Know Your Closing Costs

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.

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Law Room | Taking Title

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.

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Law Room | The "Ag Reserve" Next Door

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.

Renting With An Option To Buy

April 23, 2016 | By Barbara Albom, Esq. & Nicholas J. Ferrar, Esq. | A Win-Win under the right circumstances | Most buyers will want to lock in the purchase price along with all of the other terms and conditions of closing. While this may not be problematic for the seller in many instances, it can be disastrous if market values increase significantly during the rental term. The more appealing option is to establish a “base sales price” with a reasonable “escalation” clause to allow for the selling price to be adjusted if the market improves.

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Is It Cash or Is It Credit? The Real Deal

February 23, 2015 | By Barbara Albom, Esq. & Nicholas J. Ferrar, Esq. | Having faith in the “All Cash” buyer and getting the deal closed according to plan | In the face of a recovering real estate market, a recent trend gaining steam is that of homebuyers making “all cash” offers. Sellers are often all too eager to jump at these offers, even when higher bids are on the table, relying instead on the purchaser’s assurances of a quick closing – typically thirty days in this scenario. While these buyers usually do have sufficient assets to purchase the property with cash – and do, in many cases, initially intend to close with all-cash in the agreed-to time frame – the reality is…