By: Adam Leitman Bailey & Dov Treiman January 30th, 2008 Recent case law demonstrates that buyers of residential property with rent-regulated units have been blind-sided by financial risks arising from their attorneys’ ignorance of rent regulatory laws. Although many of these cases go unreported, the recent decision of Newport Partners v. DHCR,1 is typical of Full Article…
What You Must Know When Negotiating a Laundry Room Contract, New York Housing Journal
By Adam Leitman Bailey and Dov Treiman April 1st, 2009 It’s amazing how good building owners and managers are at increasing and garnering revenue from residential tenants while at the same time leaving themselves to the will and whim of laundry room operators who impose contracts lasting for decades with automatic renewals, rights of first Full Article…
Q & A: Can a Seller Dictate the Down Payment?, The New York Times
By Adam Leitman Bailey July 10th, 2008 Q. Some apartment sales in New York City require a certain percentage as a down payment — often 10 percent. Isn’t this a decision made by the bank providing the mortgage? Does the seller have a say in this? A. In New York City, “the down payment, also Full Article…
Q & A: Adding ‘Partners’ to Co-op Shares, The New York Times, Speakers: Jay Romano
By Adam Leitman Bailey May 12th, 2010 Q. What rights does being registered as “domestic partners” in New York City convey in regard to real estate? I moved into my partner’s co-op five years ago, but the board refuses to add my name to the shares and proprietary lease. A. Adam Leitman Bailey, a Manhattan Full Article…
Navigating Buyers and Developers Through New Construction Deals, New York Law Journal
By Adam Leitman Bailey and John M. Desiderio May 3rd, 2010 In late 2008, the real estate sky had started to fall and fall quickly. As a result of the loss of financing and wages, many purchasers in contract to buy a unit in a newly constructed building were either no longer able or willing Full Article…
The Inquiring Mind: Buying Building with Separate Heating Plant, New York Housing Journal
Q. I’m thinking of buying a building that doesn’t have a separate heating plant. Instead, each apartment has individual electric baseboards. The tenants pay for the electricity for these baseboard units. Will I be able to continue to use that system? A. The law requires that multiple dwellings (that is, buildings with three or more Full Article…
Reducing Refinancing Expenses
By LISA PREVOST New York homeowners looking to refinance an existing mortgage don’t have to pay the state’s mortgage recording tax all over again. Yet they may end up doing so if their lenders don’t cooperate. The state charges a recording tax on new mortgage debt. The rate varies by county, with the minimum being Full Article…
Despite ‘Jones,’ Ambiguities In Title Chain Can Be Cured
By Adam Leitman Bailey and Dov Treiman When the Supreme Court decided Jones v. Flowers,1 it exacerbated a nagging problem for the title insurance industry – the necessity to do constitutional analysis when examining chains of title. With the current state of the economy, tax foreclosures are increasing. Thus, more properties have these ambiguities in Full Article…