OfflineFrom my research, this law in New York states that the seller has up to two years after date of closing to back out and sue you for damages, lost equity etc., with penalties and even jail time. excellent article here:
http://www.tweisslaw.com/negative.php
My questions are 1) Why would an investor enter into such an agreement with such a risk?
2)Wouldn't obtaining insurance prove to be extremely difficult as the properties are seen as liabilities to insurance companies because of their possibility of being in lawsuits within two years?
3)How are assignments being done in New York, within the rules set forth in this act?
New York property assigners/New York Investors any feedback on how it is done would help greatly
God Bless
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Be a bona fide purchaser! Then there is no risk. Follow the law regarding what documents need to be signed by the homeowner. Give accurate appraisals of the property value and deal fairly with the seller. NO problems.
Should be no trouble getting insurance.
I don't work in New York, so I don't know how assignments work.
Above ALL, seek legal advise from an RE attorney and make sure all your contracts ETC comply with the law.(I am not one)
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
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