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Peter John Wagner
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Peter Wagner’s Answers

36 total

  • How much should it cost to have a NYC attorney review a "Joint Tenants with Right of Survivorship" purchase agreement?

    My relative and his fiancee are buying a house together and need an attorney to review their "Joint Tenants with Right of Survivorship" agreement. How much should it cost them to have an attorney review their agreement? An attorney just quoted the...

    Peter’s Answer

    As my colleagues have stated, attorneys can't advertise prices or their services here, but the price and terms seem high if it's a purchase contract for residential real estate. Most residential deals are done on a flat fee basis, and include review and negotiation of the contract (which is typically prepared by the seller's atty), as well as ordering title, ordering and reviewing a survey, reviewing mortgage documents, and attending the closing. There are other services in some instances that may add cost, but these are the traditional services of a purchaser's attorney in residential real estate. If it's commercial real estate, it's typically done on an hourly basis and there are many other things to review, advise and consider. Shop around and get a real estate attorney who focuses on residential real estate, or one that otherwise does a lot of residential real estate.

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  • Can I sue to get my down payment back

    I was in contract to purchase a 2 family house. Lender went past the time of essence and the deal fell through,and now they won't return my down payment

    Peter’s Answer

    As many of my colleagues have stated, the time is of the essence clause is typically a clause in a purchase contract with the seller, however there are very few contracts that actually start with a time is of the essence clause. What did your contract state? Also, the lender isn't a party to your contract unless you are purchasing a property that a lender owns (An REO), and they are the seller. In that case, most REO contracts DO contain a time is of the essence clause. The first person to ask is your attorney who represented you in this transaction, assuming you had one. If not, I would strongly suggest you need to hire a real estate attorney.

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  • Home equity line

    Can I obtain a home equity line from a bank that is not the bank that my mortgage comes from?

    Peter’s Answer

    Of course, although it's often a good place to start. Shop around.

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  • On a short sale what happens to tax liens and mechanic leins ?

    I inherited a property with a mortgage tax liens and mechanic liens. I have been offered short sales by several people in realestate . Does the prospected buyer pay the liens . If I accept a short sale it's clear that I'm unable to pay off the debt .

    Peter’s Answer

    Typically these liens and judgments are paid by the first mortgage lender . However during your negotiation you must make it clear that this is what you want the lender to do And depending on the investor there are rules that dictate what liens judgments or other costs the payoff lender will ultimately pay

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  • Want to know if contr act is binding

    I and my wife sold our farm to my son and his wife 25 years ago, in the contrct it was statted that the house that my wife and I live in was to be ours to live in till we die,now my son and his wife have divorced, and to settle the divorce my son ...

    Peter’s Answer

    This certainly sounds like a life estate, and based on the deed anyone purchasing the property would have to buy subject to that life estate, or would have to pay you for the value of that estate. You need to find a real estate attorney and perhaps a trusts and estate attorney to help determine the present value. The court cannot order the sale without taking this into account.

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  • Can a trustee, who has been paying the taxes and homeowners insurance on the house in trust, legally stop paying those bills?

    I recently found out that I'm not the owner of this house due to the attorney's error in the wording of the irrevocable trust, which he amended.

    Peter’s Answer

    It depends on what the trust itself says. Is there a life tenancy for the current occupant who is likely to be the grantor of the trust? are you the trustee or the grantor/trustor? Was it your house before it was placed into the trust?

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  • 86 yr old mother (deminitia) has 50% of home with no equity,will transfer of my home out of her name help for medical assistance

    mothers income of approximately $4000 per month , her home is in Life Estate since 1994 for 3 daughters.can she get medicaid.other assest cash $45,000, 2014 car, $3,000 annuities.

    Peter’s Answer

    There are several options. However, prior to doing anything I strongly recommend you speak with an Elder Law Attorney that does a lot of medicaid work.

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  • Do i need a real estate attorney

    i am looking to buy a new house in new york

    Peter’s Answer

    Yes. NY is an "attorney" state where attorneys draft review and approve real estate contracts. If you are getting a mortgage most lenders will require you to get a lawyer, and I highly recommend retaining a real estate lawyer or one who does a lot of freak estate. They will know how to get a deal done smoothly and will protect your legal rights. However , the first step is to find a house and you should go to a reputable realtor to help you in your search for your dream home. Realtors help tremendously in finding the right house, negotiating price and "pushing" the deal along.

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  • What rights do I have with a dispute over a fence on a property line?

    I'm buying a house. According to the survey, the back neighbors fence is 3 feet on our property line. The neighbor is being very difficult about the situation. Do we have any legal recourse to force them to move the fence off our property? If ...

    Peter’s Answer

    I agree with my colleagues that this is a matter for the seller to address, and should be done as soon as possible in order to ensure it doesn't hold up closing as you should not close unless it's addressed. Your real estate contract should have provisions in it covering this type of issue, which is called "out of possession." There are several means of "curing" this matter so you can close, and once it's "cured" for title purposes, you can move forward towards moving the fence, and/or permanently fixing the situation

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  • Can I be on a deed even though I am not on mortgage?

    My wife and I are planning to purchase a new home but I don't have a good a credit score. If only my wife applies for mortgage, can I be on a deed as joint ownership? Does a contract to purchase a new home also need to list my wife and my name ...

    Peter’s Answer

    This is a very common occurrence. Your wife's credit will be used for the loan from the bank. She will sign the note and will be responsible for the debt, which will be secured by a mortgage.. If you want to own the property jointly, you will be on the deed, and will sign several documents at closing in order to ensure that the bank has a lien on the property. You will sign the mortgage, the truth in lending disclosures, some affidavits pertaining to your ownership rights as well as some other documents. You would NOT be responsible for the debt, but if your wife doesn't pay the mortgage, (and neither you nor anyone else assists her in payment) you could lose the home. The contract would have to be in both of your names. Be sure to have your wife advise the loan officer ASAP that this is what she wants to do . Good luck to you.

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