New York Real Estate Legal Questions

You should never accept a quitclaim deed, especially in NY, since you will be taking title subject any liens that have attached to it. In other words, the private mortgage may not be the only lien against the property-there could be unpaid property tax liens, water liens, mechanics liens, etc..  Your best bet is to run a title search through a reputable NY title company, then try to negotiate all of the liens down with each lienor prior to closing. Once you are 100% sure that all liens will be satisfied (or in the case of the private mortgage, assigned), you can proceed to closing and accept a bargain and sale deed, which will give you free and clear title (subject to any mortgages that you will assume).  I strongly suggest that you do not move forward with this transaction without the assistance of an attorney. These types of closings can get very tricky, and if you don't cover all of your bases you may end up with a house that you could lose to foreclosure unless you pay off all of the liens; in which event your personal credit may in fact be negatively impacted.  Again, you should never purchase any real property without conducting a title search, performing a home inspection (with a licensed engineer), and consulting with Counsel. Otherwise you may end up throwing all the money that you think you are saving down the tube.  Jennifer Polovetsky, Esq. Law Offices of Jennifer Polovetsky, Esq.,PLLC                                                                                                 Lake Success, NY (Practice Areas-Residential and Commercial Property)  ... Read More

Unfortunately, without knowing how your deed is phrased, or the status of the financing, or even the 'illegal' activities, it is impossible to provide a thorough answer. You should consult with counsel. Gerry Wendrovsky, Esq.Upper West Side Lawyer www.upperwestsidelawyer.com    ... Read More

If you are upset regarding how this transaction was structured or created, in the confines of this answer, it would be impossible to discuss your options, which possibly could include, seeking a 'constructive trust' over the property. However, as a starting point, any property acquired during the marriage is considered 'marital property'. Again, depending on what your concerns and goals are, which are not reflected in your question, you really should consult with counsel. Gerry Wendrovsky, Esq.Upper West Side Lawyer www.upperwestsidelawyer.com    ... Read More

In order to accurately answer your question, you will need to provide some more facts.  From what you have stated so far, it sounds like you merely signed a form contract (a/k/a a binder) provided by a broker, and have put down a small deposit to hold the property and to show that you are interested in moving forward in good faith.  Although this is not the recommended practice (you should never sign any legal document without first consulting an Attorney), and does not usually happen in the NYC Metro Area, this does sometimes happen in Upstate New York. In New York, the following must occur in order for a Purchaser to actually be deemed "in contract": 1)  Purchaser has signed four (4) original contracts of sale and delivered all executed originals, together with a deposit (customarily at least 10%) to the Seller's Attorney, which deposit must be held in escrow until the closing date; and 2) Seller has counter-signed all 4 original contracts of sale and returned two (2) fully executed originals back to the Purchaser and/or Purchaser's Attorney. If you signed a Purchase and Sale Agreement (i.e., Contract) and followed the steps described above, then your closing date should be clearly written on the face of the contract.  Depending on the terms of that contract (for example, there may be a mortgage contingency in there, which allows the Purchaser to back out of the Contract if they are unable to obtain a mortgage commitment letter within 30 days, despite their best efforts), you may be able to back out.  However, if there are no contingencies in the Contract and you back out, then customarily the Seller gets to keep your deposit and you are no longer deemed to be in "Contract."  There are instances, however, where the Seller can sue you for specific performance (in simplest terms: Seller asks the Court to issue an Order forcing you to close the deal).    If you signed a form binder, then that agreement should also recite a closing date, and should, at minimum, state that the parties have a certain period of time to show this Agreement to their Attorneys, who then have a certain period of time to make changes to that form. Based on the limited information you have provided, it does not sound like you are legally "in Contract."  I hope the above information was helpful to you.    Jennifer Polovetsky, Esq.www.jprealestatelaw.comNY Real Estate Attorney Commercial/Residential Real Estate Law Real Property TaxationEminent DomainLitigation I... Read More

When someone dies without a will they are said to have died "intestate." The law of the state where they resided at death will dictate how their property passes to their heirs. This law that applies when one dies without a will or trust is commonly referred to as "intestate succession." Whether the estranged wife has lost her status as an heir depends on state law. That state law may provide, for example, that at least a legal separation, if not a divorce decree, would be required for a spouse to lose her status as an heir. Or it may provide that living separately and handling their property separately is all that is required for the spouse to lose her right to inherit from her deceased husband. I do not practice in New York, so I can't be more specific. You should contact a New York attorney who practices estate planning (wills and trusts) and he or she should be able to advise you.... Read More