In a highly irregular and favorable decision, Adam Leitman Bailey, P.C. defeated a motion to vacate Note of Issue by Defendant in a landlord-tenant lawsuit arguing that it was filed one day after the statutory deadline to file a motion had expired. Under New York’s Uniform Rules for the Supreme Court governing civil lawsuits, litigants Full Article…
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What Every Cooperative Must Know About Internal Revenue Code Section 216 (26 U.S.C. § 216)
Section 216 of the Internal Revenue Code concerns cooperative housing corporations and their tenant-shareholders. A cooperative housing corporation is a corporation with one class of outstanding stock and tenant shareholders that purchase ownership of stock in the corporation are entitled to occupy a house or unit in a building owned by the corporation for dwelling Full Article…
This Just In: CTA Reporting Requirement On Hold
Texas Court Grants NATIONWIDE Injunction Halting Enforcement of the Corporate Transparency Act Requirements Less Than One Month Before Reporting Deadline As we have advised all of our condo and co-op clients over the past year, the Corporate Transparency Act (CTA) became effective in January 2024. It required many businesses – including condos and co-ops – Full Article…
Closing Open Permits
Many think of due diligence as a good practice which is applicable primarily to Purchasers. However, Sellers of apartments, single-family home and commercial properties also need to be aware of the importance of early due diligence which can avoid significant issues at a later stage of the transaction. For example, it is prudent, as Seller’s Full Article…
Avoiding Usury: Determining the Maximum Interest That Can Be Legally Charged
Adam Leitman Bailey, Dov Treiman, and Danny Ramrattan discuss the limited applicability of usury defenses. They write: “In all, this area of the law is deceptively simple and the resolution of any case will require a close examination of the intricacies of the particular matter.” New York imposes two separate rates for determining usury, a Full Article…
Transfer on Death Deeds
By Rosemary Liuzzo Mohamed The Adam Leitman Bailey, P.C. transactional department has seen a flood of properties transferred to trusts in the past five years. In addition to financially protecting one’s estate, a trust saves the property owner’s estate the lengthy probate process upon their death. Our transactional department has also seen a high number Full Article…
Choosing Between Multiple Home Offers
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…
One-Step Solution
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…
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