Vjrussolaw.com All real estate

Residential Sales & Purchases

Details: The most common real estate purchases in New York are residential homes, condominiums, and cooperative apartments (cooperative apartments are not technically real property). At Russo Law Group, P.C., we understand that for our New York clients, who may be either first-time or experienced property owners, real estate law in New York can be

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The Basics of Reporting a Sale of Real Property

Details: The type of property will also impact the manner and type of taxes that need to be paid. There may also be different tax ramifications depending on who you are selling the real property to and the structure of the sale. For instance, selling real property outright is different than selling property as an installment sale.

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What to Consider When Selling Real Property from a Trust

Details: If you are a trustee of a trust or an executor of an estate that owns real property, you may need to sell the real property throughout the course of the administration of the trust or estate. Before you move forward with a sale of the property, you should consider a few things:

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What is a Life Estate

Details: The life tenant also has the right to use it, rent it and make improvements as they see fit, however, cannot sell or mortgage the property without the agreement of the remainderman. If the property is sold, the proceeds of the sale are divided among the life tenant and the remainderman.

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What to do if an estate owns real property

Details: The fiduciary may also want to hire a certified real estate appraiser to determine an accurate value of the real property, or sign a listing agreement with a real estate broker to assist with the sale of the property. There are many considerations and stages involved in selling real property when a loved one passes away.

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How To Avoid Traps When Selling Your Home

Details: Eric J. Einhart, Esq. and Joshua R. Berzak, Esq. shared information on what you should do before putting up a For Sale sign, how you can avoid your home sale from falling apart, and what the role is of the attorney in a real estate transaction.

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What if I Have a Contract to Reduce My Property Taxes, But

Details: The real estate attorney should then account for the need of an assumption of the contract by the Purchaser in the Contract of Sale. Most firms require the new homeowner to sign an Assumption Agreement prior to or at the closing of the sale of the house and for the signed Assumption Agreement to be transmitted to them immediately thereafter.

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People often ask, “Why should I hire a real estate attorney

Details: Contract: An experienced real estate attorney will be able to negotiate the purchase/sale contract in order to obtain favorable terms on your behalf – specifically if the purchaser needs to obtain a mortgage for the purchase or sell a current home before purchasing another. The entire transaction stems from the contract so it must be well

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TEAM RUSSO Island’s Signature Elder Law, Special Needs

Details: REAL ESTATE - Sale and Purchase of Residences TEAM RUSSO In Action for You Peace of Mind Through Thoughtful Planning Medicaid Planning The Russo Commitment: “We promise to be your family lawyer, no matter what the legal issue. We promise to be your lawyer for life.” This is our commitment. Our Experience Is Your Protection.

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How Inherited Assets Differ From Gifts

Details: Maggie will have no taxable gain on a subsequent sale for $200,000, a $10,000 gain on a sale for $210,000, and a $5,000 capital loss on a sale for $195,000. Depreciated assets are stepped down. For instance, if Robert had bought the shares for $200,000, but they were worth $90,000 when he died, Maggie’s basis would be $90,000.

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Looking Forward with a Reverse Mortgage

Details: Reverse mortgages have become more popular in recent years. For many of Long Island’s seniors, the ever-increasing cost of living on a fixed income is a daily challenge. Often seniors look to the equity in their homes to relieve some of their financial pressure. A reverse mortgage is …

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Selling My House With Solar Panels – Your Options

Details: Studies have shown that homes that have solar panel systems installed tend to sell more quickly and for greater value than comparable homes without solar panel systems installed. However, whether the installation of a solar panel system increases the value of the home can depend greatly on whether the solar panels are bought or leased.

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Can I get 24-hour Home Care

Details: Russo Law Group, P.C. 100 Quentin Roosevelt Blvd., Suite 102 Garden City, NY 11530 516-683-1717 Ext. 2194

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“CO”s & “CoC”s

Details: In all, it is certainly worth the cost of investigating prior to entering into contract to sell a property whether there is any potential CO or CoC issues with the property. To do so will allow the homeowner to be educated on what issues exist within the property and be proactive in rectifying them. Joshua R. Berzak Russo Law Group, P.C.

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Seminars & Events

Details: Russo Law Group PC has estate planning, elder law, and special needs seminars and events in Manhattan, Garden City, Islandia, and Lido Beach.

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Elmont Public Library: WEBINAR: How to Avoid Traps When

Details: Learn about important tips on selling your home. What should you do before putting up the “For Sale” sign? How can you avoid your home sale from falling apart? What is the role of the attorney in a real estate transaction? Registration is required. Registration ends one hour before class begins.

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Marie Elena R. Puma, Esq., Author at Russo Law Group, P.C.

Details: Due on sale clauses allow lenders to accelerate or “call in” the loan or mortgage and demand payment of the entire balance upon the transfer of the title to the property securing the loan. The Garn-St. Germain Depository Institutions Act of 1982 is a federal statute which governs the enforceability of “due on sale” clauses in loan and

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Can my Children Inherit my Carryover Losses

Details: In the simplest sense, a capital loss occurs when you sell property (stock, personal property, real estate property, etc.) for less than it cost, or its basis. This loss can either offset capital gains in the year they are incurred or can be used as a deduction up to $3,000 against your ordinary income. If the capital loss is not used to offset

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Webinar: How To Avoid Traps When Selling Your Home

Details: What should you do before putting up the For Sale sign? How can you avoid your home sale from falling apart? What is the role of the attorney in a real estate transaction? Thursday, April 8th, …

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New York Special Needs, Elder Law & Estate Planning Blog

Details: Russo Law Group, P.C..: Long Island’s Signature Elder Law, Special Needs and Estate Planning Law Firm: Our Experience is Your Protection. Call 800-680-1717.

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Trump Initiatives Affecting Vulnerable

Details: Eliminating the ability to receive up to three months of retroactive coverage. This could hurt nursing homes: They wouldn’t be paid for residents who complete their applications for Medicaid after they run out of funds to pay the facilities—not an unusual occurrence. Limiting the ability to exclude equity in homes over $560,000.

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PECIAL EEDS LANNING community-sponsored programs, …

Details: Nursing Homes Health Care Decisions Long Term Care Planning Veterans Benefits SPECIAL NEEDS Special Needs Trusts Guardianships Government Benefits ESTATE PLANNING Wills Living Trusts Durable Powers of Attorney TRUST AND ESTATE ADMINISTRATION Probate Estate and Gift Taxes Asset Management REAL ESTATE Sale and Purchase of Residences Life Estates

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