Frequently Asked Questions
Real Estate
Q. Should all real estate contracts be in writing?
A. The law requires that all contracts to buy and sell real estate need be in writing to be enforceable.
Q. If I am applying for a mortgage, should I use a mortgage broker?
A. A mortgage broker is required to be licensed in New York. All real estate contracts, if you are a buyer, should be made subject to your application and approval of your mortgage.
Q. How do I determine how much money I will need at closing?
A. You should receive a “Good Faith Estimate” from the institution that is giving you your mortgage. When you get close to the closing date, your Attorney should be able to give you a more accurate closing number which includes escrowed tax deposits, title charges and prepaid fees. Also, you will have to have at closing evidence that homeowner’s insurance has been prepaid. If you are the seller, and have an existing mortgage, a “pay-off” letter should be presented at the closing. If you have an outstanding equity line of credit, the title company requires proof that it has been frozen prior to closing, or else they will escrow for the entire amount of the line of credit.
Employment and Labor Law
Q. Can my employer terminate me for any reason?
A. It depends if you are an employee who has an employment agreement or if you are an “employee at will”. If you have an employment agreement, the basis for termination may be contained within that document. If you are an “employee at will”, you may be terminated for any reason or no reason at all. However, a termination is unlawful under certain Federal and State statutes if it is maintained because of an employee's race, color, creed, or other characteristic protected under the law.
Q. As an employer, should I have an employee handbook or personnel policy?
A. Your business should have written guidelines regarding termination, and those guidelines should be applied consistently to all employees. If they are not applied uniformly, it could be perceived that your actions were prompted by a discriminatory motive and you may be subjected to a lawsuit.