By Adam Leitman Bailey and John M. Desiderio May 3rd, 2010 In late 2008, the real estate sky had started to fall and fall quickly. As a result of the loss of financing and wages, many purchasers in contract to buy a unit in a newly constructed building were either no longer able or willing Full Article…
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Criminal Liabilities for Cooperatives, The Cooperator
By Adam Leitman Bailey and Dov Treiman April 1st, 2011 Two state laws make the illegality of a tenant’s use of rented premises a matter of considerable concern to property owners of all kinds, including cooperatives. One empowers local prosecutors to bring eviction proceedings against both the illegally-operating tenant and the landowner; the other makes 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…
Construing the HETPA Foreclosure Procedures, New York Law Journal
By Adam Leitman Bailey and Dov Treiman June 8th, 2011 As governments continue to wage war in the form of legislation against lending institutions, we move one step closer to economic chaos and the collapse of marketable title. When business cannot rely on government and courts to enforce contracts and provide for the smooth transfer Full Article…
When Purchasing a Newly Constructed Condominium Unit, Let the Buyer Beware, Real Estate Weekly
By Jeffrey R. Metz and Adam Leitman Bailey September 23rd, 2009 The real estate crisis has hit home for thousands of buyers of newly constructed condominium properties. Negligently built units with serious construction problems have forced homeowners to look for a real estate superhero to come to the rescue. But many builders have simply run Full Article…
Landlord Protections Make for Stronger Lease Agreements, Real Estate Weekly, Speakers: Dina Chadi
By Dina Chadi September 21st, 2011 The primary purposes of a residential lease agreement are threefold: (1) to designate the amount of rent, (2) to declare rights and remedies between landlord and tenant, and (3) to declare the landlord’s obligations and remedies in case of a default by the tenant. Most lease agreements are standardized Full Article…
“Q & A: Buying Out a Stabilized Tenant”, The New York Times
By Adam Leitman Bailey September 29th, 2011 Q. I am considering buying a rent-stabilized apartment from the sponsor of a converted building. The current tenant said she was willing to vacate the unit provided I bought her out. Is there any mechanism to make sure the tenant will vacate the unit after closing once I Full Article…
Correcting the MERS Errors to Establish a Secure, Profitable National Title System, Real Estate Law & Industry Report
By Adam Leitman Bailey and Dov Treiman October 4th, 2011 In Homer’s Odyssey, the protagonist, Odysseus, is called upon to sail his crew through the Straits of Messina, passing between two legendary monsters, Scylla and Charibdis. To avoid one, the only option was to approach the other, risking a horrible death in either instance. Odysseus Full Article…