Articles

Articles > Real Estate Law

Title Description
NEW POWER OF ATTORNEY FORM & RULES EFFECTIVE JUNE 13, 2021

As of June 13, 2021, there is a new statutory short form power of attorney in effect with new execution requirements and obligations.  Nonetheless, an existing previously executed power of attorney, if valid when executed, will continue to be considered valid and does not need to be re-executed.  Execution requirements of a power of attorney are complicated and extremely specific, which is why they are best executed under supervision of counsel.

Whether one is an agent presenting a power of attorney, or the recipient of a power of attorney being presented for use, it is important to be aware that it is unlawful to dishonor or reject a properly executed power of attorney without reasonable cause, and that there is a 10 day deadline for action after presentation of a statutory short form power of attorney.  The statute sets forth various reasons for reasonable rejection of a power of attorney, including but not limited to missing signature, invalid notarization, unacceptable identification, and knowledge or belief of the principal’s death or, in the case of a nondurable power of attorney, incapacitation.  The statute also sets forth specific reasons for rejection which are deemed unreasonable basis for dishonoring a valid power of attorney, including that the power of attorney is not on a form prescribed by that third party to whom it is presented.  Care must be taken as unreasonable or wrongful rejection of a valid power of attorney may result in the imposition of monetary damages, including attorneys’ fees.

Covid Eviction and Foreclosure Moratoriums Continue

We may be approaching the end of the dark Covid 19 tunnel, as our Covid positivity rate numbers decrease, but the economic effects of Covid 19 felt by tenants and property owners alike will continue for a while.   To help tenants and property owners from being evicted or losing their property, the moratoriums imposed by the Covid 19 Emergency Eviction and Foreclosure Prevention Act of 2020 have been extended until August 31, 2021.  Under this Act, a stay of eviction or foreclosure is available until August 31, 2021 in cases where the tenant or property owner takes the overt act of providing a Hardship Declaration.  Landlords and mortgage holders now have the burden of providing a copy of that Hardship Declaration to the tenant or property owner at the time certain notices are served.

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.

MORE>>
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

MORE>>
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. 

MORE>>
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.

MORE>>
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.

MORE>>
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.

MORE>>
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>>


* 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.

175 East Shore Road, Suite 270,  Great Neck, NY 11023  Phone: (516) 482-1186