Friday, September 29, 2023
Subscribe to Guide
No Result
View All Result
Hamptons.com
  • Spotlight
  • Entertainment
  • Arts
  • Community
  • Dining
  • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
    • Main Beach Music Series
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
    • History of the Hamptons
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • East Hampton Village, Main Beach
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, West Lake Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Village Main Street
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (South)
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
  • Spotlight
  • Entertainment
  • Arts
  • Community
  • Dining
  • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
    • Main Beach Music Series
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
    • History of the Hamptons
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • East Hampton Village, Main Beach
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, West Lake Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Village Main Street
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (South)
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
No Result
View All Result
Hamptons.com
July 9, 2021

CAVEAT EMPTOR: Buyer Beware!

John A. ViterittibyJohn A. Viteritti
in Real Estate
Home Real Estate

Two recent cases, Heid v. Mohring, Nassau Supreme Court, and 98 Gates Ave. Corp. v. Bryan Jr. Kings County Supreme were decided against the buyers of real property due to their failure to adhere to the doctrine of caveat emptor.

 

In “Heid” the court determined that the buyer did not exercise the obligation to inspect the property. “Gates” was determined based on an issue of title and the failure of the buyer to purchase title insurance for himself, not just the lender.

 

Buyers of real estate are not absolved because they didn’t know the law. The best protection is to retain a real estate attorney who does.

 

To explore this subject, I interviewed Douglas C. Sinski with the law firm Schwartz & Sinski located in Southampton.

 

Doug advised that his clientele is divided almost evenly between buyers and sellers, and all are a result of referrals.

 

I started by asking about the Property Condition Act that became effective in New York on March 1, 2002 intended to aid buyers of residential properties. It requires a seller to answer forty-eight questions contained in a disclosure form but does not relieve buyers of their responsibility to conduct their own due diligence. The law also allows the seller to issue a $500 credit against the purchase price of the home at closing in lieu of providing the Property Condition Disclosure Form. (PCDF)

 

DS: Given the price of homes in the Hamptons real estate market, it makes perfect sense for the seller to give the $500 credit to the buyer in lieu of filling out the form, which may not be the case in some upstate communities. We never let our clients fill out the form. A seller who does is subject to a court action for up to six years from the date of signing it.

 

JV: Explain the merger clause in the contract of sale and specifically its application with respect to the PCDF.

 

DS: The merger clause prevents the buyer from refusing to close, if for example, he didn’t perform a search of the property for liens and other encumbrances before the date of the closing. Usually a buyer would have to demonstrate fraud on behalf of the seller to negate the merger clause. That’s not true with respect to the PCDF. A seller’s simply checking the “I don’t know” box on the form doesn’t relieve them of responsibility.

 

JV: What about when you represent the buyer? Do you ask for the form?

 

DS: Yes we do, even though we are going to perform our own due diligence. It’s a “belt and suspenders” concept, but we never get it.

 

JV: Explain the issue of certificates of occupancy (C of O) with respect to transfer of title.

 

DS: The incorporated villages within the townships require that the C of O be updated on the transfer in the purchaser’s name within thirty days of the purchase of the property. What we do is require the seller to produce an updated C of O within at least thirty days prior to closing as a requirement of the contract. A complication arises when the improvement requires an updated survey issued by the municipality and is not able to do so before the closing. What we do in that case is have the seller declare that no improvements have been made to the prop[erty that would require a new C of O.

 

JV: Are you ever consulted by a seller who is contemplating entering into a contract with a broker regarding the sale of their property, and if so, what advice do you give them?

 

DS: Yes we are. I make sure they understand their obligations to pay the broker’s commission depending on the type of listing agreement they enter into and that the obligation to pay is contingent upon the transfer of the property.

 

JV: On January 1, 2009 the Commission Escrow Act intended to aid real estate brokers in collecting commissions on residential sales became effective. Can you address that?

 

DS: The amendment provides that an affidavit of entitlement filed by the broker before closing would require the seller to deposit the broker’s commission in escrow with the county clerk’s office. I have never seen it used.

 

JV: Just to be clear. The affidavit if it were filed does not constitute a lien on the property?

 

DS: Correct!

 

JV: With respect to transfer taxes paid at closing: the seller transfer tax, the “Mansion Tax” and the “Peconic Bay Region Tax” paid by the seller, to whom are the checks written?

 

DS: They are written to the title company.

 

JV: Am I correct that the “Mansion” and “Peconic” taxes are not deductible when they are p[aid but may be added to the adjusted cost basis when the property is sold?

 

DE: That’s correct.

 

JV: Would you differentiate between a mortgage commitment and the actual funding of the loan?

