Many of our readers are aware of the recent college admissions cheating scandal. Credentials of proposed candidates were misrepresented in an effort to obtain admission to prestigious colleges. Parties to real estate transactions in New York may also misrepresent financial qualifications and property conditions in an effort to close the sale…
We have advised our readers of the process for bidding at a foreclosure auction sale in New York. Perhaps you have attended the auction, participated and made the highest, winning bid. This post will address what happens next. Upon making the highest bid, the participant will need to make an immediate…
Our firm frequently handles eviction actions on behalf of both landlords and tenants. In order to commence an eviction action, the tenant is served with a Notice of Petition and Petition. These documents state the date, time and location of the Court in which to appear. One common occurrence is when a…
Previous blog posts have discussed potential cooperative rule violations and the procedures to be followed by the co-op when a shareholder violates provisions of the proprietary lease or the house rules. This post will discuss more specifically the issues which arise when a shareholder attempts to sublet their co-op apartment to…
Several of our prior blog posts have dealt with defending foreclosure actions for real property. However, in New York State, and especially in New York City, many apartments are held as shares in a cooperative corporation, also known as “coops”. Rather than owning real property, coop owners own shares in a…
Last week’s blog post discussed legal issues relating to a foreclosure as it applies to cooperative apartments in New York State. To summarize, because cooperatives are considered shares in a corporation, and not real property, different legal procedures are necessary when an owner of a co-op defaults on her share loan…
Many of our prior blog posts have discussed foreclosures of real property. But what happens when the owner of a cooperative or “co-op” apartment cannot pay his share loan or maintenance? Although the term “foreclosure” generally applies to the taking of real property by a lienholder, a co-op owner does not…
Our firm is called upon to both defend and prosecute mortgage foreclosure actions. One of the first questions that should to be asked is who holds the mortgage loan, meaning the party who is entitled to bring the action. In most cases, it is an “institutional lender,” such as a bank…
Some of our clients have recently inquired as to whether their cooperative board may have been declined their proposed sale because the proposed purchase price is too low. As we have indicated in previous posts , cooperative boards can decline a purchase for any or no reason so long as such reason does not…
A recent article in the New York Times discusses a large-scale study of evictions in the United States. More than 83 million records were studied, and the impact on the our society as a whole was further examined. Our law firm is a rarity in that we represent both landlords as well…