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Bronx Real Estate Law Blog

Storing wills properly is a critical part of estate planning

People in New York generally understand the importance of keeping their essential documents secure -- for example, safeguarding their passports and birth certificates. In the same way, keeping wills and other estate planning documents safe is critical. Here are some storage tips for estate planning documents.

First, it is paramount that other people can find a person's estate plan if something were to happen to him or her unexpectedly. Certain documents, like a living will, power of attorney or health care power of attorney, may be needed immediately. In addition, other documents, such as a person's last will and testament might have to be filed in court.

Avoiding missteps when buying a home for the first time

Are you ready to buy your first home in New York? This is an exciting point for any adult, and you may be dreaming about weekends in your backyard, ideal paint colors for your kitchen, and watching your child take his or her first steps across the living room. Before you get too far ahead of yourself, however, you will want to take the time to learn how to protect your interests in this process.

First-time homebuyers often make mistakes during the process. These are preventable missteps that can cost time and money down the road, and you will want to know how to avoid them. Doing a little research beforehand and acting prudently throughout the purchasing process can allow you to feel confident in your choices and financially secure for years to come. 

Commercial real estate offers numerous benefits to investors

When people consider purchasing real estate, they may immediately think about buying residential properties. However, owning commercial real estate properties is also a smart move in New York and elsewhere. Here is a look at a few major benefits of commercial real estate ownership.

First, commercial properties are long-term investments that may increase in value in just a short period of time. In addition, the benefit of these properties is that, even if vacancies are present, other tenants can still cover the investor's overall operating costs, such as common area expenses, building expenses and taxes. As a result, owning commercial properties is generally less risky than owning residential properties that one is renting out, for example.

Residential real estate prices slated to rise by next summer

Housing prices in New York and elsewhere this summer have been relatively robust, which has made some question whether there is any more room for prices to climb. According to new research, there is. In fact, experts anticipate the pricing of residential real estate to climb more in the coming months.

Research shows that home prices may climb by over 5% between now and July 2020. This is the opposite of the trend that analysts have seen so far in 2019 -- especially in New York, where home prices have actually dropped. Clearly, real estate sales activity has been modestly picking up.

Wills important to create prior to retirement years

As people in New York near retirement, they may naturally feel excited about having the opportunity to fulfill their lifelong ambitions during their golden years. However, it is also important that they plan for the unexpected -- for example, sudden illnesses or death. Here is a look at how wills and other estate planning documents can help people to achieve this before they retire.

First, wills are legal documents where people can express their desires concerning the distribution of their property when they die. However, research shows that only four in 10 adults in the United States have prepared wills. This means that, for the majority of people, their states will end up dictating what will happen to their assets when they pass away.

Residential real estate sales hot in July

Home sales throughout the United States, including in New York, appear to be hot so far this summer. Specifically, sales of existing homes increased in July. This suggests that today's relatively low home loan interest rates are starting to drive residential real estate sales following a weak selling season this past spring.

Research shows that previously owned homes experienced a 2.5% increase in sales in July compared with June. This percentage translates to more than five million homes being sold. Economists had initially expected home sales to increase 2.3%, so the recent sales numbers ended up being better than anticipated.

Commercial real estate is a top area for investment

Investors in New York who are looking to grow their bottom lines may be wise to pursue nonresidential properties this fall. The reason for this is that experts say that now is the best time within the past 40 years to buy commercial real estate. Here are a few reasons why commercial real estate appears to be an excellent investment in the years ahead.

First, buying commercial properties can help investors to diversify their portfolios. The problem with the stock market is that, even if it is bullish for a while, it is sure to fluctuate at some point in the future. Owning real estate can help investors to balance their portfolios so that their portfolios are not too stock heavy.

What is adverse possession and does it affect your property?

As a New York property owner, you want to know everything there is to know about your land or property. After all, if you aren't sure what's yours, how can you protect it? There are certain legal issues that could impact your property use, including something called adverse possession.

If someone trespasses on your property, that is illegal. However, if the act of trespassing takes place over an extended period of time, the trespasser may actually have legal grounds to stay on your land or access your land. This may sound crazy to you as the property owner, but this is a real issue that impacts landowners. If you are facing a complex dispute over your land or property, you may want to consult with an experienced legal advocate about what you are up against.

Wills, other documents should answer several questions

Many individuals in New York understandably prefer to discuss topics other than death. This is why many resist the idea of creating estate plans, which includes drafting wills and other documents. Unfortunately, failure to engage in estate planning means that an individual's assets may not be protected long term. In addition, people's wishes regarding what will happen to their family members in the event of their deaths may not be upheld. Here is a glimpse at some critical questions to ask when embarking on the estate-planning process.

For starters, it is a wise idea for people to contemplate how they would like their minor children cared for if they suddenly die. Would the children go with their grandparents or another family member? Also, if people lost the ability to care for themselves all of a sudden, who would handle their health care or financial decisions for them?

Commercial real estate improvements may help sellers

When owners of nonresidential properties are ready to sell their properties, their first area of focus may be on what they can do to attract buyers to their properties. Potential commercial real estate improvements vary in cost and complexity. However, here are a couple of major ones worth considering before putting a property on the market in New York.

First, it may behoove a commercial real estate seller to include contemporary amenities in his or her property. For example, the owner of an urban office building could convert the rooftop area into a beautiful garden for holding events, lunch breaks and outdoor meetings. This can help to position the property owner to maximize the return received on his or her investment.