Many of the commercial and residential tenants in the Bronx during the pandemic could not afford to pay their rent during the pandemic or chose not to because the government did not make payment mandatory. As a result the owner of the building, Adam Leitman Bailey’s client, could not make its mortgage payment. Adam Leitman Full Article…
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Creative Methods for Closing During COVID-19
By Rosemary Liuzzo Mohamed and Carly Clinton The transactional world faced many challenges during the pandemic. A traditional purchase/sale closing takes place in a small conference room filled with six to ten individuals passing pens and papers and leaning over each other’s shoulders. Sitting shoulder to shoulder in a tight space is not ideal given Full Article…
FinCEN Geographic Targeting Order Renewal and Changes
By Rosemary Liuzzo Mohamed The FinCEN Geographic Targeting Order has been extended once again, now until May 15, 2019. With the extension came some new changes to the Order. New counties have been added to the Order. The list now includes residential real property located in Tarrant and Dallas Counties, State of Texas; Cook County, Full Article…
New Update to the FinCEN GTO
We have spoken in the recent past about the Financial Crimes Enforcement Network’s (FinCEN) geographic targeting order (GTO). This order requires title companies to gather and disclose certain information pertaining to the identity of the natural person(s) who make up a Limited Liability Corporation (LLC) if they are purchasing a home without a mortgage (all Full Article…
How the New Tax Law Affects the Mortgage Interest Deduction
The Tax Cuts and Jobs Act was signed into law at the end of 2017 and will have an impact on homeowners in the United States. The mortgage interest deduction on a mortgage taken to purchase a home prior to December 14, 2017 allows a borrower to deduct interest on up to $1 million in Full Article…
A Practitioner’s Guide to Understanding Interest
April 12, 2017 By Adam Leitman Bailey and Dov Treiman While prohibited in some religious traditions,1 interest is one of the most pervasive concepts in the American economy. Seemingly simple on its surface, it presents a bewildering amount of complexity as soon as one digs into its legal implications. Real Estate practitioners must know the Full Article…
Pitfalls for Buyers: Careful Drafting, Detailed Inquiries Minimize Risk
By: Adam Leitman Bailey & Dov Treiman January 30th, 2008 Recent case law demonstrates that buyers of residential property with rent-regulated units have been blind-sided by financial risks arising from their attorneys’ ignorance of rent regulatory laws. Although many of these cases go unreported, the recent decision of Newport Partners v. DHCR,1 is typical of Full Article…
Discharge of Ancient Mortgages in New York
Title Insurance companies are under attack by governmental officials. Few other real estate businesses suffer the unjustified, frequent assaults by government officials like the title insurance profession. The difficulty in understanding their function and underestimating their necessity for the safe transfer of real estate requires real estate practitioner’s to raise their pens to protect our Full Article…
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