When a corporation or other entity leases commercial property, the landlord often requires the corporate tenant to provide a guarantor. Typically, this is done when the corporate tenant is a recently formed entity and has no real track record of payment, or simply as additional security in the event the corporation goes out of business. … Read more
New York’s “Good Cause Eviction” Law was enacted in April 2024 and was intended to protect tenants from evictions or non-renewals of their leases of unregulated rental housing. The law is codified in New York’s Real Property Law (RPL) and the most relevant portions are found at Article 6-A and between sections 231-c and 232-c … Read more
A recent New York court decision provides a lesson in why having a well-drafted contract is so important. The case involved a mortgage broker who lost out on a commission and legal fees when the property owner found its own financing. Both parties spent money to litigate the issue, which could have been avoided had … Read more
Co-tenants own real property together, with each co-tenant having an “equal right to possess and enjoy” the property as if they owned it alone. However, in certain situations, a co-tenant can use the doctrine of adverse possession to become the sole owner of the real property, eliminating the interest of the co-tenant. Adverse possession is … Read more
An easement is an agreement that gives one property owner (known as the “dominant estate”) the right to make certain limited use of someone else’s property. The property subject to an easement is known as the “servient estate”. While there are significant benefits to having an easement, there are also unavoidable obligations assumed by the … Read more
In New York, commercial and residential tenant rights can vary. One such area involves a commercial tenant’s ability to seek a temporary injunction preventing a landlord from terminating the lease. To obtain a Yellowstone injunction, as it is known, tenants must meet four criteria. While the criteria may seem straightforward, a recent decision of the … Read more
A valid will is essential to ensure that your assets pass to the person you want if you die. However, other laws and legal documents may get in the way of that as demonstrated in a recent decision of the New York State Court of Appeals. The case involved a live-in partner of the decedent … Read more
Most people think that for a sale of real property to be valid and enforceable, there needs to be a formal contract of sale. While this is generally true, the courts in New York have long held that so long as any written instrument includes sufficient material terms, the agreement will be enforceable. What constitutes … Read more
On August 5, 2024, the New York Department of Taxation and Finance’s Office of Counsel published Advisory Opinion: TSB-A-24(26)S. addressing an important sales tax issue for residential landlords. The opinion was issued in response to a petition by a landlord asking the Department whether purchases of electricity and natural gas used by his residential tenants … Read more
A growing number of homeowners have created a new source of income by listing their property on Airbnb. However, some of these individuals have also faced pushback from their neighbors and communities. In a recent New York case, the issue ended up in litigation with the Court called upon to decide whether Airbnb rentals violated … Read more