October 27, 2016 | By Theresa K. Quigley, Esq. | Whether you’re the seller or buyer, don’t be taken by surprise! Know what your closing costs are well before the actual day to close arrives | Praemonitus, praemunitus. (Forewarned, Forearmed.) Nothing like the Latin to succinctly capture an ageless truism! And while the Latin use of the phrase was focused on military prowess, we in the twenty-first century apply it to all aspects of life.
October 24, 2016 | By Alison Schmidt, AAI | If you are putting together comprehensive insurance protection for your home, it is incomplete without coverage specific to the peril of flood. | In the last decade, flooding events have cost property owners and insurance companies billions in damages.
June 30, 2016 | By Glenn M. Troost, Esq. | There are many forms of home ownership. You need to know the best one for you. | Should you own the property in your individual name, a trust or another entity? Entire books can be written on this topic, so some quick thoughts are in order. Many people buy properties other than in their own name for reasons related to privacy, estate planning, ease of joint management, etc. If you don’t want your name to appear in the East Hampton Star in the real estate transfers, you can buy in the name of a corporation, partnership, or trust.
June 30, 2016 | By Chris McDonald | There are many advantages to using a local Hamptons Insurance broker | Many top insurance companies will decline to insure a home in the Hamptons due to the coastal risk. These include some of the major national direct writers that people often use to insure their primary homes in places like NYC, Westchester, New Jersey, Connecticut, etc.
May 4, 2016 | By Chad Vanderslice | The numerous headaches predicted by just about everyone haven’t materialized…it was the mortgage bomb that wasn’t | TRID, which went into effect on October 3, 2015, was implemented to improve loan disclosures to consumers. It ushered-in timing requirements for disclosures that lenders must make to consumers and also created the necessity for online consent or E-Consent of loan documentation, loan estimates, and Closing Disclosures. The borrower acknowledges consent to receive documents electronically, and then automatically receives updates after certain milestones are met throughout the loan process. This also creates the ability for the borrower to acknowledge changes in the documentation in a timely manner. This process is the same for a borrower who is purchasing in their own name or in the name of an LLC, and applies to all conventional loans.
April 4, 2016 | By Caetlyn Fallon | All insurance companies are not created equal | What’s important here is that not every insurance carrier puts the same resources into determining reconstruction value. Homeowners in luxury areas, then, will be wise to consider insurance companies that specialize in insuring higher values. Those companies have dedicated staff with a higher degree of expertise to conduct a thorough interior and exterior evaluation of each home—before a loss occurs.
February 17, 2016 | By Adam M. Miller, Esq. | Living with agricultural easements in the Hamptons: How they affect the homes we purchase and our lifestyle | The idea of an “ag reserve” can be a daunting concept for someone who has never owned a piece of land before other than a condominium – where their biggest concern may be the common charges! As a general matter, since “ag reserves” are burdened by a host of title restrictions, the owner should expect the benefits, i.e. views, a country feel, more natural light, that go along with the bucolic essence of the East End.
February 16, 2016 | By Timothy L. Brenneman | How can my insurance company’s risk-management services help me? | Before a claim, companies aim to identify exposure to loss and provide personalized advice about a problem before it turns into a major loss in the future. Access to residential engineers and customized risk-management inspections, thermographic imaging of temperature variations and pre-construction expertise for new-home projects are just a few examples of the services available.
February 15, 2016 | By Melissa Cohn | The year ahead is likely to produce a number of surprises | With market volatility ongoing, investors have raced to safe haven investments in the treasury market. 10-year bond yields started the year at 2.20% and have dropped by ½ percent to trade in the 1.75% range. The huge drop in bond yields has helped to bring mortgage rates down just about the same ½ %, and if the economy continues to show signs of slowing rates will drop even further.
December 1, 2015 | By Melissa Cohn | A LOT! And I can’t impress upon you enough how important it is to remember yours! Take my word for it: the most sophisticated borrowers often use the wrong name on their mortgage applications. This problem most often shows up at the worst possible time, at the closing, when you’re asked to present your photo identification only to find out it doesn’t match the information on the application. Then watch what happens: all hell can break loose!
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