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…
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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…
A Lender’s Duty To Investigate Its Borrower
By: Adam Leitman Bailey & John M. Desiderio Adam Leitman Bailey is the founding partner of Adam Leitman Bailey, P.C., in New York, New York. John M. Desiderio is a partner in the New York, New York, office of Adam Leitman Bailey, P.C. ……………….. Until recently, a mortgage lender preparing to give a loan needed Full Article…
Amendments to UCC Law and How it Affects Major Lender’s in Cooperative Lending
By: Rosemary Liuzzo Important amendments to the New York Uniform Commercial Code (UCC) were enacted as of December 17, 2014. The amendments specifically amended Articles 1, 7 and 9. As attorneys for major lenders we are particularly concerned with amendments made to Article 9 §9-503 (a)(4), “Sufficiency of debtor’s name.” The new law, which is Full Article…
Q & A: No Guarantees on Code Compliance, New York Times
By Adam Leitman Bailey May 12th, 2011 Q. Is there a law in New York City that requires a seller to give a prospective buyer a certificate of occupancy that indicates the property is in compliance with local codes? A. “There is no such requirement,” said Adam Leitman Bailey, a Manhattan real estate lawyer. “For Full Article…
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