Neil Siskind: Real Estate Assets Are For Realtors

The asset price of real estate is for realtors and clients to negotiate. By the “assets” of real estate, I am meaning both the personal and real assets that are being sold and bought. By the time the deal gets to the attorney, ideally for all parties, all financial issues are agreed to and resolved. The attorneys should not begin to negotiate on chandeliers, furniture or other personal items. While, theoretically, attorneys don’t mind doing this, the lawyer is not the right person, and the time of contract is not the right time to delve into price and assets. On occasion, a buyer will begin to think about the home while the contract is being drafted and then ask for an additional item or two to be included. In such case, the issue can come up “post price-agreement”. But it would be better handled between the buyer and seller, directly, or between their respective realtors, than by the lawyer. There are several reasons for this: First, if a seller gets contract comments asking for an additional asset, rather than a direct verbal request, it is an unpleasant surprise and can kill a deal; second, if such a request is sprung on a seller from lawyer to lawyer after a price has been agreed upon, it creates a wall, and breaks down the element of trust that may already have been established by the parties in their dealings before a lawyer was even retained; third, the lawyers in the deal often do not know the history of the parties and the property, and can not tell who has the bargaining power; and fourth, lawyers are not exactly known for their easy-going personalities and may even begin their own personal posturing against each other- an unfair result to all involved.

If you are a buyer, seller, or realtor, it is best that you negotiate every single asset in the deal and not leave it for the attorneys to do. Theoretically, the lawyer has two jobs: First, to memorialize the terms agreed upon as exact as possible; and second, to handle “legal” issues such as tax issues, title matters, and timeliness of transfers. It is not the lawyers job to negotiate price for assets in any manner.

 

By: Neil Siskind, New York Lawyer http://www.siskindlawfirm.com

Neil Siskind is the Founder & Chairman of The Fatherhood Assignment

Learn more at:  http://www.neil-siskind-the-fatherhood-assignment.org/

Review Neil Siskind’s personal and professional references at: http://siskindlawfirm.com/neil-siskind-bio/

Volunteer, Pro Bono, and Government Background:
Learn about how we try to give back http://www.neilsiskindsupports.com

Neil Siskind’s Volunteer Work: Volunteer, Memorial Sloan Kettering Cancer Center
Donate to one of my needy public classrooms: http://www.donorschoose.org/NeilSiskindGiving
Help Neil Siskind make sick children’s wishes come true: Neil-Siskind/Help-Make-A-Child-Smile.htm

Neil Siskind’s Pro Bono Work: Protecting New York’s senior citizens from fraud and financial abuse www.savingseniorcitizens.com

Champion Children – The Siskind Law Firm We seek to inspire people with stories of  children who have overcome challenges: http://siskindlawfirm.com/champion-children/
FreeStart Business – The Siskind Law Firm We seek to help put war veterans and senior citizens in the right direction so that they can face the challenges of  the modern economy: http://siskindlawfirm.com/free-start-business/

Neil Siskind’s Philanthropic Work:
-Hudson Riverfront Land Preservation
-Founder, The Fatherhood Assignment: A think tank to educate the public about, and advocate for the children of absentee fathers. http://www.neil-siskind-the-fatherhood-assignment.org/

Neil Siskind’s Government Work:
Suffolk County District Attorney’s Office, Boston, MA, 1994, Intern
Office of Senator Christopher J. Dodd, Newington, CT, 1992, Intern
Hartford County Department of Probation, Hartford, CT, 1991, Intern

Neil Siskind’s Community Assistance:
Established and operated a temporary legal clinic offering inexpensive legal services to struggling Long Islanders during the recession to help clients resolve debt, plan estate matters, organize finances, start small businesses and obtain governmental assistance such as Medicaid.

Neil Siskind’s linkedin URL: http://www.linkedin.com/profile/

 

 

Neil Siskind: Post Closing Tenancy

By: Neil Siskind, New York Lawyer http://www.siskindlawfirm.com
Founder, The Fatherhood Assignment http://www.neil-siskind-the-fatherhood-assignment.org/
Review Neil Siskind’s personal and professional references at: http://siskindlawfirm.com/neil-siskind-bio/
Volunteer, Pro Bono, and Government Background: Learn about how we try to give back: http://www.neilsiskindsupports.com
Neil Siskind’s Volunteer Work: Volunteer, Memorial Sloan Kettering Cancer Center
Donate to one of my needy public classrooms: http://www.donorschoose.org/NeilSiskindGiving
Help Neil Siskind make sick children’s wishes come true: Neil-Siskind/Help-Make-A-Child-Smile.htm

Neil Siskind’s Pro Bono Work: Protecting New York’s senior citizens from fraud and financial abuse www.savingseniorcitizens.com

