Denis O’Leary, Author at Neufeld O'Leary & Giusto

What Co-Op Owners Should Know About Challenging the Adoption of New House Rules

Most cooperative corporations (“co-ops”) issue House Rules which are generally adopted by the Co-Op Board and must be followed in addition to those obligations set forth in the Proprietary Lease. Co-op owners (or shareholders) are generally provided with a copy of the newly adopted House Rules by the managing agent. Many owners don’t realize that … Read more

Out with the Old (I-9 Employment Eligibility Verification Form) and in with the New

Employers should be aware of recent changes to the I-9 Employment Eligibility Verification form, which all employers must use. Since November 1986, when Congress passed the Immigration Reform and Control Act (the “IRCA”), employers have been required to verify the identity and employment eligibility of prospective employees prior to hiring. The IRCA prohibits employers from … Read more

Tax Benefits of Using Your IRA Distributions to Donate to Charities

Donating to charity your IRA distributions can be an excellent way to both support causes that are meaningful to you and reduce your taxes. Fortunately, a provision of the Internal Revenue Code, which gives donor’s a significant tax benefit, was made permanent at the end of 2015 so individuals can now take advantage of the rules as an integral part of their tax and estate planning.

Buying a Home with All Cash? Additional Disclosure Requirements May Apply

In an effort to combat money laundering, the U.S. Treasury Department requires additional disclosures in certain types of real estate transactions. First passed in March 2016, the disclosure requirements apply to a non-individual (corporation, LLC or partnership) who purchases a residential property for “all cash.” The rules were recently renewed and apply at least through … Read more

Why There Is No Equal Pay between Men’s and Women’s Basketball Coaches

Both Equal Pay Day and the NCAA women’s and men’s basketball championship games occurred last week. With the popularity of the tournaments, questions have been raised by the media and public about the differences in coach salaries. Within the last six months, the University of Connecticut (“UCONN”) extended the contracts of both of its basketball head coaches — Kevin Ollie and Geno Auriemma. Ollie, as the men’s team coach has had one national championship during his tenure; while Auriemma, the women’s coach, has won 11 national titles. Despite Auriemma’s impressive record, Ollie received a more lucrative package from UCONN, which is typical in the sports world.

Buying or Selling Real Estate on Long Island? Expect More Fees in 2017

Nassau and Suffolk counties are again attempting to raise revenue, this time targeting real estate transactions. Those buying or selling real estate on Long Island or looking to borrow funds should be aware of the following new and increased fees:

Suffolk County Mortgage Verification Fee. Effective January 1, 2017, there is a $300.00 charge at the time of filing of any “mortgage related documents.” It appears that this fee, which would be paid by the Borrower, would apply to mortgages, assignments of mortgage, subordination agreements, home-equity line of credit documents, satisfactions of mortgage and consolidation, extension and modification agreements (CEMAs), all of which are recorded in mortgage books of record (Libers).

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