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Forced Sale of Inherited Property

Details: Real Property Actions & Proceedings Law (RPAPL) § 901 allows a joint owner or tenant-in-common to force the sale of co-owned property. Heirs who inherit property together are tenants-in-common, and one heir can force the sale of inherited property by filing an action for partition under RPAPL § 901. Partition usually happens when one or more

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Life Estate Examples and Frequently Asked Questions

Details: Here is a life estate example in a deed: Joan owns this property for life, remainder to Mark and Jane. Another life estate example in a deed: Joan as a life tenant, with Mark and Jane having a reminder interest. And here is a life estate example in a will: I hereby give, devise and bequeath to my daughter, “Joan Smith,” all of real estate known as “555 East Court, New York, NY,” …

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Do All Heirs Have to Agree to Sell Property

Details: If the real property has been transferred to the heirs, then all heirs have to agree to sell the property. Should you have property issues and need assistance, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at

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Adverse Possession

Details: Adverse possession in New York is “the occupation of a person or entity of real property of another with or without knowledge of the other person’s superior ownership rights, in a manner that would give the owner a cause of action for ejectment.”. Real Property Actions & Proceedings Law (RPAPL) § 501 (1). So, if a person occupies someone

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The Penalty for Stealing from an Estate. What is it and

Details: Restitution. The court can force the executor to return the property to the estate and pay restitution to the beneficiaries. Although we talk about an executor, the same penalty for stealing from an estate applies to an administrator and a trustee, as well as a preliminary executor, administrator d.b.n., administrator c.t.a.d.b.n., administrator c.t.a., ancillary executor, …

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What is a Judgment Lien

Details: The judgment creditor can also record its judgment with the county clerk’s office and any land or real estate recorded in the name of the judgment debtor in that county will be subjected to that judgment. This is what a judgment lien is all about. Generally, once that lien is filed with the county clerk, the land cannot be sold unless the

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Breach of Fiduciary Duty. When is Something a Breach. Who

Details: Can the trustee be held liable? In Matter of Janes, 681 N.Y.2d 41 (1997), the estate assets in 1973 consisted of Kodak stock worth $1,840,000, trading at $139 per share. By 1980, the stock was worth $530,000 at $47 per share. The New York Court of Appeals held the trustee liable for failing to diversify the estate’s stock assets.

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Can a Trustee Buy Property From The Trust

Details: The trustee cannot buy property from the trust because the property belongs to someone else. Unless he pays full price for it. As explained above, doing so is stealing and can lead to an array of legal woes. Although we talk about a trustee, the same rules apply to an administrator and a trustee, as well as a preliminary trustee, administrator

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Real Estate Closing Attorney New York

Details: A real estate closing attorney is important when buying or selling a property in New York. Real estate, whether it’s a condo, co-op, or house, is a big investment. You want to have your rights protected to the biggest extent possible. There is important information that both buyers and sellers need to know in order to make the best decision

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Contesting a Deed Transfer . Grounds for Rescission of the

Details: In contrast, a voidable real estate transaction is one where a transfer is deemed to have occurred, but can be revoked. In that situation the deed is only voidable (Faison v Lewis, 25 NY3d at 225). *11 The question becomes whether the deed by which Welch-Ford and Smith acquired the subject real estate was a void deed or a voidable deed.

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Can Executor Sell Property Without All Beneficiaries Approving

Details: With the prices of real estate in New York reaching record highs, it’s no wonder that courts placed extra mechanisms in place to protect beneficiaries of estates from being taken advantage of. What can an executor do without approval of beneficiaries. The executor has the power to. marshal the assets of the estate; pay debts, taxes and expenses

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What Does a Real Estate Litigation Attorney Do

Details: Real estate litigation attorneys do something that is a little different. We show up where things have gone wrong. If you are looking for a real estate litigation attorney, we at the Law Offices of Albert Goodwin are here for you. You can call us at 718-509-9774 or send us an email at [email protected]

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Suing for Breach of Trust and Breach of Fiduciary Duty

Details: If you are looking for an attorney to sue for breach of trust, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at [email protected]

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Successor Trustee. How One Succeeds the Original Trustee

Details: Since real property transfers are recorded with the local government and approved by the title examiner, the examiner will request proof that the previous trustee has died and you are the successor trustee with legal authority to transfer the real estate to you. If the trust asset is a bank account, the bank account will be in the name of X

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Does a seller of a real property have to return the

Details: A valid reason to back out of the real estate contract is spelled out in the contract and/or specified by the real estate law. Backing out because you’re allowed by the contract is considered “backing out due to a contingency,” in which case the seller would have to return the deposit. The following contingencies are usually specified in

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Intestacy Law in New York Explained, with Examples

Details: Consider avoiding an intestate estate, by creating a last will and testament. If you need an attorney for your intestacy case, call Albert Goodwin, Esq., a New York estate, guardianship, wills, trust, Medicaid and probate lawyer with over a decade of experience. N.Y. Est. Powers & Trusts Law § 4-1.1. Id. § 5-1.1. Related Posts via Taxonomies

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Can the Executor Transfer Property to Himself

Details: Or more simply, stealing. If you need to consult with an attorney who is experienced in executors is transferring property to themselves, you can send us an email at [email protected] or call us at 718-509-9774. Let’s say an estate contains a house that is worth $1 million, and the executor transfers it to himself for $200,000.

