On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction suspending the enforcement of the Corporate Transparency Act (CTA). In Texas Top Cop Shop, Inc., et al. v. Garland, et al., U.S. District Judge Amos Mazzant temporarily halted the CTA’s reporting requirements finding the act likely […]
Today the New York City Council passed significant legislation reforming how broker fees can be charged and disclosed in residential real estate leases. The legislation now awaits the Mayor’s signature, and if signed would become effective 180 days after enacted. As you may already be aware, residential leasing in New York State and New York
When a person dies, their estate may undergo a legal process called probate in which a decedent’s estate is administered, their assets and property distributed, and their debts settled. Probate is supervised and managed by the Surrogate’s Court. The court determines the validity of the will, appoints an executor to carry out the decedent’s wishes,
Transfer On Death Deeds: Avoiding Probate On Real Property Read More »
In New York City, Co-Op apartments comprise a significant portion of the housing stock. Approximately 4,800 buildings in New York are Co-Ops, more than half of which are located in Manhattan. Co-Ops are corporations in which each apartment owner is both a shareholder and tenant of that corporation. The shareholder tenants elect a board of
Co-Ops Should be Wary of an Arbitrary Price Floor Read More »
Named for the Internal Revenue Code § 1031 in which it appears, like-kind exchanges have been a popular tool for real estate investors since they were first added to the tax code over a century ago.* “1031 exchanges” or like kind exchanges are used to defer taxes due on capital gains from the sale of
Understanding Boot in 1031 Exchanges Read More »
In New York City, the term “pied-à-terre” commonly refers to an apartment used as a non-primary residence. Pied-à-terre rentals can often be found in Condominium and Cooperative buildings as well as townhouses. Over the past few years, New York State has enacted legislation which significantly affects rental units. This client alert will address the Housing
What New York’s Good Cause Eviction Law Means For Pied-à-Terre Owners Read More »
New York County is the most densely populated county in the country, with over 70,000 inhabitants per square mile. Developing real property in this dense cityscape poses logistical and legal challenges when the need to access a neighboring property arises. Access agreements are contracts between property owners that grant permission to enter another’s property to
Access Agreements: Understanding Current Case Law Read More »
For many years, a common form of guaranty of commercial leases in New York has been a limited guaranty colloquially referred to as a “good guy guaranty.” Under a full guaranty, the guarantor takes complete responsibility for the tenant’s obligations under the lease, so that if the tenant were to default, the guarantor is liable
Changes To New York’s “Good Guy” Guaranty? New York’s Court of Appeals to Decide Read More »
Recent amendments to New York’s Property Condition Disclosure Act (the “Act”) went into effect March 20, 2024, as we indicated in our last client alert, available HERE. The Act requires a seller of residential real property to provide a “Property Condition Disclosure Statement” to their buyer or buyer’s agents prior to signing a contract of sale.
Understanding Obligations Under The Property Condition Disclosure Act Read More »
Residential transactions tend to increase as spring approaches. This year expects to be no different. Whether you plan on buying, selling, or leasing residential real estate in the coming season, this client alert will provide a summary of the recent changes to residential real estate laws that may affect your transaction. Flood Risk Disclosures In
Adapting to Change: What To Know About New Residential Real Estate Laws Read More »
