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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Adam Leitman Bailey, P.C. Gets Sponsor to Cure all Defects in New Construction Condominium in Record Time
Adam Leitman Bailey, P.C. was retained by the board of managers of a new construction condominium in Upper Manhattan to assist in getting the sponsor to fulfill its obligations pursuant to the condominium offering plan. The building had recently turned over to resident control after the sponsor had majority control of the board of managers Full Article…
Foreclosure Abuse Prevention Act in a Nutshell
In 2022, the New York State Legislature enacted the Foreclosure Abuse Prevention Act (FAPA), thereby amending several interrelated provisions of the Civil Practice Law and Rules (CPLR), the Real Property Actions and Proceedings Law (RPAPL), and the General Obligations Law (GOL), which affect how and when the statute of limitations may be invoked by defaulting Full Article…
Recently Passed Real Estate Nightmare Legislation
A review of some of the most noteworthy landlord-tenant related legislation of 2023 and early 2024 involving criminal background checks, stopping short-term tenancies, flood histories and rent regulation. While readers with differing interests will disagree about the cost/benefit effects of recent enactments (both legislative and regulatory) regarding the landlord-tenant relationship, all can agree that these 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…
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…
Who Bears Responsibility for Required Condo/Co-Op Apartment Repairs?
In cases where building management and the unit owner disagree on who bears responsibility for making the repairs and/or who bears the repair costs, the attorney’s role, whether in representing the cooperative or condominium board on the one side or the opposing apartment shareholder or condominium residential or commercial unit owner on the other, is Full Article…
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