Closing by Power of Attorney has always been a common practice in real estate transactions, especially now during the pandemic. Parties who are unable to attend the closing personally could delegate such power to an agent to execute documents on their behalf at the closing table. While it may be a seemingly straightforward delegation, New Full Article…
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How the New Tax Law Affects the Mortgage Interest Deduction
The Tax Cuts and Jobs Act was signed into law at the end of 2017 and will have an impact on homeowners in the United States. The mortgage interest deduction on a mortgage taken to purchase a home prior to December 14, 2017 allows a borrower to deduct interest on up to $1 million in Full Article…
A Practitioner’s Guide to Understanding Interest
April 12, 2017 By Adam Leitman Bailey and Dov Treiman While prohibited in some religious traditions,1 interest is one of the most pervasive concepts in the American economy. Seemingly simple on its surface, it presents a bewildering amount of complexity as soon as one digs into its legal implications. Real Estate practitioners must know the Full Article…
Acceleration Clause in Foreclosure Actions: New Rules
February 8, 2017 By Adam Leitman Bailey and Adam M. Swanson The use of an acceleration clause in a mortgage foreclosure action provides an important and expedient tool when foreclosing on a property. This article focuses on recent case law and discusses some of the benefits and pitfalls when using an acceleration clause and how Full Article…
Discharge of Ancient Mortgages in New York
Title Insurance companies are under attack by governmental officials. Few other real estate businesses suffer the unjustified, frequent assaults by government officials like the title insurance profession. The difficulty in understanding their function and underestimating their necessity for the safe transfer of real estate requires real estate practitioner’s to raise their pens to protect our Full Article…
Q. & A. : No Functioning Kitchen,The New York Times
Q. We are thinking about buying an apartment. But its kitchen has only a refrigerator; there are no cabinets, stove, counters or even a sink, just the plumbing for one. Would this be a problem for banks, and if so, what’s the minimum amount of kitchen equipment needed? A. Rosemary Liuzzo Mohamed, a Manhattan real estate lawyer, Full Article…
Give Tenants ‘Mortgage’ to Reduce Cash Outlay to Buy Out Rent Regulated Leases
By Adam Leitman Bailey, Esq. Now that the financial crisis has hit, some owners are experiencing cash flow problems and their lenders have stopped or seriously tightened lending. At the same time, owners want to continue to increase their property values through buying out existing rent-regulated leases. To help our clients deal with this crisis, Full Article…
The Brewing MERS Crisis: Everyone Loses
By Adam Leitman Bailey and Dov Treiman In Homer’s Odyssey, the protagonist, Odysseus, is called upon to sail his crew through the Straits of Messina, passing between two legendary monsters, Scylla and Charybdis. To avoid one, the only option was to approach the other, risking a horrible death in either instance. Odysseus was at times Full Article…
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