Real Estate (Residential)
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Affidavits Needed At Closing: Carbon Monoxide, Smoke Detector, F.I.R.P.T.A, and Heirship Affidavit - New York Forms (4 Pages)
Executive Law §378 (5) requires proof of installation of operable Smoke detectors. In 2002, the law was amended as §378 (5-a) to additionally require that an operable carbon monoxide detector be installed in a one or two family dwelling and any dwelling in buildings owned as condominiums or co-operatives.
Executive Law §378 (5) requires that a smoke detector affidavit be provided by transferor to transferee.
The requirement for Seller to submit this document at closing is pursuant to Section 1445 of the Internal Revenue Code 26 U.S.C.§ 1445. Its purpose is to assure that the U.S. government is able to collect any capital gains tax realized on the sale even if seller is a non-resident alien who may be leaving the country.
If the transfer involves a decedent's probatable estate this fiduciary's affidavit, required by the title company, which along with Death Certificate and Will, clarifies rights of beneficiaries, existence of Probate proceedings, Letters Testamentary, need to post bond, etc.
The New York Code Rules and Regulations at 22NYCRR1215 requires attorneys, in cases where the fee will be $3,000 or more, to present clients with a Letter of Engagement or Retainer Statement outlining services to be performed, fee anticipated, expenses and billing practices and notice of clients’ right to arbitration of fee dispute.
This Contract was created by the Committee on Real Property of the Association of the Bar of the City of New York. There are Condominium Associations which require the use of their own specifically tailored Purchase Agreement in lieu of this standard form contract. The Condo’s own Purchase Agreement is usually found as an exhibit in the Declaration of Condominium/Offering Plan.
In 2006, the Condominium Contract of Sale heretofore shown on this website was modified to delete the entire paragraph pertaining to New York Gains Tax. In other respects, it is basically the same.
Note: This form is intended to deal with matters common to most transactions involving the sale of a condominium unit. Provisions should be added, altered or deleted to suit the circumstances of a particular transaction. No representation is made that this form of contract complies with Section 5-702 of the General Obligations Law (“Plain Language Law”).
Coop Loan Lien Filing Documents: UCC1 Filing Statement and UCC3 Termination Of Lien - New York Forms (4 Pages)
UCC1 Filing Statement
Shares of stock represent an owner's interest in a co-operative housing corporation. When a loan is taken to finance ownership, the U.C.C.1, with addendum, documents the lender's lien on the shares allocated to the apartment unit and the appliances within it.
UCC3 Termination Of Lien
Upon sale of a co-op unit or payoff of the loan financing the co-op, a U.C.C.3, Uniform Commercial Code termination statement, executed by the lender (the secured party), is filed with the County Clerk (or, in New York City, with the City Register) in the county in which the property is located.
This contract was prepared by the Committee of Condominiums and Cooperatives of the Real Property Section of the New York State Bar Association. Multiple subheadings of ¶ 1 describe the unique characteristics of a cooperative. Unlike a real estate transaction, purchasers do not obtain a deed to the unit, nor are they directly assessed for individual unit real estate taxes . Instead, the purchasers are buying shares in the cooperative corporation and a long term proprietary lease which are allocated to the unit. Owner is technically a “tenant/shareholder”.
Deeds: Administrator's, Bargain and Sale With Covenants, Bargain and Sale Without Covenants, Executor's, Quitclaim, and Warranty - New York Forms (12 Pages)
An Administrator’s deed must be used to transfer the property of a person who has died intestate, leaving no Will.
Bargain and Sale With Covenants
The Bargain and Sale Deed with Covenant may be used to transfer property pursuant to an arm’s length Contract of Sale.
The “Covenant” printed in the boiler-plate of this Deed assures that “…the party of the first part, (the Seller) covenants that the party of the first part has not done or suffered anything whereby the premises have been encumbered in any way whatever…”.
