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*HOT MANAHATTAN REAL ESATE MARKET!!! = Special Edition* 2020 Manhattan Market Year End Review - January 1, 2021

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Legal Line - Question of the Week - Neil B. Garfinkel

  Question: I am a licensed real estate salesperson and I represent an owner who is considering leasing her condominium to a foreign government official who has diplomatic immunity. What is diplomatic immunity? May a foreign government official waive their diplomatic immunity so that the owner retains her ability to sue them in the United States? Answer: Diplomatic immunity is a status granted to certain foreign government officials that removes them from the jurisdiction of United States courts. Therefore, a foreign government official with the status of diplomatic immunity (a "Diplomat") cannot be sued in the United States.   The status of diplomatic immunity belongs to the Diplomat’s country and not to the individual Diplomat. Accordingly, individual Diplomats cannot waive their diplomatic immunity. In many instances, the Diplomat’s country will not waive diplomatic immunity, making it practically impossible to successfully sue the Diplomat in a court in the United States.

FHA ANNOUNCES NEW SINGLE FAMILY LOAN LIMITS FOR 2021

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WASHINGTON - The Federal Housing Administration (FHA) today announced the agency's new schedule of loan limits for calendar year 2021 for its Single Family Title II forward and Home Equity Conversion (reverse) Mortgage insurance programs. Loan limits for most of the country will increase in the coming year resulting from robust house price appreciation, which is factored into the statutorily mandated calculations FHA uses as part of its methodology for determining the limits each year. The new loan limits are effective for FHA case numbers assigned on or after January 1, 2021. Read FHA’s Mortgagee Letter on 2021 Forward Mortgage Limits. Read FHA’s Mortgagee Letter on 2021 Home Equity Conversion Mortgage (HECM) Limits. FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008 (HERA), to set Single Family forward loan limits at 115 percent of area median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward
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HOW TO IMPROVE YOUR CREDIT SCORE Your credit scores usually determine the price you pay for your money (your mortgages, your auto loans  and leases, your credit cards, business loans, etc.). Perhaps the most significant part of your credit  report is your credit score. Credit scores range from 350 to 850, with 850 being the best possible  credit score that you could receive, and 350 being the worst possible credit score. There are five factors  that determine your credit score: YOUR PAYMENT HISTORY: 35% IMPACT ON YOUR CREDIT SCORE Paying debt on time and in full has a positive impact. Late payments, judgments, charge-offs, collection  accounts and bankruptcies have a negative impact. If you have had any bankruptcies within the last 7  years, it will seriously affect your ability to borrow or establish new credit accounts.  If you have had any  judgments within the last several years, it is very important that you pay off the judgment and get a  "satisfaction of judgment" from

All Cash Client Question About The Transaction Timeline From Contract On

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  Good morning, Sharon.  You asked me about the timeline for the purchase application and board package in your text, but I figured I'd write to you here.  The Due Diligence: 2-5 days usually First, your attorney will do the due diligence work looking through the building financials, the minutes of the coop meetings, the by-laws, the offering plan, and other sources to see how the coop is doing, if there's any litigation, any current assessments and/or talk of future assessments, etc. She will also negotiate the contract to make sure you are protected, etc. The Contract Signing: 2-5 days usually   After the due diligence work is complete, your attorney will discuss her findings with you and will either call you to sign the contract in her office or will email you the contract for you to sign it digitally.  She will also ask you to make your deposit of 10% of the accepted offer amount. That could be made by a bank check or by a wire transfer. She will give you the options.  Then

Tips For The Final / Pre-Closing Walkthrough

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Here are some tips for your pre-closing walkthrough.  1) As you enter the apartment start looking/inspecting the overall condition of the apartment (walls, floors, ceilings, windows, doors, etc).  The other should be in a similar condition to what it was when you first visit it. 2) The apartment should be at least broom-cleaned with all sellers' items removed. 3) Open & close the windows and doors. 4) Turn all light switches on and off to make sure they are working. 5) Bring your cell phone charger and test all electrical outlets. 6) Test all kitchen appliances to make sure they are in working condition (microwaves, dish/washer, fridge, stove/oven, etc).  7) Run the exhaust fans (if present) in the kitchen and bathrooms. 8) Open all cabinets, closets, storage spaces 9) Run all sink and bath faucets as well as the shower, and check for any leaks or other problems.  10) Flush toilets and look for drips, leaks, or problems. 11) Test