Legal FAQs
Real Estate
- What is the difference between owning a condominium versus a co-op apartment?
- Are closing costs cheaper for a co-op or condominium?
- What is a mansion tax?
- When is the transaction officially “in contract”?
- I am buying a new home. Am I required to purchase title insurance?
- How much money must a Buyer put down at contract?
- Is the contract deposit of 10% paid by bank official check?
- What does your firm charge to represent a buyer or seller in a real estate transaction?
Divorce In New York State
- How is a divorce action commenced?
- What is an uncontested divorce?
- If the parties reach an agreement, must they still go before a judge?
- How long does a divorce take?
- Does a spouse have to prove fault (grounds) on the part of the other spouse to obtain a divorce?
- How Much Child Support Will My Ex-Spouse or I Have To Pay?
Real Estate
What is the difference between owning a condominium versus a co-op apartment?
A condominium is owned in “fee simple absolute”. This means that the owner of the apartment owns the actual real estate. An owner of a co-op unit owns shares in the co-op corporation (i.e. personal property) and is permitted to occupy the apartment through the proprietary lease.
Top
Are closing costs cheaper for a co-op or condominium?
In general, yes. No title insurance is required for co-op transactions and similarly, there is no New York State mortgage tax in connection with financing.
Top
The “Mansion Tax” is a 1% tax on the purchase price of a property (co-op’s included) assessed by New York State paid by the Purchaser at closing when the purchase price of a transaction is equal to or greater than $1,000,000.00.
Top
When is the transaction officially “in contract”?
Under New York State law, there are no verbal agreements for the sale/purchase of real estate. You are not “in contract” until both the Buyer and Seller have signed the contract of sale and the signed contract has been delivered to the Buyer’s attorney, unless the contract provides otherwise.
Top
I am buying a new home. Am I required to purchase title insurance?
Any purchaser of a residential house or a condominium apartment that is obtaining a mortgage in connection with the purchase is required to purchase title insurance both for him or herself and for their lender. An “all cash” purchaser is not required to purchase title insurance; however, it is highly advisable that they obtain this.
Top
How much money must a Buyer put down at contract?
Typically, Buyer’s pay 10% of the purchase price when they sign the contract of sale.
Is the contract deposit of 10% paid by bank official check?
No. A personal check suffices.
Top
What does your firm charge to represent a buyer or seller in a real estate transaction?
SL&K charges flat fees for all residential real estate transactions. Our fees vary depending on the complexity of the transaction. Please contact us further for more information.
Top
Divorce In New York State
How is a divorce action commenced?
Normally, a divorce action is commenced when one spouse files a Summons and/or a Summons and Complaint with the county clerk wherein one or both of the parties reside. The Summons and Complaint are documents which detail the nature of the relief demanded (a divorce) and state what other matters the filing party seeks a determination of (such as spousal maintenance/alimony, child support and/or custody/visitation, a determination regarding the parties’ rights to separate and marital property, health insurance, etc.).
After the Summons and/or Summons and Complaint are filed, the papers are served upon the other spouse (the Defendant). There is no advantage to filing “first” as the answering party in a divorce action will have 20 days to serve an Answer to the Complaint.
Top
What is an uncontested divorce?
An uncontested divorce occurs when the divorcing parties reach a comprehensive agreement on the division of all their assets, the payment of alimony and/or child support (where there are children), custody of any children and numerous miscellaneous issues relating to the dissolution of the parties’ marriage. If the parties are unable to reach an agreement on any factor, the divorce is considered a “contested” divorce and may require the involvement of the Court.
Top
If the parties reach an agreement, must they still go before a judge?
If the parties to a divorce action have settled all of the issues of their divorce case, they can generally avoid appearing before a Judge at Court by signing an agreement and affidavits setting forth the basis of their divorce settlement, whereupon the judge reviews the parties' affidavits and approves of the settlement. Following submission of the affidavits to the Court, the terms of the settlement, usually in the form of a written settlement agreement will be incorporated into the judgment for dissolution of marriage.
Top
If the parties to a divorce action have settled all of the issues of their divorce case and the matter is uncontested, the divorce will generally occur quickly; sometimes in as few as 6-8 weeks following submission of all divorce documents to the Court. Some Court’s experience delays due to large caseloads which can delay the signing of the Judgment of Divorce.
A contested divorce is a more lengthy proceeding and depending upon the issues involved in your specific case, it may take approximately one to two years to reach a trial whereby a judge will hear and decide any unsettled issues. The actual timing also depends on the caseload of the specific court where the action is brought.
Top
Does a spouse have to prove fault (grounds) on the part of the other spouse to obtain a divorce?
Although the law in New York State provides for various grounds for divorce, New York State is now a “no-fault” divorce jurisdiction. This means that either party can bring an action for dissolution of the marriage based upon the allegation of an irretrievable breakdown of the marital relationship. Generally, neither spouse can prevent the divorce if the other thinks the marriage has broken down.
Top
How Much Child Support Will My Ex-Spouse or I Have To Pay?
The amount one pays for Child support is calculated according to a formula contained in New State York law known as The Child Support Standard Act Guidelines. In many instances the court will also consider the existence of extenuating circumstances that affect one's ability to pay child support, however, the formula used by the Guidelines is a very good estimate of the amount of child support that you or your spouse will be required to pay. If the non-custodial (paying spouse) earns in excess of $130,000 a year, the Court has the discretion to determine the amount of child support that will be paid.
If a non-custodial parent is currently paying child support for children from a previous relationship, the court may subtract the amount currently being paid and use the remaining amount as base income before using the child support formula to calculate the amount to be paid.
Top