There’s a lot of paperwork involved with buying, or selling real property. A purchase and sale agreement, (PSA), is a document that is drafted and negotiated, usually by attorneys, on behalf of a buyer and seller upon mutually agreed upon terms pertaining to the subject transaction. The PSA includes specific material details and specific contingencies the parties have agreed to. There must be a full accounting and disclosures so each side can take stock of potential liabilities and risks. As often with real estate transactions, there is a "contract of sale" that is fully executed and delivered, and upon performance by both parties in accordance with their respective obligations, the transaction culminates at the "closing" of title to the subject property. Same goes for sale of a business, or other assets. Thinking of buying or selling an important asset? Call us, lets talk about your goals and how we can safeguard your interests.

A lease agreement is a contract between a landlord and tenant that rents the owner's property to the named tenant in exchange for rent, made as monthly payments. The first month’s rent and security deposit are generally paid when signing the agreement. After the lease is signed, the tenant is given access to the property at that time, possession is granted. Being a landlord is a business, so it is critically important to "vet" your tenant prior to entering into a lease, to avoid problems later. Recall that "Possession is 9/10 of the law". Getting a defaulting tenant out of possession can be hugely challenging, (and costly) given NYS civil court proceedings for eviction. Call us today if you have any questions about leasing and/ or steps you can take to avoid housing court.

Private lending refers to funding from sources not defined by regulators as “public lending institutions” – which is how the federal government describes banks, mortgage companies, credit card companies, and other conventional sources of financing. With 'hard money" lending, as an alternative to traditional lending, individuals lend their own capital to other investors or professionally managed real estate funds. Often the loaned funds are secured by a mortgage against real estate. At ELG, we represent both private lenders and investors seeking private lending and equity. We are here to assist you with your financing needs.

A 1031 exchange is a swap of one real estate investment property for another that allows capital gains taxes to be deferred. The term gets its name from Section 1031 of the Internal Revenue Code.

A 1031 exchange can only be made with like-kind properties, and Internal Revenue Service rules limit its use with vacation properties.

There are also tax implications and rigid time frames that must be taken into consideration.

• The rules can apply to a former principal residence under very specific conditions.
• Proceeds from the sale must be held in escrow by a third party, then used to buy the new property.