NY Real Property Law § 339-ee allows for a tax credit to developers of condominiums. When a sponsor is developing a condominium they will pay a mortgage tax on the underlying construction or blanket mortgage that is used to develop and build the condominium. Purchasers will receive a credit for the mortgage tax paid by Full Article…
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How Purchasers of New Construction Condominium Units can Significantly Reduce the Most Expensive Item on their Title Bills
New York State imposes a tax on the recording of mortgages. The tax is calculated based on the amount of a loan. Loans that are $500,000 or less will have a tax rate of 2.05%. The tax rate increases to 2.175% for loans that exceed $500,000. Borrowers are always responsible for paying the mortgage recording Full Article…
Lender Representation, CEMAs & Section 255 of the NY Tax Law
Adam Leitman Bailey, P.C. represents multiple prominent lenders in the real estate industry. Recently, the firm’s transactional department represented a lender in a deal that involved a Consolidation, Extension, and Modification Agreement (“CEMA”). A CEMA is an agreement between an individual’s current lender and their new lender. A seller can assign their mortgage to a Full Article…
Adam Leitman Bailey, P.C. Successfully Vacates a Default Judgment Imposed by the Office of Administrative Trials and Hearings (OATH) and Obtains a New Hearing Date for Client
The Office of Administrative Trials and Hearings (OATH) is New York City’s administrative law court. The OATH Hearings Division conducts hearings on summonses issued by twenty-five New York City enforcement agencies for alleged violations of law or City rules. Such enforcement agencies include the Departments of Buildings, Sanitation, Environmental Protection, Consumer and Worker Protection, and Health and Full Article…
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