Section 216 of the Internal Revenue Code concerns cooperative housing corporations and their tenant-shareholders. A cooperative housing corporation is a corporation with one class of outstanding stock and tenant shareholders that purchase ownership of stock in the corporation are entitled to occupy a house or unit in a building owned by the corporation for dwelling Full Article…
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Transfer on Death Deeds
By Rosemary Liuzzo Mohamed The Adam Leitman Bailey, P.C. transactional department has seen a flood of properties transferred to trusts in the past five years. In addition to financially protecting one’s estate, a trust saves the property owner’s estate the lengthy probate process upon their death. Our transactional department has also seen a high number 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…
Adam Leitman Bailey, P.C. Remains Vigilant and Prepared as Omicron Sweeps Through State
As the Omicron variant sweeps its way through New York City, the banking department at Adam Leitman Bailey, P.C. is working safely and diligently to ensure all files are closed on time and in accordance with all CDC guidelines. Our staff continues to maintain the required social distancing, disinfecting regularly, always wearing masks during the Full Article…
Overcoming Obstacles with the General Power of Attorney
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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