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. Affirmed by Second Department in Action To Record Duplicate Mortgage
Adam Leitman Bailey, P.C. was retained by a lender to record a mortgage in the chain of title to a property in Brooklyn, New York, where the original mortgage that was executed by the borrower was not recorded and subsequently lost or misplaced. In an effort to avoid her obligations on the mortgage, the borrower Full Article…
Purchasing a Cooperative Unit in a Trust
Purchasing a cooperative (“Co-op”) unit in the name of a Trust has become more and more frequent in recent years. For a long time, many co-ops would not approve trust ownership. However, several co-ops have come to an understanding that if the proper protections are put in place, a trust does not have to pose Full Article…
Mission Impossible: Securing Almost 2 Million Dollars From a Convicted Felon to Payoff Claims Owed to Commercial Lender
In the life of a title litigator, you want to be challenged and have interesting cases where you are asked to use your best skills to prevail. We were delighted to be told that this claim required the most aggressive, street-smart law firm on the Fortune 500 companies attorney list and we could not feel 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…
Now Could be a Good Time to Refinance
Since the beginning of the COVID-19 pandemic, Adam Leitman Bailey, P.C.’s banking department has been busy serving both our lender and borrower clients with refinancing and purchase closings consisting of rates downward of 3%. This drop in mortgage rates was a tremendous help to both homeowners who needed to lower their interest rates and purchaser’s Full Article…
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