Monthly Archives: November 2017

Elder Law – Why You Should Plan Now to Avoid Problems Later

Caring for loved ones is never an easy task.  Combine the emotional stress of an ailing parent or spouse with navigating the waters of obtaining their care, and one can not only become quickly overwhelmed but can lose precious assets they or their loved ones have worked hard to save.

While many people talk about the eventuality of needing care, they often don’t plan for it, and when it is time, they find themselves completely unprepared.  The average cost of nursing home care on Long Island is between $300 and $500 per day, and if an application for care is submitted with surplus assets, an ailing patient can face a penalty period that costs thousands of dollars and uses all of their assets.

But there are ways to preserve those assets for spouses and loved ones if properly planned for, and properly managed before and at the time of application. There are exemptions for transfers between spouses, or to disabled children, and child caregivers.  Or if properly managed ahead of time, health trusts can provide protection for almost all of one’s assets.

Eldercare professionals are well versed in this area and can help veteran families who believe they have taken all of the necessary steps, as well as, families that have failed to do any planning at all chart the waters of nursing home care, at home care, or future planning.

While it is always easy to listen to a neighbor’s story of how they made sure their loved was “taken care of,” it is important to contact a professional who can help with the entire process from start to finish.

Contact Misiano Law with any questions about protecting your loved one’s assets, and we will help you prepare for this major life event.


Misiano Law Real Estate Purchases and Sales Tips: Mortgage Pre-Approvals

Mortgage Pre-Approvals

There are many things you can do to avoid the hold-up of a potential home sale – or at least not impede its progress. One is to make sure the buyer is indeed qualified for a mortgage.

Some purchasers bring with them, when looking for a home, a pre-approval for a mortgage, but how much stock does that really hold? And should you consider this a green light to move full speed ahead?

According to real estate attorney James Misiano of Misiano Law in Hauppauge, “This means, in my humble opinion, very little.”

“A pre-approval simply states that if the unvetted information the potential purchaser/borrower gave to the lender is accurate, and if their credit checks out, then they may qualify to purchase your home.  Remember, this is all unvetted information and should be considered as such.”

To be pre-approved for a mortgage means that a bank or lender has investigated your credit history and determined that you would be a suitable candidate for a mortgage. However, pre-approvals may only be good for a limited time. They usually signify that a lender is ready and willing to lend you money, but not quite yet as they will require verification of financial status and credit-worthiness.

“The contract will still be contingent upon the purchaser obtaining a mortgage.  Therefore, I would not prefer one buyer over another just because of this pre-approval,” said Misiano.

James F .Misiano, P.C. has been representing home buyers and sellers for 38 years. He owned and managed a Title Abstract company for 12 years and is expertly familiar with title insurance issues – and with the solutions.  If you are buying or selling a home, call Misiano Law today for a free consultation.


Misiano Law Real Estate Purchases and Sales Tips: Home Appraisals

Home Appraisals

Many stumbling blocks may appear when purchasing or selling a home. Of course, this is why you should obtain legal counsel from an experienced firm such as Misiano Law to protect your best interests in these matters. Today we’ll discuss home appraisals and reflect on a recent story of a client-seller that accepted a bid on her home.

After an initial bid, the purchaser requested that the seller raise the price of the home and give the purchaser back a credit that he could use for his closing costs. “I advised the seller that the raising of the price of the home could potentially kill the sale if the lender’s appraisal does not evaluate the home at the raised price,” said James F. Misiano of Misiano Law in Hauppauge.

In a case like this, it is important to consider the seller may lose valuable time removing the home from the marketplace to accommodate a buyer that essentially does not have the funds to close on the home.

“So, here’s the solution,” said Misiano. “I told the seller to keep the home on the market and have the potential purchaser pay his bank for an appraisal. If the appraisal values the home at the increased value, then we can enter into contract. If not, a new solution must be arrived at or nix this purchaser.”

James F. Misiano, P.C. has been representing home buyers and sellers for 38 years. He owned and managed a Title Abstract company for 12 years and is expertly familiar with title insurance issues – and with the solutions.  If you are buying or selling a home, call Misiano Law today for a free consultation.


Misiano Law Real Estate Purchases and Sales Tips: Certificate of Occupancy

Certificate of Occupancy

Many issues may arise when purchasing a home. And this is why you should obtain legal counsel in these matters.

If the home you are considering has additions such as a basement apartment, pool, deck, shed, and fencing, all these can be potential deal killers because you may apply for a mortgage and lock in a rate up to a certain date.  If you can’t close within the time set in your commitment, you will lose your rate of interest or even the commitment altogether.

So, what can hold up the closing?  A Certificate of Occupancy (C of O) issued by the Town Building Department after inspection of the contracted work, which would state the pool, additions, shed, etc. was built in compliance with the town building code.

The lender’s attorney will generally not allow the loan to close without proper C of O’s for the entire premises. Therefore, when bidding on a home, don’t be afraid to ask the seller to produce the C of O or multiples for later additions.  It may help you decide to pass on the home or continue with the sales process.

Some applications can be obtained relatively quickly, depending on the town, but some can delay the sale substantially – particularly additions added without any permit process.

When selling a home, the converse is true. MAKE SURE YOU HAVE ALL YOUR C of O’s for all your additions!

James F. Misiano, P.C. has been representing home buyers and sellers for 38 years. He owned and managed a Title Abstract company for 12 years and is expertly familiar with title insurance issues – and with the solutions.  If you are buying or selling a home, call Misiano Law today for a free consultation.