Category Real Estate
The Basics of Mortgage Refinancing
by Bryan Lane Berson, Esq. Download PDF: Refinancing Mortgages A. Why Do Borrowers Refinance? When you refinance a mortgage, you replace your current mortgage with a new one that has a different interest rate, maturity, or both. People refinance for a variety of reasons. They may want to – reduce their interest rate or monthly […]
Security Deposits: Landlords’ and Tenants’ Rights in New York
by Bryan Lane Berson, Esq. A. What is a Security Deposit? A security deposit is a tenant’s cash that a landlord holds during the rental term to offset potential damages caused by the tenant. It is not rent. A landlord need not apply it to the tenant’s last month’s rent. The tenant must still pay […]
Reverse Mortgage Basics – A Framework for Analysis
by Bryan Lane Berson, Esq. A. The Difference between Reverse and Forward Mortgages A reverse mortgage is a loan secured by your home. It is a source of funds for homeowners who are 62 or older and who meet certain conditions. Under the terms of a typical reverse mortgage, a borrower’s debt increases and equity […]
Loans, Mortgages, and Liens
by Bryan Lane Berson, Esq. Collateral is an essential component of loan transactions. Realty (i.e., real estate) or personalty (i.e., personal property) can serve as collateral. The creditor’s (i.e., lender) interest in the collateral depends on the transaction, loan, property, and law. The debtor (i.e., borrower) will acknowledge that it is conveying an interest to […]
Avoiding Liability Related to Removal of Snow and Ice in New York: An Introduction for Commercial Property Owners and Landlords
by Bryan Lane Berson, Esq. When New York winters are harsh, it can be difficult for property owners and landlords to clear snow and ice from their properties. This column discusses landlords’ common law (note 1) duties to people invited to the property (“invitees”). New York follows the “natural accumulation rule,” which assumes that invitees […]
Co-ops and Condos in New York: Comparing the Regimes
by Bryan Lane Berson, Esq. A. Introduction. Cooperatives (“co-ops”) and condominiums (“condos”) share some important similarities and have some distinct differences. This column discusses several basic issues that buyers and residents should be aware of. (I refer to the entity as a whole as a “co-op” or “condo,” a unit within an entity as an […]
Contractor Agreements and Accident Reports
by Bryan Lane Berson, Esq. Property owners hire many types of contractors (e.g., custodians, snow removers, repairmen), and their actions or negligence may cause accidents. Injured parties will likely sue property owners and the contractors. Thus, owners should insist that contractor agreements contain insurance and indemnification provisions. Owners should insist that before work begins, they […]
Preventing and Defending Against Premises Liability
by Bryan L. Berson, Esq. Property owners should try to prevent accidents and lawsuits. Proactively inspecting for dangerous conditions, repairing them, and implementing record keeping procedures can reduce legal fees and damage awards, slow increases of insurance premiums, and improve profitability. Most premises liability claims are negligence claims against property owners. A plaintiff must prove […]
Purchasing Commercial Real Estate
by Bryan Lane Berson, Esq. Some businesses purchase real estate to house their operations. Transactions to buy office buildings and warehouses are quite similar. Residential purchasers will recognize many similarities as well. After the parties agree on a price, seller’s counsel will send a contract to the buyer and request a down payment. Buyer’s counsel […]
Commercial Leases: Comparing Costs, Modifications, and Other Terms
by Bryan Lane Berson, Esq. Real estate (property) is an economic resource regulated principally by municipalities and states. There is no single real estate market. Rather, there are many markets. Conditions may differ among them depending on local regulations and the local economy. While some macroeconomic factors (e.g., interest rates) can affect simultaneously many or […]
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