In an effort to collect more than one billion dollars in outstanding fines, the City of New York is offering an amnesty program that allows participants to resolve violations
In the wake of the recent Legionnaires' disease outbreak in the Bronx, the City of New York has adopted amendments to the Administrative Code requiring the registration of all cooling towers with the Department of Buildings (DOB).
In the wake of the financial meltdown and subsequent signs of economic recovery, opportunities are becoming more prevalent for those looking to diversify and expand their investments. Luckily, there are various ways to acquire funding for development projects that are both available and underutilized. The Employment-Based visa program is one such tool, particularly the EB-5 visa category.
Delivering a crushing blow to an already distressed real estate market, New York’s highest Court recently issued a landmark decision in Roberts v. Tishman Speyer Properties, L.P. On Oct. 22, 2009, the New York State Court of Appeals ruled that the owners of the massive residential complexes of Stuyvesant Town and Peter Cooper Village improperly charged market-rate rents to tenants.
In situations where a tenant leaves leased premises before the expiration of the lease term, until recently, different results were sometimes obtained in cases involving commercial tenants versus cases involving residential tenants.
For many years, it has been standard in the real estate industry that contracts of sale for the purchase from the sponsor of newly constructed or newly renovated residential condominium units or cooperative apartments do not contain a mortgage contingency clause Accordingly,purchasers would not have the right to terminate a contract of sale if an application for financing were denied or, alternatively, if it was granted for an amount lower than the amount sought.
In today's residential real estate market, balking purchasers are a major challenge for developers. Developers have several tools to counter these increasingly common and harmful tactics and achieve their primary objectives of avoiding costly disputes, capitalizing on their investment and compelling balking purchasers to comply with the agreements they signed.
How hard do the parties to a contract have to work to meet their obligations? Under New York law, every contract contains an implied covenant of good faith and fair dealing that requiresparties to cooperate so that neither party is deprived of the right to receive the benefits of their agreement. Typically, many contracts also include provisions requiring each party to use “bestefforts” in performing their contractual obligations.
A recent court decision regarding secondhand tobacco smoke from the Housing Court in Manhattan has possibly wideranging ramifications to apartment buildings, cooperatives, condominiums and rentals alike.
There are many issues encountered in selling real estate when one or more of the owners have died. At the inception of the transaction, prior to the execution of a contract of sale, we must ascertain (i) how title to the property was held: individually, by tenants in common, asjoint tenants with rights of survivorship, or as tenancy by the entirety between husband and wife; and (ii) whether the decedent died with a will or without. In all cases, a copy of the death certificate is required.
There is a general uncertainty within the real estate community with respect to the requirements for conveying clear title to individually owned condominium and cooperative apartments when one or all of the record owners are deceased. This article will discuss what a seller's attorney must do prior to closing to assure that the seller can deliver on his or her obligation to convey clear title at closing, as well as to satisfy the title agent and the managing agent of a cooperative corporation, that all of the necessary documents are in place in order to effectuate a transfer of good and clear title of the unit.
When shareholders of a cooperative or unit-owners of a condominium vote to elect members of a board, balloting may be done in secret or in the open. Secret ballots, as the term implies, are private. In open balloting, both the fact of voting and the person for whom the ballot is cast are public knowledge.
There has been a significant consolidation of residential real estate service providers nationwide in the past few years, and this trend has recently been gaining momentum in New York.
The mortgage brokerage industry has grown in recent years to the point where as many as half of all home mortgages are facilitated by a mortgage broker.1 The broker acts as intermediary between the borrower (whether a home-buyer or a homeowner refinancing an existing mortgage) and the institutional lender (lender).
At a real estate closing, title companies typically escrow funds to satisfy various outstanding obligations of a buyer or seller (or in the context of a refinancing, the owner of the property). These outstanding obligations, most commonly tax liens, mechanic’s liens and judgments, would otherwise be deemed an “exception” to title coverage.