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Real Estate

Thursday, March 14, 2019

Jared Kushner’s Company Fined for Fake Construction Permits


Jared Kushner’s real estate company has been fined for falsifying construction permits at 17 different sites. Kushner Cos. has been fined $210,000 by New York City regulators for forged paperwork over a series of years. 

A Pattern of Under- or Non-Reporting


Despite the fact that the company rented to hundreds of rent-regulated tenants, who lived in it’s building, it was found by New York City’s Building Department that the Kushner Cos. commonly under-reported or all together failed to report them.
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Monday, January 21, 2019

Rhode Island Intestacy Laws: When You Die Without a Will


If you die without having a valid will in place, this is referred to is dying intestate. Instead of having your wishes as to how you want your estate divided amongst your loved ones, your assets will be distributed according to state intestacy laws. Unfortunately, many people neglect to or put off the estate planning process and never create a will. This leaves there accumulated wealth and treasured possessions at the mercy of state intestacy laws.

What Happens to Your Estate When Die Without a Will?

When you die without a will, your assets will be distributed according to state intestacy laws.
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Monday, December 3, 2018

Buying A House After Bankruptcy

It is no secret that filing for bankruptcy can harm your credit. However, compared to simply letting your accounts go past due for months on end, bankruptcy may actually be better for your credit over the long term because there are no repeated “dings” on your credit score. Getting the bankruptcy finished allows you to start fresh and begin to rebuild your credit rating.

Your credit score is closely examined when you enter the home buying process, which means  that filing for bankruptcy may affect your ability to purchase a home in the future. Even if your credit score is not significantly harmed,  a bankruptcy discharge will remain on your credit report for up to ten years. That type of history can make lenders nervous about your creditworthiness.  Nonetheless, it is possible to purchase a house after bankruptcy, but it may take some additional time and extra steps.

Don’t Become a Boomerang Buyer!

After you discharge your debts, it can be very tempting to make large purchases because you may have extra income. You should not to give in to this temptation. It will take time to rebuild your credit after a bankruptcy, and if you decide to purchase too soon, you may end up getting denied entirely or obtaining an interest rate that just does not make financial sense. Nonetheless, some buyers are so excited about the possibility of being able to afford a home that they take on high-interest rate loans, often to their detriment. Unfortunately, this practice occurs so often that there is a term for it—“Boomerang Buyers.”

Biting off more than you can chew after bankruptcy can put you in financial hot water. This type of situation is especially troubling after bankruptcy because you do not have the option of filing for bankruptcy again for several years.


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Monday, November 5, 2018

Senators Spotlight High Risk of Money Laundering in Residential Real Estate

According to the Wall Street Journal, two U.S. senators have called for an investigation into any existing weaknesses within the current U.S. money-laundering provisions.

Senators Sheldon Whitehouse of Rhode Island, and Chris Van Hollen of Maryland (both Democrats) believe that the risk of money laundering in residential real estate is high due to the real estate sector having significantly less oversight than the lending sector. That is why they sent a letter to Gene Dodaro, head of the Government Accountability Office, writing that this great discrepancy in attention paid presents “increased risk of access by foreign and domestic criminal organizations.”


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Friday, November 2, 2018

Need to Know Differences Between a Commercial and Residential Lease

It is important to know the differences between a residential and commercial lease because both are treated differently under the law. The distinctions will set out certain rights and obligations for both parties involved in the contract.

What is a Residential Lease Agreement?

A residential lease is most often between a landlord and an individual tenant or family. The agreement is to provide a living arrangement. It is usually set up to include a monthly payment, but not always. The term varies from month-to-month to a term of several years, although one-year leases are perhaps the most common.

These types of leases usually apply to houses, apartments, townhouses, or condos. The location is generally not used for profit. However, some areas do permit residences to run a business out of their home.

What is a Commercial Lease?

Commercial leases involve a contract between a landlord and a business. The business can be a sole proprietorship or a corporation. The purpose of the arrangement is to provide space so that the business can sell goods or provide service. The goal for the company is to use the area to generate a profit. It is not designed for sleeping or to meet the residential needs of a business owner or its employees.

Commercial spaces are usually locations such as:


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Monday, October 8, 2018

Title Searches

If you have ever bought a home or even considered buying a home, you have probably heard of title searches and title insurance. You may not, however, be aware of why title searches are conducted and why title insurance even exists. Title refers to your ownership rights in the property. That is why problems with a title, which do come up on occasion, can affect your ownership rights. Title insurance works to financially protect you should the property you took title to have a defect that affects your ownership rights.

