rental contract, be careful to take the following simple steps to ensure that you are covered both financially and personally.
1. Take out your own insurance
It is not safe to assume that the landlord's house insurance will cover theft of any of your personal possessions. More often than not the landlord's insurance policy will only cover the buildings and his or her possessions. Check the position of your lease, but unless it clearly indicates that your landlord will be responsible for insurance of your personal possessions, you should therefore look to take out your own insurance policy for any valuable possessions that you will have in the property.
2. Check whether the property is safe
You should check and get assurances or certificates from the landlord that the property complies with the following regulations:
- Furniture and Furnishings (Fire) (Safety) Regulations 1988, amended in 1993
- Gas Safety (Installation and Use) Regulations 1998
- Smoke Detectors Act 1991 (if the property doesn't have smoke alarms ask if they can be installed)
- Electrical Equipment (Safety) Regulations 1994.
You are also recommended to find out if the landlord has PAT checked (Portable Appliance Testing) the electrical appliances.
The regulations place a legal obligation on the landlord to supply you with copies of the requisite certificates. If your landlord refuses to do so then you should write to him informing him of his legal duty under the regulation to furnish you with a copy at the start of your tenancy. Failing this, you should make a formal written complaint to your local Health Safety Executive which can be found via their website.
1. Take out your own insurance
It is not safe to assume that the landlord's house insurance will cover theft of any of your personal possessions. More often than not the landlord's insurance policy will only cover the buildings and his or her possessions. Check the position of your lease, but unless it clearly indicates that your landlord will be responsible for insurance of your personal possessions, you should therefore look to take out your own insurance policy for any valuable possessions that you will have in the property.
2. Check whether the property is safe
You should check and get assurances or certificates from the landlord that the property complies with the following regulations:
- Furniture and Furnishings (Fire) (Safety) Regulations 1988, amended in 1993
- Gas Safety (Installation and Use) Regulations 1998
- Smoke Detectors Act 1991 (if the property doesn't have smoke alarms ask if they can be installed)
- Electrical Equipment (Safety) Regulations 1994.
You are also recommended to find out if the landlord has PAT checked (Portable Appliance Testing) the electrical appliances.
The regulations place a legal obligation on the landlord to supply you with copies of the requisite certificates. If your landlord refuses to do so then you should write to him informing him of his legal duty under the regulation to furnish you with a copy at the start of your tenancy. Failing this, you should make a formal written complaint to your local Health Safety Executive which can be found via their website.
Wednesday, November 11, 2009
Mortgage Refinancing and Financing Advice
As an experienced Staten Island mortgage financing and mortgage refinancing attorney, Eric Gansberg assists homebuyers throughout the Staten Island and New York City area with their financing and refinancing decisions and legal documentation. They know financing for loans can be difficult so Eric Gansberg is there to protect your interests.One of the services they provide to you is help with a loan assessment. We will work with you to determine your needs and explore your options. We will also help you evaluate all the various types of loans available, including adjustable rate mortgages (ARM) versus fixed rate mortgages, and taking a second mortgage or home equity loan versus refinancing the whole mortgage.
They will work hard to understand your situation and assist you in determining the most viable and cost-effective manner of achieving your goals. We will review your loan document with you and make sure you understand the terms of the loan and the length of the loan.
Eric M. Gansberg is your #1 source for mortgage refinancing and financing advice in Straten Island, including: Manor Heights, Port Richmond, and Randall Manor. He has a solid background and experience to ensure that your needs are met first. Choose Eric M. Gansberg as your straten island attorney for mortgage refinancing.
Purchase and Sales Agreements
Buying a house is probably the biggest single investment you will ever make. With this in mind, you need an experienced attorney to be by your side throughout the entire process to make sure it goes smoothly. Eric Gansberg has helped buyers and sellers with residential real estate purchase agreements throughout the Staten Island-New York City area.
Eric Gansberg can assist you with your residential real estate purchase or sale involving all types of property, including the following:
-House - including a second home or primary residence
-Condominium (Condo)
-Cooperative (Co-op)
-Residential Real Estate Purchase Agreement Services
-They provide a variety of services to homebuyers and sellers
Why do you need a lwyer to buy a home?
Real estate transactions can be more complicated than you think. You need a real estate attorney for the following reasons:
-To ensure you receive the benefits of your bargain, i.e., you get everything you thought you purchased including fixtures and appliances, and ensure proper payment to sellers.
-Experienced advice on issues you may want to consider before making your purchase such as property defects, leaks, susceptibility for flooding, pest problems, and the age and condition of major items such as roof, furnace, air-conditioning, tuck-pointing, etc.
-Ensure you totally understand the document you are signing.
-To help you anticipate and address future problems.
-Handle the real estate closing.
-Take care of all title work and ensure your title is free and clear of any encumbrances.
They have over twenty years of experience assisting buyers and sellers throughout Staten Island, New York City, and the surrounding areas. Eric Gansberg has lived in the are all of his life and knows everything about real estate law in Straten Island and New York. He has helped countless other clients fulfill their dream of purchasing a home and made sure everything went according to their wishes.
Eric Gansberg is your #1 source for attorney services in New York and Straten Island. He has a solid background and experience in real estate law and purchase and sales agreements. Choose Eric M. Gansberg for your next attorney needs!
Eric Gansberg can assist you with your residential real estate purchase or sale involving all types of property, including the following:
-House - including a second home or primary residence
-Condominium (Condo)
-Cooperative (Co-op)
-Residential Real Estate Purchase Agreement Services
-They provide a variety of services to homebuyers and sellers
Why do you need a lwyer to buy a home?
Real estate transactions can be more complicated than you think. You need a real estate attorney for the following reasons:
-To ensure you receive the benefits of your bargain, i.e., you get everything you thought you purchased including fixtures and appliances, and ensure proper payment to sellers.
-Experienced advice on issues you may want to consider before making your purchase such as property defects, leaks, susceptibility for flooding, pest problems, and the age and condition of major items such as roof, furnace, air-conditioning, tuck-pointing, etc.
-Ensure you totally understand the document you are signing.
-To help you anticipate and address future problems.
-Handle the real estate closing.
-Take care of all title work and ensure your title is free and clear of any encumbrances.
They have over twenty years of experience assisting buyers and sellers throughout Staten Island, New York City, and the surrounding areas. Eric Gansberg has lived in the are all of his life and knows everything about real estate law in Straten Island and New York. He has helped countless other clients fulfill their dream of purchasing a home and made sure everything went according to their wishes.
Eric Gansberg is your #1 source for attorney services in New York and Straten Island. He has a solid background and experience in real estate law and purchase and sales agreements. Choose Eric M. Gansberg for your next attorney needs!
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