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…
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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…
What is a PUD? (Planned Unit Development)
What is a Planned Unit Development (“PUD”)? This question has been coming up lately in the banking department at Adam Leitman Bailey, PC. It is important to understand what a PUD is when closing mortgages as there are certain steps a bank attorney must take to ensure the lender has perfected its lien accordingly. So, Full Article…
The Upstate Vs. The Downstate Closing
Along with the pandemic came a dramatic increase in the purchases and sales of upstate New York properties. Our banking department rapidly began to receive upstate closing files and quickly began to learn the defining differences between upstate and downstate (NYC and surrounding counties) real estate closings. Let’s explore some of these differences. Downstate closings Full Article…
Adam Leitman Bailey, P.C. Remains Vigilant and Prepared as Omicron Sweeps Through State
As the Omicron variant sweeps its way through New York City, the banking department at Adam Leitman Bailey, P.C. is working safely and diligently to ensure all files are closed on time and in accordance with all CDC guidelines. Our staff continues to maintain the required social distancing, disinfecting regularly, always wearing masks during the Full Article…
Overcoming Obstacles with the General Power of Attorney
Closing by Power of Attorney has always been a common practice in real estate transactions, especially now during the pandemic. Parties who are unable to attend the closing personally could delegate such power to an agent to execute documents on their behalf at the closing table. While it may be a seemingly straightforward delegation, New Full Article…
Adam Leitman Bailey, P.C. Obtains Extension of Time to Make Mortgage Payment for Bronx Building Owner Using Arcane Legal Theory That Gets Lender’s Attention
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…
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…
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