Legal Question in Real Estate Law in New York
Contract for deed who pays what
I am owner of 2 family home negotiating with first floor tenant to purchase home with contract for deed.
In NYC does contract for deed agreement get filed with the deed in county clerk office?
Until agreement is fulfilled, as the owner, am I still entitled to collect the rent from 2nd floor tenant?
Who pays the taxes and insurance while house is under this contract?
At this time I do pay the oil and water bills. Would I still be responsible under contract?
I will be consulting an attorney but for now I was just interested in who was responsible for what expenses.
thank you
2 Answers from Attorneys
Re: Contract for deed who pays what
Most of the issues you raised are determined by agreement of the parties. Generally, contracts are not filed, and the parties adjust income and expenses as of the date of closing. Please consult an attorney to help you decide on and execute a plan that is best suited to your particular needs and circumstances.
Re: Contract for deed who pays what
The contract would be filed with the city if the purchase price is above $500,000. Also, you are responsible for the expenses and costs until the day of closing, but are entitled to collect rent from all tenants until then.
Please feel free to contact me should you have any additional questions or require assistance on this matter.
Kind regards,
Peter Moulinos
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