Articles Posted in Real Estate Law

An acting Manhattan Supreme Court, Justice Gerald Lebovits denied NYC and New York State’s Governments motion to dismiss a lawsuit by group of renters and property owners called Tax Equity Now NY. The group filed the lawsuit in April 2017, alleging that New York City’s property-tax system discriminates against low-income homeowners and landlords. The organization…

Shopping for a new home can be complicated and stressful. Frequently, over the last 30 years, working as a real estate attorney, people have asked me: “Hey, Jeff, where do I start?” The first question I ask is, How much can you afford to spend? This is a two-part question: How much cash do you…

In a new memoir by twin brothers, Johnathan and Drew Scott, who star in the HGTV show “Property Brothers,” they tell of the hard road they had to drive before they landed their popular TV show. Johnathan was an aspiring magician until his supplies and equipment were stolen and he wound up declaring bankruptcy. His…

Under the New York Property Condition Disclosure Act (PCDA) (N.Y. Real Prop. Law § 460-467), a seller of real property must disclose any hidden defects relating to that property to the buyer. Failure to inform the buyer about such latent material defects could result in unlimited post-closing liability upon the seller, even if the seller…

You may think the answer is obvious. But the correct answer is “It depends.” It depends on the year purchased. If the co-op apartment was purchased by a married couple before 1986, the law MAY treat the property as personal. Subsequent to 1996 the law was revised to treat co-ops as real property with respect…

Many real estate owners are confronting the worst housing market in decades. Foreclosures and loan defaults are at an all-time high and refinancing is difficult even for creditworthy homeowners. As a result, bankruptcy has become the favorable choice for many property owners facing foreclosure. Here are some of the ways bankruptcy can help: The filing…

A good real estate attorney should be able to advise a client on the tax implications of the real estate transaction. Here is a brief summary to changes in the Capital Gains rate, reflected in the new tax law passed in February 2013. Capital Gains is the profit on the sale of real estate. Profit…