Kiritsis & Associates

 

  • What is a title abstract?  Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M A title abstract is generally a quick summary of the transactions involving a property, which may be indicative of a title’s quality. It is usually prepared by a title examiner making notes after an examination of the land records. A title abstract should not be confused with a title opinion. A title abstract is merely a summary of the public record documents of the property; however, a title opinion gives the professional judgement regarding the c…

  • What is an acceleration clause? Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M This is a provision that typically favors a mortgage holder (lender). It empowers the lender (often a bank) that upon a specified event such as a property sale or delinquency of the repayment, to have the legal right to ndeclare all sums immediately due and payable. It may be possible that enforcement of an acceleration clause to be impaired by the statute of limitation. Although, acceleration clauses can be found in all sorts of contracts, their m…

  • What is accretion when talking about real property? Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M It is the buildup of land caused by forces outside of human control, such as natural forces like water or winds. Accretions are often sources to a number of real property legal disputes. The word “accretion” may have different meanings in different contexts. When talking about real property law, it may be best to use the coastal management usage of the word “accretion” to help you visualize a fact pattern (i.e. picture a house at the edge of the la…

  • What is an acknowledgement? Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M It generally refers to a legal document that contains a party’s confirmation through the execution of party’s voluntary act. Usually an acknowledgement is made before authorized court officers, certain government officials or a notary public, who also sign the legal document. Many jurisdictions differ on treatment of acknowledgements, as means to serve evidentiary purposes, while other jurisdictions treat acknowledgements as a requirement to legal …

  • What is an acre? Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M It is a vistage of British common law, as a term to indicate the size of a certain land. Generally, 1 acre is the equivalent to 43,560 square feet of land. In US real estate transactions, an acre has legal significance, because it is often used in measuring land sizes. Legally, most U.S. jurisdictions don’t seem to prescribe or imply a specific shape regarding an acre. However, U.S. jurisdictions seem to be strict in implying a certain numerical si…


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