Champion Children – The Siskind Law Firm We seek to inspire people with stories of  children who have overcome challenges: http://siskindlawfirm.com/champion-children/
FreeStart Business – The Siskind Law Firm We seek to help put war veterans and senior citizens in the right direction so that they can face the challenges of  the modern economy: http://siskindlawfirm.com/free-start-business/
Neil Siskind’s Philanthropic Work: -Hudson Riverfront Land Preservation -Founder, The Fatherhood Assignment: A think tank to educate the public about, and advocate for the children of absentee fathers. http://www.neil-siskind-the-fatherhood-assignment.org/

Neil Siskind’s Government Work: Suffolk County District Attorney’s Office, Boston, MA, 1994, Intern Office of Senator Christopher J. Dodd, Newington, CT, 1992, Intern Hartford County Department of Probation, Hartford, CT, 1991, Intern

Neil Siskind’s Community Assistance: Established and operated a temporary legal clinic offering inexpensive legal services to struggling Long Islanders during the recession to help clients resolve debt, plan estate matters, organize finances, start small businesses and obtain governmental assistance such as Medicaid.

Neil Siskind’s linkedin URL: http://www.linkedin.com/profile/

 

Article:

In cases where a seller, with the agreement of the buyer, intends to remain on the premises following a closing, a written post-closing tenancy agreement must be entered into. Sellers may wish to remain in the home following closing for several reasons, but the most common case is where a seller is waiting to close on his or her own buy of another home.

In some cases a post closing tenancy arrangement is discussed between the parties at the time of contract. In other cases, it is discussed soon after. In either situation, the buyer’s and seller’s attorneys should immediately begin to draft this post-closing arrangement so that it does not hold up the closing in any way. These agreements range from simple to complex- and they always include daily or monthly rental rates and a penalty clause for the seller overstaying his or her welcome. A properly drafted penalty clause is vital so that the seller has an incentive to get out when promised. A proper clause will take into consideration liquidated damages laws. Often, since a seller is involved in his or her own purchase, such seller may not know exactly when the post-closing move-out date will be and will ask for flexibility with appropriate notice. This will be a negotiated point.

As a buyer’s attorney, the ideal scenario is to hold back purchase monies in escrow that can be captured should the seller not move out as promised. Even when the seller does move out as promised, his rental rate will take the buyer’s monthly mortgage and insurance payments on the home into account, and any other of buyer’s monthly expenses such as any co-op or condo common charges and maintenance fees.

If the transaction involves a co-op or condo apartment, the parties and their attorneys must remember to obtain board approval to have a renter in the apartment, if required. Remember, the seller is no longer a owner. He or she is now a tenant. If the board requires rental approval, it must be obtained.

Many post closing arrangements are not taken into account or agreed upon until late in a transaction when a seller begins to see that he or she has no new home to go to as of the closing date. One tactic for the seller is to put off the closing as long as possible if the closing is not agreed to be “time of the essence”, per the contract. However, many sellers need to show the sale funds in their bank account in order to get their new loan for their buy. Further, a buyer may be required to close by a certain closing date or his/her loan commitment will expire. So this can get dicey. But if a post closing occupancy is agreed to by the parties, an agreement should be worked on at once and before the parties reach the closing table so that the deal is not harmed by the pressure of a last-minute agreement.

Neil Siskind: Real Estate Credit Leverage

By: Neil Siskind, New York Lawyer http://www.siskindlawfirm.com

Neil Siskind is the Founder & Chairman of The Fatherhood Assignment

Learn more at:  http://www.neil-siskind-the-fatherhood-assignment.org/

Review Neil Siskind’s personal and professional references at: http://siskindlawfirm.com/neil-siskind-bio/

Volunteer, Pro Bono, and Government Background:
Learn about how we try to give back http://www.neilsiskindsupports.com

Neil Siskind’s Volunteer Work: Volunteer, Memorial Sloan Kettering Cancer Center
Donate to one of my needy public classrooms: http://www.donorschoose.org/NeilSiskindGiving
Help Neil Siskind make sick children’s wishes come true: Neil-Siskind/Help-Make-A-Child-Smile.htm

Neil Siskind’s Pro Bono Work: Protecting New York’s senior citizens from fraud and financial abuse www.savingseniorcitizens.com

Champion Children – The Siskind Law Firm We seek to inspire people with stories of  children who have overcome challenges: http://siskindlawfirm.com/champion-children/
FreeStart Business – The Siskind Law Firm We seek to help put war veterans and senior citizens in the right direction so that they can face the challenges of  the modern economy: http://siskindlawfirm.com/free-start-business/

Neil Siskind’s Philanthropic Work:
-Hudson Riverfront Land Preservation
-Founder & Chairman, The Fatherhood Assignment: A think tank to educate the public about, and advocate for the children of absentee fathers. http://www.neil-siskind-the-fatherhood-assignment.org/

Neil Siskind’s Government Work:
Suffolk County District Attorney’s Office, Boston, MA, 1994, Intern
Office of Senator Christopher J. Dodd, Newington, CT, 1992, Intern
Hartford County Department of Probation, Hartford, CT, 1991, Intern

Neil Siskind’s Community Assistance:
Established and operated a temporary legal clinic offering inexpensive legal services to struggling Long Islanders during the recession to help clients resolve debt, plan estate matters, organize finances, start small businesses and obtain governmental assistance such as Medicaid.

