ACCEPTED OFFER, DEAL SHEET, AND PRE-CONTRACT NEGOTIATIONS. Once your offer is accepted by the seller, the agents/brokers to the real estate deal will prepare and send a "deal sheet" to the purchasers and sellers attorney summarizing the essential (pre-negotiated) terms. These terms become incorporated into the contract of sale that purchasers, sellers, and the escrow agent signs. Simultaneously, you will (most likely) be ordering an inspection to determine the overall condit

There are several ways individuals (married or single) can reduce their estate tax at death. Some include but are not limited to: (i) gifting inter vivos, (ii) setting up irrevocable trusts, and (iii) donating to charitable causes. For the purposes of this article, lets look at these methods through the lens of a single person. Gifting Inter Vivos An inter vivos gift simply means a transfer of property (where there is no consideration on behalf of the person receiving the g

Introduction & Summary of Article. I have read horror stories online from others who encountered someone practicing law without a law license - has this ever happened to you? And while this article may seem like a "no brainer" there are likely many instances of this inappropriate conduct happening right now... The point of this article is give readers an understanding of: (1) what is the unauthorized practice of law; (2) how can you vet attorneys moving forward; and (3) if y

Starting a new business is exciting, challenging, and rewarding. You have come a long way in turning your concept and idea into a reality. And whether you are selling a product or service, it is important to ask yourself that basic fundamental question: "what legal structure is right for me and my business?" Well, it depends... While we will not be reviewing every legal structure in New York (e.g. sole proprietorship, general partnership, limited partnership, joint venture,

When you hear Estate Planning, what are you picturing? Do you see the word: Trust or Will anywhere? Perhaps you are envisioning an elite family (of British ancestry) figuring out ways to game the system and stay rich? Maybe you are thinking about a "trust-fund" baby who has all of his families money set aside for him to live off for the rest of his life...maybe. And while these images are a reality for a select few, Estate Planning should be a reality for EVERYONE. In this

A founders agreement is simply a contract that covers the relationship between founders of a business. Separate from any operating agreements tied to the business (e.g. Corporate Bylaws or Operating Agreements), a founders agreement should think present and future of the business, its founders, and potential growth. And while this agreement does not have to be filed with any state department or agency, it is an important to come up with a Founders Agreement as you build the

Commercial Lease Agreements are fairly flexible in that the parties entering into the agreement have a lot of room to negotiate general and specific terms of the deal. Whether you are a landlord or tenant, here are a few items you should focus on: Price & Term Total Space Permitted Use Real Estate Taxes & Insurance Common Area & Maintenance Charges ("CAM") Insurance Coverage Default Clauses Guaranty Conditions in the Agreement Price & Term. Price & Term are essential for any

Title Insurance is a type of insurance that protects real estate lenders and buyers from financial loss sustained from defects in title to a property. Generally, there are two types of Title Insurance including: (1) a lenders policy and (2) owners policy. Most common in real estate transactions is a lenders policy which is purchased by the borrower and protects the lender from any defects in title to the property. The lenders policy is generally covered in a 'Title Commitme