Our firm often fields inquiries from clients regarding successor rights in New York residential rental apartments. First, experienced counsel should determine whether the premises are subject to rent regulation. Rent regulation in New York State applies to many, but not all, residential units. It is more prevalent in New York…
We have encountered parties to real estate transactions who get “cold feet” between the time of contract signing and closing. These persons may seek to break the legally binding contract that they have signed and cancel the deal. This post will address when failing to perform a real estate contract…
Our firm receives many inquiries from co-owners of properties. As longtime readers of this blog are aware, a partition action can be brought in the appropriate Court when co-owners cannot agree on the disposition of real property. Such an action would demand that the Court appoint a Referee to determine…
Prior blog posts have discussed the concept of surplus monies in foreclosure proceedings. Surplus funds occur when a property is sold at a public foreclosure auction, and the amount bid exceeds the amount of debt owed on the property. For example, a homeowner defaults on his mortgage, and owes $300,000.00…
Our firm receives numerous inquiries from couples who co-own property, although they have never married. Many couples, whether they be man and woman or single sex couples, either delay getting married or do not get married at all, even if they have children together. Although such couples may say that “it…
Our firm often handles partition matters where two or more people co-own a property. Under New York law, no one is forced to co-own property if they do not want to. As a result, a partition action may be brought to have the property sold by the Court and the…
Some of our prior blog posts have dealt with foreclosure actions concerning real property. A recent New York Supreme Court case, however, deals with a different type of foreclosure, and the effects of the COVID-19 pandemic on the same. Most foreclosure cases in New York State are of the judicial…
Our firm is frequently asked to bring partition actions on behalf of property owners. For those who have not read all of our blog posts, a partition action is brought when a co-owner of property no longer wishes to own the property, and the other co-owner refuses to sell the…
Despite current conditions, the purchase and sale of real estate in New York is continuing. This post will discuss how COVID-19 has changed the “nuts and bolts” of an ordinary transaction, from start to finish. First, let’s assume a homeowner wishes to list her home for sale. Due to social…
Most of us have been recently inundated by reports of the Coronavirus pandemic. Although many of our readers do not travel to some of the afflicted locations, fear has a way of becoming contagious in its own right and can have negative business consequences. Fundamentally, the fear is…