Articles

Title Description
Why include a Trust in your will?

Why include a Trust in your will?  A Testamentary Trust will allow you to bequest cash and/or property to a loved one, and to have the peace of mind that the monies will still be there for them when they need it, regardless of their circumstances.  

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Contracts - Not Just a Handshake

Can you imagine buying or selling property simply based upon a handshake?  Such deals have actually been upheld in other states.  However, since verbal agreements are fraught with a multiplicity of various issues, both evidentiary and factual, here in New York, the General Obligations Law, Section 5-703, requires that conveyances and contracts concerning real property within New York State must be in writing. 

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HOUSING SECURITY & TENANT PROTECTION ACT OF 2019

New York State just became a whole lot more Tenant friendly. 

There are new rules regarding notices to terminate, notices of non-renewal, notices of rent increase, notices of non-payment, notices of inspection, notices to commence an action, - even Sheriff’s notices!  Landlords’ obligations have increased, as have Tenants’ protections.  For example, with regard to residential premises, landlords are now limited to collecting only one months’ security deposit and are required to provide written rent receipts in certain circumstances.  There are also significant restrictions on landlords’ abilities to make any changes in rent stabilized property.

Whether you are a landlord or a tenant, you need to be aware of the many significant changes made to the law by the new Statewide Housing Security & Tenant Protection Act of 2019. 

Criminals are out there!

Criminals are out there!  Protect yourself with Title Insurance.

     Al Capone, Bernard Madoff and John Gotti are three infamous criminals.  They, and those who have the same mindset, are one of the reasons why the purchaser of real property must purchase fee title insurance.

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What is a Title Report?

A Title Report is a document that is produced by an underwriter (i.e.: Fidelity Nat’l Title Co., First American Title, etc.) or an abstract company. It is usually ordered by the purchasers’ attorney after the contract of sale has been signed or ordered when the refinance of the property is being undertaken.

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The Importance of Compliance with Your Local Building Department

Whether you are selling property, buying property or a real estate broker, it is imperative to be aware of the local building codes.  Failure to comply with those codes may have dire consequences.

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What is a Lis Pendens? A Lis Pendens or a Notice of Pendency is a legal notice that a legal action is pending against your property and that your property has been encumbered by it. MORE>>
Requirements of a 1031 Exchange There are five basic requirements of a 1031 Exchange. MORE>>
Types of 1031 Exchanges There are 3 types of 1031 Exchanges - the Simultaneous Exchange, the Reverse Exchange and (the most common) the Delayed Exchange. MORE>>
1031 Exchanges What is a 1031 Exchange? MORE>>
Condos versus Coops Condos and coops are suitable options for those looking to avoid the hassles and costs of maintaining a single-family home. Although both forms accomplish the same goal in providing homeownership, their legal structures present many notable differences. MORE>>
2018 Changes in NYS Estate & Gift Tax Exemption The Estate and Gift Tax Exemption is changing in 2018. MORE>>
The New Republican Tax Reform Plan The New Republican Tax Reform Plan - How will it effect Real Estate Investors vs. Residential Home Buyers MORE>>
Trusts & Estates Glossary of Terms * Provided here is a list of legal terms frequently used when dealing with Trusts & Estates, and a simple explanation of their meanings. MORE>>
Living Trusts * The Pros and Cons of Living Trusts MORE>>
Estate Plannning * Read about the six basic estate planning documents which, once executed, can help avoid unnecessary distress, delays or high legal bills down the road. MORE>>
You’ve Been Served You answer the doorbell, and are handed a legal document by a process server.  You come home from work only to discover a Summons and Complaint taped to your door.  Don’t panic. MORE>>
INDEPENDENT CONTRACTOR vs. EMPLOYEES LABELS AREN’T EVERYTHING – HOW TO SUCCESSFULLY DISTINGUISH YOUR INDEPENDENT CONTRACTOR FROM YOUR EMPLOYEES Businesses frequently seek to reduce overhead by reclassifying their “employees” as “independent contractors” or “consultants” with the intent of saving on taxes and other employee expenses. Unfortunately, saying it does not make it so. MORE>>
“S” Corporation versus LLC * “S” Corporation versus LLC: How are they different and how are they the same? Why is an LLC a better vehicle in which to hold title to real property and why do more people choose “S” Corporations to form operating entities? MORE>>
Estate planning for young adults Now that your child is 18… An 18 year old, while still a child in your household in your eye, is actually a legal adult under the law. That means that the law recognizes their right to privacy and to govern their own affairs. What does this mean for you as a parent sending your child off to college (or anywhere else for that matter)? Access to your child’s medical records, financial accounts or even their college grades can be barred without your child’s consent. MORE>>
Your Loved One Has Passed. Now What? Your loved one has passed and their assets need to be handled. Now what? MORE>>
Estate planning vs. convenience banking Estate planning versus convenience banking: Does setting up a joint bank account with your elderly parent confer an ownership interest in that account to you, or is it merely a “convenience” account in which you have no ownership interest upon your parent’s passing? MORE>>
Court finds individuals liable under corporate lease In an August 2011 New York County landlord/tenant action, 498 Seventh Ave. LLC v. Easy Street, Inc., it was held that, where a corporation is dissolved by proclamation, and leases are then signed by individuals purportedly in their representative capacities as officers of said corporation, those individuals were to be held personally responsible to the landlord for the obligations incurred under said leases. The Court reasoned that since the individuals purported to act on behalf of a corporation that did not have either a de jure nor a de facto existence, they were to be held personally liable for the obligations incurred under those leases. The Court granted summary judgment to the landlord.
Matrimonial Appeal Victory We are proud of our recent victory in an appeal brought before the Appellate Division. In this matrimonial action, the lower court found that the appellant wife had wastefully dissipated over $200,000.00 in marital funds, which she conceded having spent paying maintenance expenses of the marital residence during the years between the commencement of the marital action and the trial. The lower court directed that she reimburse her former MORE>>


* These forms are not intended for execution, but rather are merely informational.

Prior results do not guarantee a similar outcome. All information posted is general advice only, based upon the rules of NYS, and is not intended to be a substitute for personal legal advice. Although information provided here was accurate as of the date of posting, laws change frequently and rules in other jurisdictions may differ. Therefore, readers should not rely upon these postings but should consult an attorney to discuss their specific factual situation.

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