Understanding the Responsibilities of a Condominium’s Board of Directors
The board of directors is the heart of any condominium building. To ensure a well-functioning condominium board of directors, the directors must have a clear understanding of their responsibilities. The board of directors is composed of local residents in the condominium building and includes the following roles: president, vice president, secretary, and...
Understanding the Responsibilities of a Condominium’s Board of Directors Continue reading…What Is a Typical Trust?
PALUMBO LAW attorneys are compassionate, understanding, and experienced in litigating and resolving complex and multi-faceted trust, probate and estate disputes, which often may arise among family members, and involve personal and emotional factors. Whether our attorneys are assisting clients with disputes that may arise among co-trustees, beneficiaries and/or expected beneficiaries of...
What Is a Typical Trust? Continue reading…
Common Reasons for an Insurance Claim Denial
Dealing with a denied insurance claim can be overwhelming, especially when you’re relying on coverage for unexpected costs. Whether it’s a homeowner’s, health, or auto policy, you deserve a fair review of your claim. With over 40 years of experience in the insurance industry, including restoration and claims adjusting, we’ve witnessed the...
Common Reasons for an Insurance Claim Denial Continue reading…
What is a Real Estate Closing?
A real estate closing is the final execution and exchange of documents to complete the buying and selling of real estate, whether commercial or residential. The real estate closing is like a well-oiled machine: many different, individual parts come together for a seamless function, but if one part of the machine...
What is a Real Estate Closing? Continue reading…
What Is House Hacking?
Are you an aspiring real estate investor in Rhode Island, Massachusetts, or Connecticut? If so, you’ve probably come across the term “house hacking”, but may not understand what it is or why people do it. House hacking is acquiring a property to live in while renting out other rooms or units to...
What Is House Hacking? Continue reading…
Three Common Construction Contracts
If you’re investing in real estate or are otherwise involved in real estate development, you will quickly find that construction contracts are often extremely complex. Who is liable for cost overruns? Who benefits if actual costs are lower than budgeted costs? The answers to many of these questions are resolved in...
Three Common Construction Contracts Continue reading…
An Overview of Rhode Island’s Landlord-tenant Laws
Every landlord and tenant should have a basic understanding of their state’s laws governing the landlord-tenant relationship. In the case of Rhode Island, the residential landlord-tenant relationship is governed by R.I. Gen. Laws §§ 34-18-1 to 34-18-57 and the commercial landlord-tenant relationship is governed by
An Overview of Rhode Island’s Landlord-tenant Laws Continue reading…Partition in Sale
PALUMBO LAW handles complex partition actions when the parties involved are unable to agree on the fair market value of real estate jointly owned to effectuate the sale of said real estate in accordance with the parties’ respective interests in the property or when one of the parties outright refuses to...
Partition in Sale Continue reading…Adverse Possession
PALUMBO LAW and its experienced adverse possession attorneys understand boundary line disputes, adverse possession and boundary by acquiescence. In fact, our boundary line lawyer, Nicole Labonte is one of the few boundary line attorneys in the history of Rhode Island adverse possession cases to ever win an adverse possession case in RI Superior...
Adverse Possession Continue reading…
Understanding Single, Double, and Triple Net Leases
Many real estate investors begin in residential real estate but eventually move into commercial real estate as they become more comfortable. As a result, real estate investors are often familiar with Rhode Island’s laws governing residential leases. Rhode Island’s law governing residential leases is explicit in what can and cannot be...
Understanding Single, Double, and Triple Net Leases Continue reading…What Is an FHA-approved Condominium?
When buying a home or condo, traditional bank lending requires 20% of the purchase price to be paid upfront. For many prospective buyers, making a 20% down payment is simply not possible. These prospective home buyers would thus be locked out of the housing market based on their inability to provide a 20% down...
What Is an FHA-approved Condominium? Continue reading…What Determines Real Estate Yield?
In real estate, yield is calculated by dividing the annual cash flows received by the value of the asset: Yield:
Annual Cash Flow Current Value of Asset For example, a property that is worth $500,000 and returns $50,000 per...
What Determines Real Estate Yield? Continue reading…