NYSBA Ethics Opinion 882 (10/14/2011)

Topic: Lawyer’s participation in residential real estate transaction that includes both a “seller’s concession” and an equivalent “gross-up” in the sales



Digest: If the sales price in a residential real estate transaction has been “grossed-up” in exchange for a “seller’s concession,” all transaction documents containing the grossed- up sales price must disclose that the sales price has been increased by a sum equal to the seller’s concession. Rules: 8.4(c).

“…in a residential real estate transaction where the sales contract, the HUD-1 Settlement Statement, the transfer tax return and any other documents that contain the sales price [shall] each contain the following statement (or a substantially similar statement): “The sales price has been increased by a sum equal to the seller’s concession.”


Read the entire opinion here.


FEMA Federal Disaster Assistance Registration Deadline for Hurricane Irene–October 31, 2011

Federal Emergency Management AgencyImage via Wikipedia

New York State and federal officials remind those who were affected byHurricane Irene that they have only two weeks left to register with the Federal Emergency Management Agency (FEMA) for possible federal disaster assistance. It’s important that those who may need to register for aid do so as soon as possible. Registrations cannot be accepted after the October 31, 2011 deadline.

“Registration keeps open the possibility of awide range of assistance,” said Philip E. Parr, FEMA Federal Coordinating Officer. “If your insurance coverage comes up short, or other damageappears later, you need to be registered with FEMA to be considered for disaster assistance.”

To register, call the FEMA Helpline at 800-621-3362. Phone lines are open from 7 a.m. to 10 p.m. ET, seven days a week untilfurther notice. People with hearing disabilities can use the TTY number, 800-462-7585.Applicants can also register online at www.DisasterAssistance.gov orwith any web-enabled mobile device or smartphone at m.fema.gov. Follow the link to “apply online for federal assistance.”