Thinking about buying real estate property as a home or investment? Before you negotiate the terms and sign a contract, there are some important things to consider. By doing some simple, preliminary research, you will make informed decisions and circumvent avoidable issues.
Unless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on…
A “life estate” is an ownership interest that a person retains in real property while transferring a remainder interest to one or more individuals. Life estates are sometimes used as a planning technique by individuals who wish to safeguard their…
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 a secured loan on your home. It allows you to convert a portion of the equity in your home into cash. It is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The payout may be received as cash, an income stream, a credit line, or any combination of the three.
A timeshare is a property owned with others with certain rights to use the property. For example, this may be the right to use a vacation condominium one week out of the year, every year. Most timeshares are real property…
If you inherited a piece of real property and have, or want to sell it then you should consider the tax consequences. The sale of real property is a taxable event that must be reported on the seller’s income tax…
When it comes time to receive an inheritance, most people usually have a good idea what they want to do with it. There are bills to pay, savings for retirement, and the kitchen or bathroom that needs to be remodeled…
Reverse mortgages will be more difficult to qualify for after March 2, 2015! In March of this year, new reverse mortgage rules are due to take effect that will impact the eligibility for seniors. A reverse mortgage is a loan…
Tell us a little bit about your experience, firm's history and the areas of law that you practice. Vincent J. Russo & Associates, P.C. is a law firm dedicated to providing our clients with the highest level of professionalism, personalized…
People often ask, “Why should I hire a real estate attorney?” The answer is simple: experience. Purchasing and selling real property, whether a private home, condominium or cooperative apartment, is often one of the biggest financial endeavors one undertakes in…