 

DE: When we have clients purchasing with mortgage financing, we always qualify the standard contract language which says that the commitment is firm even if the lender fails or refuses to fund the loan for any reason. We add: “attributable to the purchaser.” In this way the seller is protected in that the buyer can’t harpoon his own commitment and the buyer is protected against the non -funding which he had no control over.

 

John is a St. John’s University graduate, licensed Real Estate Broker, DOS Certified Instructor, and real estate consultant. He previously taught at NYU, LIU, and The Cook Maran Real Estate School, which he helped found.  www.johnaviteritti.com

Sign up for our weekly newsletter!

Get the top Hamptons events and latest scoop!

What's Happening in the Hamptons

Related Posts

Hamptons Real Estate Market Data – Week of 9/19/2023
Real Estate

Hamptons Real Estate Market Data – Week of 9/19/2023

September 26, 2023
“Only the Timeless,” Remembering Iconic Hamptons Architect Myron Goldfinger
Real Estate

“Only the Timeless,” Remembering Iconic Hamptons Architect Myron Goldfinger

September 26, 2023
Hamptons Real Estate Market Data – Week of 9/12/2023
Real Estate

Hamptons Real Estate Market Data – Week of 9/12/2023

September 20, 2023

Search Articles

No Result
View All Result

LOCAL EVENTS

29
Sep
29
Sep
-
01
Oct

The Sag Harbor American Music Festival

September 29 @ 11:00 AM - October 1 @ 09:00 PM
Sag Harbor, NY 11963
30
Sep
30
Sep
-
30
Sep

Growing and Enjoying Fruiting Plants in Your Landscape

September 30 @ 09:00 AM - September 30 @ 10:30 AM
Bridge Gardens 36 Mitchell Ln Bridgehampton NY 11932
30
Sep
30
Sep
-
30
Sep

East Hampton Historical Society’s Fall Festival

September 30 @ 10:00 AM - September 30 @ 02:00 PM
Mulford Farm Museum 10 James Lane, East Hampton Village
30
Sep
30
Sep
-
30
Sep

EAST END DEAD POETS SOCIETY

September 30 @ 03:00 PM - September 30 @ 05:00 PM
127 Squaw Road, East Hampton, NY 11937
30
Sep
30
Sep
-
30
Sep

BOB ROSS PAINT NIGHT

September 30 @ 03:00 PM - September 30 @ 05:30 PM
Springs Community Presbyterian Church, 5 of Stone Highway, East Hampton , My 11937
Load more listings
Next Post
The Minardi Beach Workout

The Minardi Beach Workout

  • The place is the old Astro’s, and it looks pretty much the same except all the seating is now by the windows, and there are no tables. You can go in for slices, and overall, it’s a pretty typical pizza joint with a more retro vibe. But what’s great about this pizza is that it is thin and has a crispness to it that you don’t get anywhere else in the Hamptons. This means that even if you devour half a pie, you don’t walk away feeling bloated and like death is imminent, but you just feel really full from good pizza.

Everything is fresh, and the overall vibe is trendy. You have to go. I gave it an 8.4. #pizza  #pizzatime  #pizzalover  #hamptons  #finipizza
  • Special Screening of Love…Reconsidered, A Hamptons-Based Romantic Comedy

The Westhampton Beach Performing Arts Center will be hosting a premiere of the film Love…Reconsidered on Saturday, September 30th at 7:00 p.m. in the Mollie Parnis Auditorium. This is the charming romantic comedy starring Sophie von Haselberg, Judy Gold, Marisa Ryan, Elaine Bromka, Luke Gulbranson, and Colton Haynes, set between New York City and Southampton.

Love…Reconsidered is based on Arielle Haller-Silverstone’s true love/life story, and she wrote the screenplay after losing her job during the pandemic where she then moved to the Hamptons. Haller-Silverstone is the co-owner of Le Closet, a curated consignment store, with locations in Southampton and New York City, and she can’t wait to premiere this film at WHBPAC and connect with viewers.

The screening will also include a panel discussion with the filmmakers moderated by Kate Schumacher and Carinn Jade of the well-known podcast Pop Fiction Women. They will dive into the film’s characters and the complicated lives they lead, along with the filmmaking process that brought this movie to life on the screen. Arielle Haller-Silverstone spoke more about her inspiration for the screenplay, her background, and what she is most looking forward to for the screening.

Congratulations on your film Love…Reconsidered. Can you talk about the story behind this film and where your inspiration came from to write the screenplay? 