What Type of Property Defects Can Be Revealed in a Title Search?

A title search is conducted in the property purchase process to help ensure the buyer will receive clear title. A clear title means that there are no problems with the property history that would have a negative impact on your ownership interest. First and foremost, a title search will let the buyer know that the seller actually has the legal right to sell the property. Furthermore, it will inform the buyer if there are any outstanding judgments or liens in place against the property.

There are several defects that can be uncovered during a title search, including:

 


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Friday, September 14, 2018

Neighbor Disputes: Property Boundaries

Disputes with neighbors can range widely, from loud parties, to poor upkeep, to boundary encroachments. If you are like most property owners, you take great pride in your land, and you do not want anyone to use property that is rightfully yours. When neighbors start taking down shrubs, planting trees, or putting up fences on your property, that is exactly what they are doing—using your real estate. What can you do to deal with these issues?

Know Your Property Lines

Many people generally understand where their property reaches, but they may not know precisely where the property line is located. In many situations, merely pointing out where you think your property lines lie can halt encroachments in their tracks. In other circumstances, it may be a good idea to call in a professional.

You can get a formal land survey done that indicates exactly where your property ends and where your neighbor’s land begins. Having this information can be extremely valuable in dealing with any boundary issues. You may learn that you have misunderstood where your property line is located, or that your neighbor was mistaken about where your property begins.

Land surveys do cost money, but some neighbors will agree to split the costs. In other situations, it may be worth the expense to avoid litigation down the road.

Common Property-Related Problems

Many property-related disputes have similar causes. These may include:


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Friday, September 7, 2018

Real Estate Contracts 101: Breach by Seller

Residential real estate transactions typically involve the signing of a contract between a prospective buyer and owner. In most cases, both parties follow through with their contractual commitments. However, sellers of real estate sometimes attempt to cancel the contract—a situation that forces the buyer to either accept the default or initiate legal action.


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Monday, September 3, 2018

An Overview of the Residential Real Estate Sales Process

Residential real estate sales can be overwhelming and confusing. Thankfully, the  process is similar for every transaction. This means t you can prepare long before you find the right home, here’s how.

The Listing Agreement

If you are selling your home, you will start with creating a listing agreement. This agreement sets the asking s price,   the commission your real estate agent will be paid, and also specifies the length of time the property will be listed, that is, remain on the market.

In a listing agreement, , you may also be required to disclose certain physical information about the property, such as the age or condition of the roof and any significant problems you have experienced. You are also required by  federal law to disclose any known lead-based paint used in the home.

All of this information is vital to buyers who are considering purchasing the home. Whether you are a buyer or a seller, you will start the process with a listing agreement, if you are using a real estate agent. You may also list your home for sale yourself. There is no requirement to use a realtor and no need to have a listing agreement. Instead, you simply start advertising  the home for sale independently. .


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Tuesday, April 17, 2018

How to Negotiate the Lease on Your Office Space


It can be very exciting for a business owner to finally find office space that will work for his or her business. Do not let this excitement prevent you from taking the time upfront to make sure the office space and the lease agreement associated with the office space will be right for you. Negotiating the best office lease to meet the needs of your business can save you a great deal of money and headaches down the road.
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Friday, January 5, 2018

Real Estate Contracts in a Nutshell

Buying a home typically involves entering into an agreement with the seller and most real estate contracts contain standard terms. However, it is essential to consult with an experienced real estate attorney who can review the contract. Let's take a look at some of the key terms in a real estate contract.

Obviously, the agreement must specify the purchase price. Unless you are paying for the property in cash, it will be necessary to obtain a loan from a bank or mortgage lender. Accordingly, the contract should state that the offer is contingent upon a loan approval. If possible, the interest rate and other terms of the loan should be specified to make sure you can make the monthly payment. If the application is rejected or lender offers a higher rate, you may need to back out of the deal. In short, without this provision in the contract, you may lose your deposit.


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The Law Offices of Richard Palumbo, LLC assists clients with Real Estate Law, Business Law, Probate, Evictions for Landlords and Property Damage matters in Rhode Island including Cranston, Warwick, Coventry, Johnston, Providence, Pawtucket, Central Falls and all areas throughout RI.



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