Schuman & Associates LLC
1536 Third Avenue
4th Floor
New York, NY 10028
212.490.0100
info@schumanlawfirm.com


Lectures


 

LECTURES BY Keith A. Schuman, Schuman & Associates
Keith Schuman is a New York State Certified Real Estate Continuing Education Instructor. In addition to the Lecture Series, Keith Schuman also offers New Agent Training. Lectures are available as a complete series or as individual presentations. To schedule the series, for a custom lecture, or for more information, please contact Keith Schuman at 212-490-0100 extension 302 or keith@schumanlawfirm.com.


1. The Purchase and Sale of Residential Property in New York

• The Deal Sheet
• Attorney Due Diligence
• Inspections
• Purchaser’s and Seller’s Representations
• The Meaning of “as is”
• Post Closing Occupancy Agreements
• Assignment of Existing Mortgages


2. Understanding and Evaluating Building Financials

• What are the Components of a Financial Statement?
• What does the Financial Statement tell us about a Building’s Financial Position?
• What Criteria is Used to Determine if the Reserve Fund is Adequate?
• Evaluating the Building’s Underlying Debt
• Borrowing Money vs. Special Assessments
• Additional Debt - Lines of Credit
• Identifying and Assessing “Red Flags” in Financial Statements

3. New Condominium Development

• What are a purchaser’s rights if the building or unit is not finished (or damaged)?
• Is the building, units, or appliances covered by a warranty?
• What is the developer’s obligation with respect to the certificate of occupancy
• Does the offering plan contain information to calculate future real estate tax increases?
• What terms in the contract are negotiable?
• Are there any unique issues with obtaining financing?
• What are the typical closing costs for new construction?

4. Working with Foreign Investors

• Why do Foreign Buyers purchase property in the US?
• Assembling your team of professionals for your Foreign Buyer
• Educating the Foreign Buyer (co-op vs. condo, closing costs, etc)
• Taxation of Foreign Buyers
• F.I.R.P.T.A. Requirements

5. What is the Meaning of Selling a Home in its “As Is” Condition?

• What is a representation?
• “As Is” defined
• “Reasonable Wear & Tear” defined
• Seller’s obligations to repair
• Exceptions to the “As Is” rule
• Agent’s responsibilities for known defects
• Avoiding disputes about inclusions and exclusions

6. Make Sure Your Deal Sheet is Not a Deal Breaker

• The importance of a completed deal sheet
• Why inaccurate deal sheets produce inaccurate contracts
• The possible consequences of error-filled contracts
• Suggestions for preparing a great deal sheet

7. Closing Costs for Co-ops & Condos

• Co-op vs. Condominium closing costs
• Resale vs. New Construction closing costs
• When does the Bulk Sales Tax rate apply?
• Foreign Sellers’ Gains Tax withholding obligation (FIRPTA)
• Possible Mansion Tax issues for deals under $1,000,000

8. Don’t Get Derailed by the Details

• Typical timing for contract signing & closings
• What are the parties’ rights to adjourn a closing?
• The difference between “Contingent”, “Non-contingent” & an “All Cash” deal
• Are assessments adjusted between the parties?
• Pre and Post-Closing Possession Agreements

9. Critical Provisions for Residential Leases

• Does prepaid rent have to be set aside or can it be immediately released to the Owner?
• Must the Landlord place the Tenant’s security deposit in segregated or an interest bearing account?
• What insurance should a Tenant be required to carry?
• Can leases be signed by fax, email or by Power of Attorney?
• Must an option to renew the lease contain the term and rental amount?
• Advantages and disadvantages of a Right of First Refusal, Right of First Offer and Option to Purchase
• Should a lease restrict the occupants of any apartment? What if the Tenant is an LLC or corporation?
• Should a lease contain any special language if the Tenant has a pet?

10. Mortgage Contingency Clauses

• What is a mortgage contingency?
• How soon after the contract is signed must a Purchaser apply for a loan?
• Can the Purchaser cancel the contract if he loses a loan commitment?
• What is a funding contingency?
• Is a Purchaser required to apply to more than one lender?

11. Post-Closing Possession Agreements

• Typical terms of a Post-Closing Possession Agreement
• Common reasons for a Seller to request the post-closing possession
• Circumstances under which a Purchaser might consent to Seller’s post-closing possession
• Risks of post-closing possession to both parties

12. Strategies for Making a Deal in Today’s Market

• Help your Customer choose a qualified Attorney
• Make sure your deal sheet is not a deal killer
• Tips for facilitating the contract signing
• Strategies for making a deal that will close
• Working with an Attorney after the contract is signed

13. IRC Section 1031 Tax-Free Exchanges

• What is a tax-free exchange?
• What are the specific requirements for a valid exchange?
• Can the exchanged property be converted to a primary residence or vacation property?
• What is the cost of a 1031 exchange?

14. Is It Safe to Purchase In a Land Lease Building?

• Is it Safe to Purchase in a Land Lease Building?
• What are the characteristics of a Land Lease?
• What are the advantages and disadvantages of a Land Lease co-op or condominium?
• Is a Land Lease property financeable?
• What are P.I.L.O.T. charges and are they tax deductible?
• Factors to consider in deciding whether or not to purchase in a Land Lease building

15. Working with Your Attorney – Practical Tips for a Quick Contract Signing and a Smooth Closing

• Helping your customer select an Attorney
• Common problems with inexperienced or non-local Attorneys
• Helping your customer choose a Mortgage Loan Officer or Mortgage Broker
• The benefits of obtaining financing pre-approval
• Obtaining the necessary due diligence materials
• Working as a team with your customer’s Attorney
• Understanding the Attorney’s role and responsibilities

16. Co-Op vs. Condo Sales Contracts

• The mortgage contingency provision
• The purchase application (including the timing of submission, fees, and requirements)
• Seller’s representations regarding any alterations made to the unit for its combination with another unit (or its combination with another unit)
• The right to cancel the contract