Bargain and Sale Without Covenants
This Bargain and Sale Deed contains the same text as found in the Bargain and Sale Deed with covenants omitting from the text only “…the party of the first part, covenants that the party of the first part has not done or suffered anything whereby the said premises have been encumbered in any way whatsoever…”.
An Executor’s deed must be used to transfer the property of a person has died leaving a Will which has been offered for Probate in the Surrogate’s Court located in the County of the deceased’s residence.
This deed conveys only the interest which the grantor may have. It contains no warranties or representations that grantor has any interest, but if the grantor does, the Quitclaim Deed conveys that interest.
This Deed warranties that the premises have not been encumbered in any way. It warranties the title and the right of grantor to convey. It assures grantee’s the right to quiet enjoyment of the property. This form of Deed may visciate the need for title insurance.
Mortgage Documents: First Mortgage, Mortage Note, Satisfaction of Mortgage, Affidavit For Exemption Under Sec.253 of the New York State Tax Law - Natural Person Affidavit - New York Forms (9 Pages)
The Mortgage establishes a lien against real property giving the lender the right to take the property in foreclosure if there is a default in payments. It is recorded in the county in which the property is located. It is always executed with an accompanying Personal Loan Note.
Financing the purchase of real estate involves the execution of a Mortgage by the borrowers which is recorded in the land records office of the County where property is located . The Mortgage secures the indebtedness by placing a lien on the property. A Loan Note (sometimes called a Bond) is always simultaneously executed to reflect borrower’s personal guaranty of repayment of the loan
Satisfaction of the Mortgage
While, In New York, the full pay off of a mortgage debt is manifested by a Satisfaction of Mortgage document in recordable form, in other states it may be referred to as Release or Discharge of Mortgage loan. The lender will respond to a request for payoff figures reflecting principal amount due and per diem interest on a certain date.
Affidavit For Exemption Under Sec. 253 Of The New York State Tax Law - Natural Person Affidavit
While mortgagor, borrower is assessed with the bulk of the prevailing mortgage recording tax (check with local county clerk or city register office for current rate), the institutional lender must pay 1/4 of 1% (.0025) of the mortgage tax.
A natural person lender (such as found in a seller financed mortgage) may request a lender's tax exemption pursuant to Tax Law Section 253 (1-a).
NEW New York Statutory Power of Attorney (Effective 9/12/10) Full Force and Effect Affidavit and Statutory Major Gifts Rider (10 Pages)
This new form, pursuant to General Obligations Law Article 5, Title 15, replaces current Durable Power of Attorney and Short form Non-durable Power of Attorney and MUST be used for POAs executed after August 31,2009. POAs executed prior to September 1,2009 will continue to be valid.
Since the Power of Attorney (“POA”) instrument is widely used in many practice areas, it is important to keep abreast of changes to the Revised Statutory Short Form Power of Attorney and the Statutory Gifts Rider attached thereto. The newest revisions became effective on September 12, 2010.
If your client executed the POA promulgated last September 9, 2009 or a POA prior to that date, the instruments remain valid. However, as of September 12, 2010 only the newly revised form may be used. This article is intended to briefly highlight the new revisions. More details can be found in amended Section 5, Title 15 of the New York General Obligations Law.
Property Disclosure Documents: Property Condition Disclosure Statement and Lead Paint Disclosure - New York Forms (10 Pages)
Property Condition Disclosure Statement
The Property Condition Disclosure Act of 2002 codified in NYRPL 14 requires sellers of residential real property of 4 or fewer family units to complete and attach this disclosure form to Contract of Sale. Sellers will be held liable under the act if they fail to disclose a defect of which they had actual knowledge.
Lead Paint Disclosure
Attached to contract to sell or rent real property built prior to 1978 must be (pursuant to the Lead Based Paint Hazard Reduction Act, Title X) a form disclosing presence of existence of lead based paint within the knowledge of seller/lessor.
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