Arielle Haller-Silverstone: I lost my job during COVID and started Le Closet from my studio apartment in Hell’s Kitchen. On a total whim, my dad knew a broker that knew a broker in Southampton, and I decided to give it a shot. I schlepped all of the clothes from NYC and opened on Windmill Lane (where the store still is today!). I knew there was a script within this story and had to make a movie. @whbpac

Read the full interview at Hamptons.com (Link in Bio)
.
.
.
.
#westhampton #romantic #comedy #screening
  • It
  • East Hampton’s 375th Anniversary Celebration with Historic Festival

East Hampton is set to mark its 375th anniversary with a History Festival hosted at the iconic Mulford Farm Historic site. On Saturday, September 30, from 10 am to 2 pm, the community is invited to join in this celebration, free of charge. The festival promises a captivating array of activities presented by over a dozen historical organizations spanning from Wainscott to Montauk. @easthampton_histsoc

Read the full article at Hamptons.com (Link in Bio)
.
.
.
.
#historicfestival #hamptons #easthampton #celebration
  • Sara Hartman Talks Musical Beginnings, Berlin, and New Album ‘Start Somewhere Dark’

With the excitement surrounding the return of the Sag Harbor Music Festival this year, one artist stood out in the lineup: Sara Hartman. She’s not your typical local artist. She is a SHMF veteran, performing at the very first one when she was just 15 years old. She grew up in Sag Harbor and attended Pierson High School. She took lessons at the famous Harbor Music Studio in Sag Harbor, and in 2015, she signed a record deal with a major label, moved to Germany, and toured the world opening for acts like Ellie Goulding, Clueso, Kelvin Jones, and many more. Her song “Monster Lead Me Home” off her Satellite EP has over 34 million Spotify streams. The US premiere of her new album “Start Somewhere Dark” will take place at Bay Street Theater in Sag Harbor on Saturday, September 30th. It seems things are coming full circle for Sara.

She spoke to Hamptons.com about her musical beginnings, Berlin, and new album ‘Start Somewhere Dark.’

Take us back to the beginning of your musical journey. How did it all start?

I grew up in Sag Harbor and took lessons with Paul Chapin at Harbor Music. It was a little lesson space near Sag Town Coffee way back in the day. I got a drum set for Christmas and really fell in love with it. I’m sure my neighbors were not as in love with the instrument as I was haha. I was really grateful to be working with Chapin as a teacher. He taught me a bit of piano, bass, guitar, and ukelele as well. That led to me writing songs in my bedroom as a way of dealing with a bit of a chaotic home life. It was therapy for me to be able to express myself through songs. I was adopted by the East End music scene after playing a show at Crossroads Music in Amagansett and soaked up all that I could learn. I was really supported by my family and my teachers at Pierson. Without all this, I wouldn’t be where I am today. @sarahartmanmusic

Read the full interview at Hamptons.com (Link in Bio)
.
.
.
.
#sarahartman #musician #local #berlin #indie #hamptons #sagharbormusicfestival
  • Behind the Bar: Dopo Argento in Southampton

Okay, let’s set the scene: we’re walking down Main Street, Southampton, black mini shoulder bags hanging between us. We’ve just finished dinner a few doors down, arms linked and chatting about that mini Dachshund we saw enjoying an evening stroll with its owner. What’s the next stop? You ask. A little night cap? I suggest. Could it be a warm July night, a moody October weekend– doesn’t matter because you know this bar is just as delicious in the summer months as it is on a biting winter night. @dopoargentosouthampton

Read the full article at Hamptons.com (Link in Bio)
.
.
.
.
#bar #dopoargento #southampton #hamptons #dining #bartender
Facebook Twitter Instagram Youtube
Hamptons.com

Saunders Broadcasting Corp.

Phone: 631-405-3902
Email: [email protected]
Facebook: Facebook.com/HamptonsOnline
Twitter: @Hamptons
Instagram: @HamptonsOnline

Contact Us

Hamptons.com

  • Arts
  • Community
  • Dining
  • Entertainment
  • Featured
  • Gallery
  • History of the Hamptons
  • Kids
  • Music Videos
  • Real Estate
  • Recreation
  • Spotlight
  • Tuesdays at Main Beach Music Series
  • Uncategorized

Subscribe

Sign up for our weekly newsletter!

Get the top Hamptons events and latest scoop!

© 2021 Hamptons.com | All rights reserved. | Saunders Broadcasting Corporation
Terms & Conditions | Privacy Policy | Contact Us

No Result
View All Result
  • Spotlight
  • Entertainment
  • Arts
  • Community
  • Dining
  • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
    • Main Beach Music Series
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
    • History of the Hamptons
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • East Hampton Village, Main Beach
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, West Lake Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Village Main Street
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (South)
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support

© 2021 Hamptons.com | All rights reserved. | Saunders Broadcasting Corporation
Terms & Conditions | Privacy Policy | Contact Us