Beginning March 20, 2024, sellers of residential 1-4 family homes will no longer have the option to give purchasers a $500.00 credit in lieu of completing a property condition disclosure statement. The New York Real Property Law requires sellers of certain types of residential real property to complete a property condition disclosure statement and deliver … Read more
When seeking to rent commercial space for your business, it is important that your lease terms are given careful consideration. A lease, unlike a contract of sale that essentially terminates at closing, lives on for the entire term. During the term of the lease, many things can change, and it is important to seek the … Read more
The Corporate Transparency Act (“CTA”) was enacted January 21, 2021 and is implemented through regulations established by the Financial Crimes Enforcement Network (“FINCEN”), a bureau of the US Department of the Treasury. The regulations require “reporting companies” to report information about their beneficial owners to FINCEN to be stored in a secure, non-public database. Reporting … Read more
Summer is quickly approaching, and you are looking to renovate your house. Perhaps you’ve already hired contractors to build an addition, extend your deck, renovate your bathroom or build a pool in your backyard. Depending on the type of work you have planned, your contractor may need to obtain permits. The failure to obtain proper … Read more
Buying a home is always a stressful event. While they may not appreciate it at the time, first-time home buyers have the luxury of looking and buying without the burden of an existing mortgage and trying to sell simultaneously. Selling first may make it easier to get a new mortgage, but you will need to … Read more
Real estate can drive relationships, for better or for worse, especially in New York, with its high cost of living and even higher cost of real estate. An annual survey released by the National Association of Realtors showed that 65 percent of homes purchased in 2014 were bought by married couples, 16 percent by single … Read more
Landlords and Board members have the discretion to establish and enforce pet policies for their residents. This can be done through the terms of a lease – either a traditional rental lease or a cooperative’s proprietary lease. While Boards and landlords have power to create and enforce pet policies, federal, state, and city laws may … Read more
When is a closing date not a closing date? When it is set forth in a typical residential contract for the sale of a home. In New York, it is legally assumed that if a contract does not specify time of the essence, then it is not time of the essence. Typically, a residential contract … Read more
Hope for the best, but prepare for the worst. When starting a business it is prudent to plan for a business divorce and then hope you never need to implement your plan. By adopting a buy-sell agreement at the start of a business relationship, partners agree how best to part ways equitably before they get … Read more
You’ve found your dream home! Your attorney has negotiated your contract; you’ve paid the deposit and arranged for a mortgage. You’ve marked the closing date on your calendar. But what exactly does the closing date in your contract mean? A specific closing date or a closing set for “on or about” a specific date does … Read more
S’well, Orangetheory Fitness, and Innovative Solutions – what do these companies all have in common? They are all Woman-Owned Business Enterprises (WBEs). If you are a woman and you run a business or you want start one – getting certified as a WBE can make the difference between landing a deal with large companies or … Read more
When a home or condominium owner loses a deed it is generally not a big deal. When a person buys a home or condominium the deed is recorded in the county where the property is located. Once the deed is of record, the original deed itself is irrelevant. With co-op ownership losing documents is not … Read more
Due diligence is the investigation of a person or business. In the context of a commercial real estate transaction, the buyer uses the due diligence process to gather information about property to be acquired. This Note explains, from a buyer’s perspective, why due diligence is necessary, what materials to review and what to look for. … Read more
A rent to own contract is a contract between a property owner and a renter who plans to buy the property within a specified period of time. In most cases, the renter will pay the owner a deposit which will be used towards a down payment when it is time to purchase the house. In … Read more
Generally speaking, a real estate broker is entitled to a commission when he or she procures a buyer ready, willing and able to purchase the subject property on terms acceptable to the seller. Although the rule sounds simple, disputes over failure to pay brokerage commissions are surprisingly common. Under New York law, a commission agreements … Read more
Buying a home can be the biggest investment of your life. It is a good idea to understand and anticipate the closing costs in advance of the closing so that you can plan accordingly. While this list includes the most common closing costs it is not exhaustive and all of the costs may not apply … Read more
Effective Monday, May 18, 2015, New York City’s Department of Finance implemented material changes in connection with the preparation and filing of the City’s Real Property Transfer Tax Return (“NYC-RPT”) in its Automated City Register Information System (“ACRIS”). Previously, parties were only required to disclose the name and social security numbers (“SSN”) or employer identification … Read more
Countless issues to consider when entering into any lease and some very specific additional considerations when you are signing the lease to open a restaurant. This article doesn’t address all of those issues, but is limited to specific considerations when you intend to obtain a full, on-premises, retail liquor license (not simply a beer and … Read more