Neil Siskind’s linkedin URL: http://www.linkedin.com/profile/

Article:

Naturally, the highest price offer will get a property. But there are other factors, especially these days, that can help a buyer win a property at a lower price than a competitive offer. A buyer who has good credit can persuade a seller to accept his or her offer over another. Even in the case where there is no other offer, a buyer can submit his or her credit information as a way to persuade a seller to take a lower price. Moreover, even though a borrower is pre-approved by a lender, a seller still has cause to be dubious until the loan actually closes. A banks approval is generally conditional on certain facts being true and on no change of circumstances between the time of approval and the funding of the loan. Thus, the more comfortable that a potential buyer can make a seller on his credit quality, the more likely that perspective buyer will have success in getting property at a lower price than they seller would otherwise hold out for. This is but one of many tactics a strong buyer can use in today’s real estate environment.

Neil Siskind: Real Estate Deal Leverage

By: Neil Siskind, New York Lawyer http://www.siskindlawfirm.com

Neil Siskind is the Founder & Chairman of The Fatherhood Assignment

Learn more at:  http://www.neil-siskind-the-fatherhood-assignment.org/

Review Neil Siskind’s personal and professional references at: http://siskindlawfirm.com/neil-siskind-bio/

Volunteer, Pro Bono, and Government Background:
Learn about how we try to give back http://www.neilsiskindsupports.com

Neil Siskind’s Volunteer Work: Volunteer, Memorial Sloan Kettering Cancer Center
Donate to one of my needy public classrooms: http://www.donorschoose.org/NeilSiskindGiving
Help Neil Siskind make sick children’s wishes come true: Neil-Siskind/Help-Make-A-Child-Smile.htm

Neil Siskind’s Pro Bono Work: Protecting New York’s senior citizens from fraud and financial abuse www.savingseniorcitizens.com

Champion Children – The Siskind Law Firm We seek to inspire people with stories of  children who have overcome challenges: http://siskindlawfirm.com/champion-children/
FreeStart Business – The Siskind Law Firm We seek to help put war veterans and senior citizens in the right direction so that they can face the challenges of  the modern economy: http://siskindlawfirm.com/free-start-business/

Neil Siskind’s Philanthropic Work:
-Hudson Riverfront Land Preservation
-Founder & Chairman The Fatherhood Assignment: A think tank to educate the public about, and advocate for the children of absentee fathers. http://www.neil-siskind-the-fatherhood-assignment.org/

Neil Siskind’s Government Work:
Suffolk County District Attorney’s Office, Boston, MA, 1994, Intern
Office of Senator Christopher J. Dodd, Newington, CT, 1992, Intern
Hartford County Department of Probation, Hartford, CT, 1991, Intern

Neil Siskind’s Community Assistance:
Established and operated a temporary legal clinic offering inexpensive legal services to struggling Long Islanders during the recession to help clients resolve debt, plan estate matters, organize finances, start small businesses and obtain governmental assistance such as Medicaid.

Neil Siskind’s linkedin URL: http://www.linkedin.com/profile/

 

Article:

As in any area of life and business, real estate transactions are about leverage. Leverage comes from market conditions, property conditions, and/or seller and buyer personal situations. Economic conditions of the country can affect the value of a property creating conditions that may benefit sellers or buyers, depending if the national economy is strong or weak. The national economic picture affects real estate depending if interest rates are high or low. The interest rate climate is not always dependent on the economy. Interest rates can be low in a strong economy and they can be low in a weak economy.

The national economic climate does not affect all properties. Even in a weak economic climate, certain areas will remain desirable if there is low crime, near a major job center and have good schools. Moreover, properties with special qualities, such as a nice lot, may retain value even where other properties in that same community have stagnant values.

When it comes to cities, as opposed to smaller towns and villages, an additional exception where a city is economically stagnant, but certain property is still valuable, is in the case of condominium and co-op apartments. A building may offer amenities and possess qualities which allow it to retain its value in almost any economic climate.

In any transaction, the buyer and seller must weigh their leverage, determine their resulting bargaining power and proceed with an offer and negotiation that capitalizes on any leverage or that recognizes any lack of leverage. The bargaining power will not only determine the price of the property, but also the terms of the deal, which often are as important to making deal happen as is the price itself.