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…
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Displaced Building Service Workers Act
Our condominium client was terminating its building services contract and hiring a new building services company. The client asked if the Displaced Building Service Workers Act would apply to require it to retain employees from the terminated building services company. The Displaced Building Service Workers Act provides that not less than 15 days before terminating Full Article…
RPL 235-J – Bedbug Notification Requirements
By: Solomon Chouicha Governor Hochul recently signed into law an amendment to Real Property Law Section 235-j concerning landlords’ duty to notify its tenants of bedbug infestations. Previously, the law required landlords to notify tenants of such infestations within 24 hours of the landlord receiving knowledge of an infestation. The amendment modifies the notification requirements. Full Article…
Distributing the Assets of a Limited Liability Corporation
By Adam Leitman Bailey By John M. Desiderio In New York, Limited Liability Corporations (“LLC[s]”) are governed under the Limited Liability Company Law. LLCs have “perpetual existence” but may dissolve without judicial intervention as otherwise provided for in Limited Liability Company Law, §701. Nevertheless, upon the petition of a member, or someone acting on behalf 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…
Act Fast and Consider Payment Plans
When unpaid fees strain a co-op or condo’s budget…act fast and consider payment plans. Arrears, if let linger, can seriously impact a building’s operating budget and reserve funds. Dealing with arrears involves navigating legal protocols, initiating communication with delinquent residents and, in some cases, setting up payment plans. The course of action may be different Full Article…
Adam Leitman Bailey, P.C. Defeats Motion to Dismiss Petition for Dissolution of Real Estate Holding Company
In a heated disputed between two members of a real estate holding company, Adam Leitman Bailey successfully defended their client’s petition against a procedural motion to dismiss, thereby leaving only respondent’s baseless merits arguments. The LLC at issue was originally formed in 2013 between petitioner and respondent to purchase and manage a commercial property, with Full Article…
Adam Leitman Bailey, P.C. Fights to Recover Property from Baseless Rent Control Succession Claims
Adam Leitman Bailey, P.C. is on the verge of securing a landlord’s property over hotly contested, false claims of succession by the former rent-controlled tenant’s grandson. After three days of trial with 12 claimant witnesses in play, final closings are set so that, as appears inevitable, the Court can finally reject claimant’s specious assertions and Full Article…
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