Home ownership is an important part of the American Dream, but it's becoming harder to achieve for many people. The homeownership rate in New York is lower than the national average, and the disparity is especially sharp in city neighborhoods. New York state legislators are often aware of these challenges, and some have introduced policies to support homeowners. But the policies they've proposed are often in conflict with other state and federal housing laws. A knowledgeable residential real estate lawyer can help a client navigate these regulations.
New York's homeownership law allows folks to claim a homestead exemption on their primary residence and property. However, there are several rules that must be followed for the exemption to apply. Speak with your residential real estate lawyer to learn more.
First, the property must be located within the county where the person lives. It must also be owned in a form that allows for joint ownership by two or more people. The most common way to do this in New York is through a deed that states "tenancy by the entirety." This type of ownership applies only to married couples and provides that each spouse is entitled to equal shares of the property's value.
Second, the couple must have lived in the property for 180 days or more. This requirement is separate from the time that is required to qualify for a homestead exemption. With the guidance of a residential real estate lawyer, the deed must state that the couple is married and must also specify the amount of the homestead exemption.
Third, the property must be used as a primary residence. This means that the family must live there most of the year and have a regular pattern of residence that is predictable. The family must also have a permanent address in the county where they live.
Fourth, the person must be a legal resident of the United States. This includes citizenship, a valid Social Security number and employment, and other requirements. The person must also have a clear credit history and sufficient income to meet the mortgage payment.
Finally, the person must sign a written lease agreement for the property. The contract, preferably prepared with the help of a residential real estate lawyer, must include the price being offered, whether the closing is contingent on a mortgage, and other information such as landlord and tenant responsibilities and rights. The lease should also comply with the Fair Housing Act and other tenant-landlord laws in New York.
Landlords and tenants should work together to ensure that the relationship between them is healthy throughout the lease term to prevent legal disputes. A residential real estate lawyer can review the lease to ensure it complies with all New York laws, including the Fair Housing Act and tenant-landlord laws. The residential real estate lawyer can also help the parties reach a reasonable rent agreement.
New York residential real estate statutes regulate a number of aspects of property ownership. These laws dictate how people can acquire, sell, and transfer their legal rights in property. This includes the concepts of titles and deeds, as well as ownership structures such as cooperatives and condominiums. It is important to understand the intricacies of these laws with the help of a residential real estate lawyer before attempting any real estate transactions, including those with an international focus.
Titles establish the legal possessor(s) of property, while deeds are the instruments used to transfer ownership rights from one individual to another. Real property laws also address a number of other issues, including the rights of adjacent landowners, mechanics liens, real estate taxes, actions to quiet title, easements, and eminent domain. A knowledgeable residential real estate lawyer can help a client navigate these regulations.
SS 221 - Ownership Structures
Real property law is highly complex, and there are many different ways that individuals can own real property. Which makes having a residential real estate lawyer very important. Some properties are owned in fee simple, meaning that the individual owns the entire piece of land in question. Others are held in trust, whereby the individual holds a fiduciary relationship to the trustee and must abide by the trustee’s instructions regarding how to use the property. Then, there are other types of property, such as a life estate, where the owner has a limited right to use the property for a specified period of time.
SS 8-201 - Declaration of policy
It is the declared policy of the city of New York that every person engaged in the real estate business should observe high standards of fair dealing, maintain community stability and security, and foster racial harmony. It is therefore unlawful for any broker or salesperson to represent, for the purpose of inducing or discouraging the purchase, sale or rental of any dwelling or real property, that a change will or may occur in the racial or religious composition of any block, neighborhood or area.
SS 10-A - Adverse Possession
The law of adverse possession in New York requires that the occupant hold the property for a specified amount of time to gain legal possession of it. This concept is applicable to all property types, from urban to rural, and can even impact governmental land.
SS 30-B - Restrictions on Occupancy
It is important to consider local real estate customs and practices when drafting leases or other documents. It is also possible for a residential real estate lawyer from out of state to be at a disadvantage when working with clients on local real estate transactions because the customs and practices in the local county may be different than what they are accustomed to. This guide, which is organized on a county-by-county basis, will serve as a resource for the residential real estate lawyer. It will provide a description of local real estate practices as well as references to relevant legislation and mapping and tax reference materials.
Housing law in New York is complex, but knowing the basics can help tenants and landlords solve many common issues. Which makes the help of a residential real estate lawyer important. These ground rules include: Landlords must provide livable living conditions. This includes: a place with working heat and hot water; that’s clean and free of vermin, trash, or other offensive materials; that has adequate ventilation; and that’s safe from flooding, fire hazards and other safety risks. If a landlord can’t meet these basic requirements, tenants are entitled to a rent reduction.
Landlords must give notice before raising rent prices. This is a minimum of 30 days if you live in a non-regulated apartment, 60 days if you live in a rent-stabilized apartment or townhouse and 90 days if you live in a regulated apartment. Landlords must also inform tenants of their rights to a renewal offer and make sure they have the required certificate of occupancy for the building before trying to collect rent or evict a tenant.
If a landlord is not following federal or state fair housing laws, they can be sued by the tenants who have been discriminated against with the help of a residential real estate lawyer. Discrimination is based on race, familial status, religion or sexual orientation. It can be in the form of printed or written statements, including:
Tenants can sue landlords for failing to provide a habitable apartment. They can also sue for violating the warranty of habitability if they feel their living conditions are unsafe or unhealthy, such as:
Landlords must not discriminate against protected classes when renting their properties. This can be done in the following ways:
New York tenants can find help navigating the complicated landlord-tenant landscape from several sources. The city’s Department of Housing Preservation and Development and the state’s Division of Homes and Community Renewal both have guides for NYC residents, and the Met Council on Housing operates a hotline that provides assistance to tenants.
There are also many residential real estate lawyer teams that specialize in landlord-tenant cases. A residential real estate lawyer can review the lease and determine what rights a tenant has, and advise the client whether they are being properly treated by their landlord.
Changes to landlord-tenant law in the state of New York have made it harder for property owners to evict tenants. A recent law sponsored by lawmakers, and signed into effect in November of this year, allows for a more streamlined legal process to take hold for tenants that file claims against landlords who ignore poor housing codes. The law will allow the courts to order monetary judgments against landlords and impose restrictions on future rent increases if they neglect to make necessary improvements. Landlords must also be aware of other state rules concerning bed bugs and smoking policies. These changes are just a few of the new laws that have been passed recently to help protect tenants. Speak with a residential real estate lawyer today for more information.
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