Avoiding Probate Probably the most common reason Americans create trusts is probate avoidance. Certain states have very expensive or tedious probate processes (i.e., judicial proceedings to administer the assets of a decedent) so it is common in those states for people to use revocable trusts as their primary estate planning document. The revocable trust is…
Revocable vs. Irrevocable Trusts can be classified according to a number of different criteria, one of which is revocability. A trust is revocable if the settlor has under the trust agreement retained the right, either unilaterally or with the consent of another party, to revoke the trust and reclaim the trust assets. Revocable trusts are…
A trust is a legal arrangement pursuant to which a grantor (a.k.a., settlor, donor, trustor) transfers property to a trustee to administer on behalf of one or more beneficiaries according to the terms of the instrument governing the arrangement. There are two fundamental characteristics of a trust. The first is the high degree of fiduciary…
A Certificate of Occupancy (CO) is a document issued by the New York City Building Department (DOB) which states a building’s legal occupancy limits, type of permitted occupancy and allowable use of the building (ex. Commercial retail store, industrial warehouse, 1 to 4 residential home, 50 unit condominium). New buildings must have a CO, and…
A Guide to Transfer & Mortgage Taxes Real Estate Taxes in New York State are complex. The chart below contains the tax amounts–residential and commercial–for Transfer Taxes and the Mortgage recording tax, including any local differences by county. NEW YORK STATE TRANSFER TAX – ALL COUNTIES (Usually paid by the Seller): $4.00 per $1,000.00 of…
10 Real Estate Contract Conditions to Look Out For Once your offer is accepted on the purchase of your new home, your attorney will receive a real estate purchase contract which will be provided to you for review. When reviewing the contract here is a list of some items you should be sure to look…