By Adam Leitman Bailey and Dov Treiman The Real Estate Settlement Procedures Act has governed costs associated with residential mortgage transactions since 1974, but it became the subject of significant controversy as reports surfaced of abuses by lenders and third-party service providers. After many halting attempts to overhaul the RESPA rules, the Department of Housing Full Article…
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Appellate Division Finds that Condo Board Not Liable For Repairing Newly Constructed Building
On November 8, 2009, the Appellate Division ruled that a building’s developer and not a condominium board shall be responsible for making repairs to a newly constructed building. In Lorne v. 50 Madison Avenue LLC, a unit owner sued the board of directors for failing to remediate a construction defect. A unanimous Appellate Division dismissed Full Article…
Appellate Division Rules on Commercial Leasing
By Adam Leitman Bailey and Jeffrey R. Metz Many times, cooperatives and condominiums have commercial retail spaces connected to or below their building. These are immensely valuable as a result of the income generated by these stores and restaurants. Ergo, the importance of a new decision from the Appellate Division. Two decades ago, New York Full Article…
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