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Inheritance Issues with Siblings. Disinheritance

Details: If you are having inheritance issues with siblings, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at [email protected]

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Can a Trustee Sell Property Without all Beneficiaries

Details: But a lot of trusts do not. If you have an issue with trustee selling property without all beneficiaries approving and you need a consultation with an attorney, you can send us an email at [email protected] or call us at 718-509-9774. Even though the trustee usually does not legally have to have the beneficiaries’ approval, it

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Can Seller Sue Buyer for Backing Out of an Offer or a

Details: If you have legal issues relating to real estate or need a real estate attorney in the closing of your purchase or sale, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at [email protected]

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Is an Executor Required to Communicate with Beneficiaries

Details: Is the executor planning to sell real estate, and if yes, when; When is the executor sending out the distribution checks; If you are having an issue with executor-beneficiary communication and you would like to consult an attorney, you can send us an email at [email protected] or call us at 718-509-9774.

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How to Recover Stolen Inheritance from the Thief

Details: Restitution. The court can force the executor to return the property to the estate and pay restitution to the beneficiaries. Although we talk about an executor, the same rules apply to an administrator and a trustee, as well as a preliminary executor, administrator d.b.n., administrator c.t.a.d.b.n., administrator c.t.a., ancillary executor, ancillary administrator, and ancillary …

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Two Names on a Deed, One Person Dies, What Happens Now

Details: A and B, spouses, purchase real property together. In this case, they hold the property as tenancy by the entirety, unless the deed says otherwise. If A dies, the entire real property will be owned by B. A and B, friends and real estate partners, purchase real property together as an investment. The deed is silent as to the type of ownership.

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How Much are Closing Costs in NY

Details: A good real estate attorney will be able to guide you through this process. Seller’s closing costs. Generally, the seller’s closing costs include the following: Broker’s commission Ranges from 4% to 6% of the purchase price; Transfer taxes New York City transfer tax (in addition to New York State transfer tax if purchasing in New York City)

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Selling Property in an Irrevocable Trust. Be Careful and

Details: Be Careful and Avoid Self-Dealing. When selling property in an irrevocable trust, look at the trust document first. If the trust document allows the trustee to sell the house, then the trustee is allowed to do so. But carefully look at the trust language for what the trustee is allowed to do with the funds. The trustee is not allowed to sell

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Life Estate Deed NY. What are the Benefits

Details: You can call us at 718-509-9774 or send us an email at [email protected] With a Life Estate deed in NY, people deed real estate to another party but reserve a life estate. It means they have the legal right to occupy the property until death their death. And upon death, the property passes to the beneficiaries.

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Can One Heir Sell Property

Details: Assets may include cash in bank accounts, real estate, stocks, bonds, motor vehicles and vessels, a family business, royalties and copyrights and other assets. One heir who is in charge, together with the assistance of a New York City estate attorney, must compile a list of the decedent’s assets and prepare an inventory.

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What is a Tenancy by the Entirety

Details: If you are wondering what tenancy by the entirety is, considering purchasing real property with another person, or wanting to deed half of your property to your spouse, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at

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What Percentage Do Realtors Make

Details: Generally, the national standard percentage realtors make is 6% of the home’s selling price, although it can range between 5% to 6%, depending on the real estate market, the selling price of the home, and your negotiation with the realtor. This 6% is split between the buyer’s agent and the seller’s agent. Usually, each agent will get 3%

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Is Dual Agency Illegal in Some States

Details: Because the buyer and the seller in a real estate transaction have competing interests (i.e., the seller wants a higher sale price while the buyer wants a lower price), some find that it is near impossible for one person to represent both parties while still observing one’s fiduciary duties. This is the very reason for which dual agency is

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How to Contest a Power of Attorney in order to prevent abuse

Details: We at the Law Offices of Albert Goodwin are here for you. If you are looking for an attorney who knows how to contest a power of attorney, get in touch with our firm. We have offices in Brooklyn, NY, Manhattan and Queens. You can send us an email at [email protected] or call us at 718-509-9774.

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A seller does not have to return the deposit if the buyer

Details: A buyer backs out of a real estate contract to purchase a home or property for two reasons, either due to contingencies or non-contingencies. A buyer can back out of contract due to contingencies that are written in the contract, such as financing contingency, home inspection contingency, appraisal contingency, home sale contingency, and clouds

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Suing Seller for Backing Out of an Offer or a Contract

Details: If you would like to sue the seller for backing out of a contract or interested in knowing your remedies in backing out, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 718-509-9774 or send us an email at [email protected]

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What Does an Executor Have to Disclose to Beneficiaries

Details: Executor’s duty to disclose the accounting to beneficiaries. Beneficiaries have a right to an accounting of the estate. If the executor fails to provide an accounting, the beneficiary can petition the court to compel the executor to submit an accounting. An estate accounting will contain all the principal and income received by the executor

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The Difference Between Legatee, Devisee, Distributee and

Details: Distributee – a person entitled to take or share in the property of a decedent who died without a will. [1] Beneficiary – a person entitled to any part or all of an estate. [2] Legatee – a person designated by a will to receive a transfer of personal property. [3] Devisee – a person designated by a will to receive a transfer of real

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SURROGATE’S COURT OF THE STATE OF NEW YORK

Details: estate of the decedent or for the probate of a will of the decedent, and your petitioner is informed and verily believes that no such . application ever has been made to the Surrogate’s Court of any other county of this state. 6. The decedent left surviving the following who would inherit his/her estate pursuant to EPTL4-1.1 and 4-1.2: a.

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