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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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…
Now Could be a Good Time to Refinance
Since the beginning of the COVID-19 pandemic, Adam Leitman Bailey, P.C.’s banking department has been busy serving both our lender and borrower clients with refinancing and purchase closings consisting of rates downward of 3%. This drop in mortgage rates was a tremendous help to both homeowners who needed to lower their interest rates and purchaser’s Full Article…
What is a PUD? (Planned Unit Development)
What is a Planned Unit Development (“PUD”)? This question has been coming up lately in the banking department at Adam Leitman Bailey, PC. It is important to understand what a PUD is when closing mortgages as there are certain steps a bank attorney must take to ensure the lender has perfected its lien accordingly. So, Full Article…
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