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Bronx Real Estate Law Blog

Wills particularly important for those with beloved pets

Although people in New York generally hate to imagine dying, they are at least preparing for the inevitable by engaging in estate planning. As they put together wills and other essential estate planning documents, it is critical that they also take into consideration their pet's needs if they have a furry friend. Here are a few estate planning tips for those with beloved pets.

First, pet owners may be wise to contemplate what they have to leave for their pets and what their pets need. Only items that are truly valuable are worth including in their estate plans. For instance, pet owners may want to avoid including low-value items such as a pet's favorite toy, a water bowl featuring fake diamonds or a walking lead.  

IBM signs new commercial real estate lease in New York

IBM is expected to soon triple its presence in Union Square in New York. This is because the tech company recently signed a lease for a commercial real estate building's three floors. The area it will lease spans nearly 27,700 square feet.

The asking rent for the building's three floors was apparently $80 a square foot. The building itself stands 12 stories tall. The rented space will host IBM's technology and engineering operations. Prior to the current deal, IBM was subleasing more than 9,200 square feet in a tower from a fantasy sports business, FanDuel. The company also takes up an entire mid-rise that WeWork, a co-working space company, manages.

Without wills, estates must go through probate process

In today's busy society, developing estate plans is oftentimes the last thing on people's lists of priorities in New York. However, creating wills and other estate planning documents is an important part of planning for the future. Having an estate plan in place will no doubt make life easier on an individual's loved ones after he or she passes away.

If an asset owner dies without creating a will, his or her estate will end up going through the probate court process. In other words, the individual's surviving loved ones may have to spend large amounts of energy and time to obtain the assets that are rightfully theirs. Probate is essentially a process that is court supervised and involves paying off a deceased person's debts as well as passing on his or her property to the intended beneficiaries.

Residential real estate market highly competitive

The home buying season this spring may be among the most competitive ones during the past several years. However, buyers in New York and elsewhere remain optimistic that they can still claim their dream homes. This information comes from a recently conducted residential real estate market survey.

A chief economist stated that, just a handful of weeks into March, the residential real estate market is already beginning to heat up. Thus, buyers who are hoping to find deals this spring might not have many options. In other words, paying top dollar or making other concessions may be their only options.

Is spring the best time to buy a home in New York City?

If you are considering buying a home in New York City, you know you could be facing a potentially lengthy and complex process. It is not easy to find a home in any part of the New York metro area, but there are times of the year when it could be more difficult than others. 

The spring is a popular time of year to buy a home, particularly in the Big Apple. Regardless of when you are looking to make this important purchase, it would be prudent to take steps to ensure you fully protect your interests. The real estate market is competitive, stressful and fast-paced, but with help, you can look for the right home for you and avoid costly mistakes.

More commercial real estate being used as flexible workspaces

Only about a quarter of office space throughout the United States, including New York, is used for flexible workspace options, such as co-working. However, research shows that more than a quarter of brand-new commercial real estate leases signed during the past couple of years were associated with this growing business area. This has left many real estate brokers questioning why more investors are not taking advantage of this in-demand area.

The current economy is considered a sharing economy. In other words, business owners are more serious than ever before about being more efficient with the spaces their staff members occupy. In addition, they are attempting to cut rental costs by sharing spaces with others.

Wills, powers of attorney and health care proxies important

People in New York and elsewhere generally prefer to focus on the good and shy away from thinking about the bad things that could happen to them. For this reason, creating wills is often not given much priority. However, creating a will is essential for protecting one's assets down the road. A couple of other estate planning documents are also helpful for addressing medical situations in the future.

One of these estate planning documents is the power of attorney. This document allows individuals to name trusted parties to essentially fill their shoes and act on their behalf while they are still alive. The document addresses scenarios where somebody is incapacitated and unable to pay bills or handle immediate concerns.

Selling residential real estate can be complicated

Selling a house in New York may not seem complicated, but the reality is that many factors need to be considered. After all, a large sum of money is on the line. A few tips may help homeowners to avoid bungling the sale of residential real estate.

First, one of the most important mistakes to avoid during the home-selling process is pricing the home too high. Even if the market is essentially a seller's market, which means buyers are willing to pay more for homes since inventory is low, setting a reasonable price for the home is critical. Listing the house for too much money will only backfire, causing the homeowner not to receive any offers.

Wills are not enough when it comes to estate planning

Creating an estate plan is oftentimes not high on people's priority lists in New York and elsewhere. However, these plans are essential for helping them to protect their assets long term. When it comes to creating estate plans, writing wills is not enough; other documents also needed to be included in these plans for them to be truly effective.  

Depending on an old-fashioned will is one of the most common mistakes made in estate planning. A comprehensive estate plan also includes other critical documents that an individual may need before he or she passes, such as an advanced medical directive or power of attorney. These legal documents empower others to make important decisions on the individual's behalf as well as to take actions concerning his or her medical care or assets when he or she can no longer do this.

Protecting your interests with a strong commercial lease

If you own a business, you know that storefront space or just space to run the operations of your company can be hard to come by in New York City. Real estate is expensive, and you know that you need to protect your interests in every way possible when agreeing to a lease to avoid costly issues in the future.

One of the most practical ways you can shield your interests is to be very careful with the terms of your lease agreement. Through careful review of a lease contract, you may avoid misunderstandings and problems that could cost you money and time. When it comes to commercial leasing, you may find it greatly beneficial to seek experienced guidance.