News & Insights

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.

Read more

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).

Read more