Minimizing Exposure in the Landlord/Tenant Relationship
While there is no full-proof way of eliminating exposure to problems or difficulties with tenants, there are a few that one should keep in mind:
The importance of a lease
There is nothing that can provide more benefit to the landlord/tenant relationship than a written lease. In the residential setting, a plain language lease helps greatly in outlining the rights and responsibilities of either party. The law requires that leases be in clear language (which is different than rules regarding commercial leases). Many people use pre-printed forms or forms found on the internet, but it is important, especially for the landlord, to have those forms reviewed by an attorney make sure that the following issues are addressed thoroughly:
Searching through hundreds of listings on your iPhone or your realtor’s website to find the perfect home is a time-consuming process. Once you find the perfect red-brick, 4-bed, 2-bath cape on the quiet, tree-lined sidestreet around the corner from your favorite café, the work isn’t over. I’m not just referring to the seemingly endless stack of papers you’ll be asked to read (ha!), sign, and initial. I’m not talking about the enjoyable and gratifying job of packing up every single item you own into those little cardboard banker boxes you swiped from the copy room at the office. You’ve negotiated the price, you’ve secured a lender, and now comes the infamous property inspection. That’s where the old adage “Buyer Beware” comes into play.
While this article is geared towards real estate agents, we feel it is helpful for others to be aware of. With the ever-increasing importance of the internet in our day-to-day lives, scams such as the one described below, and other email scams/solicitations, are becoming more and more common. The need to be cautious and confirm the legitimacy of any solicitation is more important than ever.
Our real estate department handles all types of real estate related matters, including foreclosures. This might be an unpleasant task, however the local lenders we represent are very understanding and sympathetic to their borrowers’ plights. I have had our banks agree to postpone actions and sales, and to work out payment plans, or allow a home to be sold for less than the loan amount very often. (Although this is not the point of this blog entry, I would like to state that this alone is a good reason to consider a local bank if you are re-financing, or borrower money to purchase a home.)
At the end of 2010, Governor Patterson signed a new bill into law which set realistic limits on the current levels of exemption values which will reflect today’s values and households and bring New York State into accord with other states exemption statutes. This law will be a welcome face lift to the current Debtor Creditor statutes and the Civil Practice Law and Rules!
Congratulations! You’ve signed a contract to purchase a new home and now you are waiting for your mortgage to be approved and for closing to take place. You are excited to move into your new home and usually preparation and economizing is a responsible thing.
Karen and Anthony Regan purchased 107 Blue Heron Court in 2007 from owners Elaine and Robert Altman. They spent $282,000. It should have been just another residential real estate transaction – completed, recorded and, except for those involved, forgotten. Instead, it may have far-reaching consequences in the local real estate market.
There has been a lot of publicity lately regarding the changes to the Real Estate Settlements Procedure Act which are designed to make it easier for borrowers to “shop” among lenders in order to obtain the very lowest cost loans. I would like to point out that cost should not be your only concern.
Homeowner’s insurance provides coverage in event of damage to your property. Your homeowner’s insurance may cover damage from fire, smoke, windstorm, hail and/or snow. Everyone’s homeowner’s insurance covers different damage to their property and you should review your homeowner’s policy to see what type of damage is covered. The date the damage occurs on is usually referred to by your insurance carrier as the “date of loss.” The time in which you have to file a lawsuit is known as the statute of limitations and is measured from the date of loss.