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Time of the Essence Closing: Amazing Preparation, Discovery of Another Home Buyer Purchased Spoiled Chances of Breaching Contract

  • Purchase & Sale of Homes, Tom Furst

This case was referenced to us by Seller’s attorney after he had declared “time is of the essence”.The sale involved an upscale waterfront property in a resort Long Is- land town. At the time the matter was referenced to us, the sale had been ongoing for many months. Purchaser had undertaken a number of inspections  Full Article…

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What Every Cooperative Must Know About Internal Revenue Code Section 216 (26 U.S.C. § 216)

  • Condominium & Cooperative Board & Building Representation, Purchase & Sale of Homes, Rosemary Liuzzo Mohamed

Section 216 of the Internal Revenue Code concerns cooperative housing corporations and their tenant-shareholders. A cooperative housing corporation is a corporation with one class of outstanding stock and tenant shareholders that purchase ownership of stock in the corporation are entitled to occupy a house or unit in a building owned by the corporation for dwelling  Full Article…

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Closing Open Permits

  • Purchase & Sale of Homes, Purchase and Sale of Multi-Family Dwellings and Buildings, Tom Furst

Many think of due diligence as a good practice which is applicable primarily to Purchasers. However, Sellers of apartments, single-family home and commercial properties also need to be aware of the importance of early due diligence which can avoid significant issues at a later stage of the transaction. For example, it is prudent, as Seller’s  Full Article…

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New Home Construction Issues: 26 Years After ‘Fumarelli’

  • Adam Leitman Bailey, John Desiderio, New Construction Litigation, New York Law Journal, Purchase & Sale of Homes, Real Estate Litigation

This article covers developments regarding important questions New York courts have been asked to address, respecting three significant legal issues, affecting the rights and obligations of builder-vendors vis à vis purchaser-vendees of “new home” condominium and co-op residential construction. In this article, the authors, whose first jointly written article on new home construction was published  Full Article…

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Choosing Between Multiple Home Offers

  • Purchase & Sale of Homes, Rosemary Liuzzo Mohamed

Purchases and Sales have increased in the last few weeks and the Adam Leitman Bailey, P.C. transactional team is here for it! In fact, several of our selling clients have received multiple offers on their properties, and here are a few tips on navigating through this choice. Although it is tempting to go with the  Full Article…

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Limited Liability Company Transparency Act

  • Purchase & Sale of Homes, Purchase and Sale of Multi-Family Dwellings and Buildings, Rosemary Liuzzo Mohamed

On June 20, 2023, The New York legislature passed a bill called the LLC Transparency Act which would require the beneficial owners of limited liability companies (“LLC”) to disclose their identities. This disclosure of information could then be found in a newly created, public searchable database maintained by New York’s secretary of state. Governor Hochul  Full Article…

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Purchasing a Cooperative Unit in a Trust

  • Mortgage Finance Practice Group, Purchase & Sale of Homes, Rosemary Liuzzo Mohamed

Purchasing a cooperative (“Co-op”) unit in the name of a Trust has become more and more frequent in recent years. For a long time, many co-ops would not approve trust ownership. However, several co-ops have come to an understanding that if the proper protections are put in place, a trust does not have to pose  Full Article…

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Understanding the Limited Liability Transparency Act

  • Bonnie Reid Berkow, Purchase & Sale of Homes, Purchase and Sale of Multi-Family Dwellings and Buildings

On June 20, 2023, the New York State Assembly passed amendments to the LLC Transparency Act amending sections of New York’s Limited Liability Company Law to require the disclosure of information relating to the beneficial owners of a limited liability company registered or qualified to do business in New York.  The amendments take effect one year  Full Article…

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