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Potential Tax Ramifications of Election Results

Whatever you may think about the results of our recent presidential elections, you should consider the tax ramifications that will likely result.  One of the possible ramifications of Joe Biden becoming our President elect is the potential negative impact on estate, gift and capital gains taxes. The Biden administration may not only reverse some of the Trump administration’s enhanced estate tax exemptions, but may go beyond and may even reduce, if not eliminate, some of the exemptions available under the Obama administration.

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CDC EXTENDS EVICTION BAN

THE CDC HAS JUST ANNOUNCED THE ISSUANCE OF A NEW FEDERAL ORDER HALTING RESIDENTIAL EVICTIONS THROUGH DECEMBER 31, 2020. 

The purpose of this moratorium is explicitly to further prevent the spread of Covid 19.

Renters will be eligible for the moratorium’s protection if they received a stimulus check, and can prove that they cannot afford to pay their rent in full, if evicted would become homeless or forced to move into congregate housing, and made an effort to obtain government assistance.

Nothing in this Order relieves Tenants of their obligations to pay rent, and nothing in the Order precludes landlords from charging fees, penalties or interest.

EVICTIONS UNDER COVID 19

We have been receiving a lot of calls regarding tenancies and evictions.  The rise of Corona Virus numbers in March of 2020 resulted in Governor Cuomo’s Executive Order stopping all evictions and closing down the landlord/tenant courts.  The issuance of numerous other Executive Orders since then has caused panic and confusion on both sides, by both landlords and tenants, as both parties are unsure of their rights and obligations.  The rules keep changing, and the deadlines keep moving. 

Here is what we know today…

  • Eviction proceedings which were commenced before March 17th are now permitted to resume prosecution, but eviction proceedings filed after March 17th mostly remain suspended. 
  • New eviction proceedings are being accepted for filing, but the Courts are so backlogged that they are assigning first court appearance dates months out.  It appears to be a first come first served basis for first appearances other than for true emergencies.
  • Tenants remain responsible to pay rent and rent arrears.  Tenants can be brought into court for eviction proceedings for nonpayment, but no late fees or attorney’s fees have been permitted to be charged during the eviction moratorium. 
  • The commercial eviction moratorium has expired.
  • The residential eviction moratorium currently expires October 1, 2020.

To sum up, at this time, predicate notices may be served by landlords upon their tenants, and eviction proceedings may be filed.  Early action is recommended.  An eviction can be expected to take much longer than in the past.  Due to the court’s backlog, which is expected to last well into next year at the least, settlement attempts are highly recommended in most cases. 

HSTPA and Covid 19

The Housing Stability and Tenant Protection Act of 2019 and COVID-19: How New York Real Estate, Landlords, and Tenants Have Been Affected

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Temporary Suspension and Modification of Laws Relating to the Disaster Emergency

Governor Cuomo issued an Executive Order relating to the current Covid-19 Disaster Emergency, effective April 7, 2020, relaxing the legal witness requirements for certain documents, and permitting the formal witnessing of many legal documents by remote means.  This means that certain estate planning documents (Health Care Proxies, Last Will and Testament, Power of Attorney) and various real estate documents (contracts of sale, closing documents, affidavits, title documents, agreements) can still be witnessed even in this day of social distancing and closed business offices.  This is good news for the elderly, the immuno-suppressed, and caregivers who are stuck at home but need to execute documents.

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COVID-19 RELIEF

FINANCIAL RELIEF AVAILABLE FOR COVID-19 UNDER

CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT

There are seven main groups that are helped by this law: individuals, small businesses, big corporations, hospitals and public health, federal safety net, state and local governments, and education.

The law includes several elements aimed at helping keep people engaged in the economy. That means direct cash for many, plus expanded unemployment benefits and new rules for filing  taxes and making retirement contributions.

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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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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>>
The New Republican Tax Reform Plan The New Republican Tax Reform Plan - How will it effect Real Estate Investors vs. Residential Home Buyers 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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