Purchases and Sales have increased in the last few weeks and the Adam Leitman Bailey, P.C. transactional team is here for it! In fact, several of our selling clients have received multiple offers on their properties, and here are a few tips on navigating through this choice. Although it is tempting to go with the Full Article…
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When common-charge arrears keep piling up with no end in sight, condo boards typically make a motion to foreclose and then another to evict. But there’s a workaround you may not know about. Slow going. When unit-owners fail to pay common charges after a notice to cure, condo boards commence an action similar to what a Full Article…
Limited Liability Company Transparency Act
On June 20, 2023, The New York legislature passed a bill called the LLC Transparency Act which would require the beneficial owners of limited liability companies (“LLC”) to disclose their identities. This disclosure of information could then be found in a newly created, public searchable database maintained by New York’s secretary of state. Governor Hochul Full Article…
New York Landlord Obligations in Notifying Residential Tenants of Flood Risk, History, and Insurance
Effective June 21, 2023, New York State Real Property Law (Section 231-B) has been amended to require landlords to disclose specific information regarding flood risk and history directly through their residential lease agreements. The statute covers residential leases, encompassing cooperative apartments, condominiums, and rental buildings. Additionally, landlords must include a notice in the lease about Full Article…
Local Law 107: Landlords On The Hook For Unlicensed Smoke Shops
Local Law 107 was recently enacted to prohibit owners of commercial spaces from knowingly leasing to unlicensed sellers of marijuana or tobacco products, and imposing fines of up to $10,000 on landlords for violations. This new legislation is in response to the explosion of unlicensed smoke shops in NYC – currently there are an estimated Full Article…
Purchasing a Cooperative Unit in a Trust
Purchasing a cooperative (“Co-op”) unit in the name of a Trust has become more and more frequent in recent years. For a long time, many co-ops would not approve trust ownership. However, several co-ops have come to an understanding that if the proper protections are put in place, a trust does not have to pose Full Article…
Awarding Attorney Fees in Access to Property Proceedings
The right to access another’s property codified in RPAPL §881, once described, as recently as 2002, as a “little-used law” (as quoted in Rosma Development, LLC v. South, 5 Misc.3d 1014(A), 798 NYS2d 713 (Sup. Ct., King. Co., 2004) (Schmidt, J.), is now used for lawsuits that arise on a frequent basis, amidst the constantly evolving Full Article…
Changes to the Peconic Bay Tax
The five East End towns of the Peconic Bay Region in Suffolk County, New York are East Hampton, Shelter Island, Southampton, Riverhead, and Southold. When purchasing a home in this region, a purchaser will pay a one-time transfer tax called the Peconic Bay Region Community Preservation Fund (or CPF), (“Peconic Bay Tax”). Up until recently, the Full Article…
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