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…
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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…
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…
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…
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…
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, Full Article…
FHA Loans
Multiple clients have recently inquired about FHA Loans. FHA loans are mortgages insured by the Federal Housing Administration of our government, and may be used to finance a primary residence. Homebuyers, especially first time, may explore this type of mortgage when they do not qualify for a conventional mortgage. FHA loans can be helpful in Full Article…
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