REAL ESTATE
Real Estate transactions are governed by a wide body of federal and state statues, common law, and state law. The Requirements established by state law often differ significantly from one state to the next. Real estate transactions typically involve a significant investment of time, money, and research, and any disputes that may arise can prove understandably stressful. The Law Offices of Michele A. Peters strive to protect the interests and needs of our clients by providing comprehensive legal services in the following real estate matters:
• Purchases, sales, and refinancing of residential properties, including one family and multi-family dwellings, condominiums, and cooperative (co-op) units
• Purchases, sales, and refinancing of commercial properties
• Commercial and residential leases
• Loan closings with commercial lenders
• Title, mortgages, and refinancing issues
• Buy/sell agreements
• Real estate litigation and disputes, including zoning and land use disputes, landlord/tenant disputes, and boundary disputes
• Real property tax appeals, both residential and commercial
For experienced real estate attorneys, please contact the Offices of Michele A. Peters for assistance.
[For further detailed information on foreclosures; foreclosure defense; short sales and loan modifications, please go to the links found under the Resource Info tab at the top of this website's header.]
ZONING, PLANNING, LAND USE
The Law Offices of Michele A. Peters represents property owners, developers, contractors, businesses, and individuals in connection with a wide range of zoning, planning, and land use matters. We have wide-ranging knowledge of New Jersey and New York state, and local land use and zoning rules and procedures. Our lawyers ensure that developers and property owners obtain the proper authorizations, site plan approvals, variances, permits and licenses that permit property use in a manner that is consistent with the applicable zoning regulations.
We also advise clients on the limitations, risks, and legal considerations of land planning and development. Our expertise includes:
• Land planning and development issues, including condominiums and cooperatives;
• Zoning ordinances pertaining to commercial property, retail space, multi-family dwellings, and residential homes
• Zoning and site plan applications
• Variances, permits, and licenses
Disclosure - Law of Agency
Real Estate brokers are employed as the agent of the seller in order to obtain a buyer for their property. These agents are known as listing agents. The relationship between the seller and real estate broker is governed by the law of agency. Simply stated, agency law is concerned with any "principal" and "agent" relationship -- that is the relationship in which one person has legal authority to act for another. Such relationships arise from explicit appointment, or by implication.
The law of agency is based on the Latin Maxim "Qui facit per alium, facit per se" which means "he who acts through another is deemed in law to do it himself".
Over the years, the public has expressed confusion over the relationship brokers have with them - as sellers and as buyers. As of January 2011, all NY real estate brokers must present a Disclosure Form in all transactions, sales and rentals alike.
This is a link to the New York Department of State's website where you can view the Disclosure Form.
Your real estate salesperson in both New York and New Jersey should always present you with their state's agency disclosure form for your signature. And it is perfectly acceptable to not sign a consent for the salesperson to be a dual agent.
NEW JERSEY - Property Disclosure
NJ uses a Property Disclosure form. NJ Title 46 Property - 46:3C-10 Seller's disclosure duties.
The statute states: "....as required by section 8 of P.O.1995, c.253 (C.46:3C-8), the seller shall be deemed to have disclosed fully the off-site conditions relating to the residential real estate and shall be deemed to have satisfied fully the seller's disclosure duties pursuant to New Jersey law....".
NEW YORK - Property Disclosure
At this time, New York law allows a seller to pay $500 in single family - 1 - 4 family homes - to the prospective buyer at the time of title passing instead of signing a property disclosure form.
Listing Agreement
The contract between the broker and seller is called a listing agreement. The agreement may be an open agreement whereby the broker earns a commission only if he or she finds a buyer. A listing is exclusive if the broker is entitled to a commission for finding a buyer no matter how the buyer may be introduced to the property and may be entitled to a payment even if the seller finds the buyer without the broker's aid.
Real estate brokers and salespersons are licensed and regulated by local state laws.
Discrimination
Federal law prohibits discrimination in real estate transactions on the basis of race, color, religion, sex, or national origin. See 42 U.S.C. Sections 3601-3651. Real estate brokers are specifically prohibited from discriminating.New York City's Human Rights Law, considered to be the most protective in the United States, prohibits discrimination in housing and public accommodations based on race, color, creed, age, national origin, alienage or citizenship status, gender (including gender identity and sexual harassment), sexual orientation, disability, marital status, and partnership status. Additional protections are afforded for housing based on lawful occupation, family status, and any lawful source of income.
The agreement to sell between a buyer and seller of real estate is governed by the general principles of contract law. The Statute of Frauds requires that contracts for real property be in writing. It is commonly required in real estate contracts that the title to the property sold be marketable. This requires that the seller have proof of title to the property being sold and that third parties not have undisclosed interests in the title. A title insurance company is recommended to investigate whether the title is, indeed, marketable. Title insurance companies traditionally insure the buyer against losses caused by the title being invalid.
The most common method of financing real estate transactions is through a mortgage for real property, and a loan for cooperative apartment purchases.
The Law Offices of Michele A. Peters P.C. are ready to assist you with any further questions.
