By Adam Leitman Bailey and Dov Treiman On Oct. 14, 2009, these authors critiqued the then brand new Statutory Short Form Power of Attorney (POA) statute. In brief, we found it to be a disaster. Now sitting on the governor’s desk, awaiting signature, is a heavily amended version of the statute addressing a number of the Full Article…
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Calls for State Insurance Threaten Property Transfers
By Adam Leitman Bailey and Dov Treiman Currently before the State Legislature are two bills, each jointly introduced in both houses, that would inject the state in the business of title insurance, damaging New York’s standing as the capital of real estate transactions. One would broaden the power of the State Insurance Fund to provide Full Article…
Are Buyers of New Condos and Co-ops Subject to Caveat Emptor?
BY ADAM LEITMAN BAILEY AND JOHN M. DESIDERIO Before purchasing a condominium or cooperative apartment in a newly built high rise of six or more stories in New York, a prospective buyer needs to pay close attention to the warranty provisions of the sponsor’s offering plan and purchase agreement. Unless the agreement contains the sponsor’s Full Article…
A Roundup of Foreclosure Law Decisions in 2012,” New York Law Journal
By Adam Leitman Bailey and Dov Treiman We reviewed every Appellate Division case in the first eleven months of 2012. In raw count, the lenders beat the borrowers by a rough margin of 2:1, but that number does not necessarily reflect a swing in sensitivities. The appellate division decisions in 2012 showed strict application of the laws and Full Article…
State High Court Decision Exorcises Ghosts of Liens Past
By Adam Leitman Bailey and Dov Treiman Secured borrowing and the transfer of money are the bedrock of the global financial system. However, that system finds itself in crisis. Before the current malaise can end, the system must rebuild in a manner that ensures mutual trust between lenders and borrowers. Rapid repair of the economy Full Article…
Title Litigation: Expense of Theft Prevention Dwarfed by the Cost of Fraud
By Adam Leitman Bailey At the start of this new millennium, the most effective means to rob a bank no longer includes the use of a gun. The real estate closing table has replaced the gun and mask as the most favored and effective tool of theft from financial institutions. As the New York Times Full Article…
The Nuisance of Nuisance: When Will Courts Allow Tenants to Cure?
By Adam Leitman Bailey and Dov Treiman One of the unusual features of rent control and rent stabilization is the ability to evict a tenant based on nuisance, even if the lease doesn’t give you the right to do so. The cause of action has been defined as “a continual course of conduct over a Full Article…
The Warranty of Habitability: An Unexpected Hazard in Home Mortgage Foreclosure
By Adam Leitman Bailey and Dov Treiman Most attorneys and nearly all educated tenants in this State are aware of the existence of the warranty of habitability. Few may know that it is statutory in basis, fewer care that it contradicts the common law, but most would be surprised by the types of occupancy to Full Article…