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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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