Real Estate Archives - Page 5 of 6 - Neufeld O'Leary & Giusto

3 Things Borrowers and Lenders Should Know about Equitable Mortgages

Transactions involving real estate in New York generally must be in writing and in recordable form in order to be enforceable. New York, however, also recognizes the long-standing equitable principle which allows lenders, in certain circumstances, to claim a right to what is known as an “equitable mortgage.” The concept is that to the extent … Read more

What Happens When a Buyer Gets, then Loses a Mortgage Commitment

A real estate purchase is often financed with funds borrowed from a lender. The process for being approved for a loan is sometimes lengthy. As a result, in order to expedite the transaction, parties generally negotiate and enter into a contract before the mortgage commitment has been issued. Although the contract typically takes into account … Read more

Want to Rent Your Apartment Through Airbnb? Watch Out for New York City Laws

Airbnb’s popularity has exploded and many people living in places like New York City have seen the potential to earn income by leasing their apartment or house to tourists through Airbnb. New York State and New York City have responded in the last few years by enacting laws to prohibit or discourage these arrangements. In … Read more

How to Sell Your Home Without Moving Out

If you are a homeowner aged 65 or older or have a parent or loved one who is a “senior,” there is a way for you to sell your home and utilize some of the equity while continuing to reside there. Reverse mortgages are an option and were quite popular for a time until the … Read more

NEW DISCLOSURE AND REPORTING REQUIREMENTS FOR NEW YORK COOPERATIVE AND CONDOMINIUM BOARD MEMBERS

The New York State Legislature recently enacted a law which requires members of cooperative or condominium boards to disclose any transactions in which they have an interest to all shareholders or unit owners. Both the New York Business Law (with new Section 727) and the New York Not-for-Profit Corporation Law (with new Section 519-a) now … Read more

What to Do If Zoning Law Changes Affect Your Construction Plans

Zoning law changes can have a significant impact on plans that owners may have for their property. If the zoning code is modified to prohibit a use that was previously permissible, the property may continue to be used in the same way if it is a prior non-conforming use. However, that may not help an … Read more

Let the Broker Beware – A Breach of Your Duty of Undivided Loyalty Will Cost You Your Commission

New York law provides that brokers have a duty of undivided loyalty in a real estate transaction and as such, they must disclose and get consent of the parties if they are working as a dual agent. A recent decision by the New York Appellate Division First Department demonstrates that courts take this rule seriously … Read more

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

Access to Neighbor’s Property for Repairs and Improvements

When properties are close together, it can be difficult to repair or make improvements to your own property without accessing a neighbor’s property. Particularly within New York City, you will often be required to place protective structures on your neighbors’ property in order to get a permit. While the best solution to obtain access is to negotiate directly with your neighbors, what if negotiations fail? How can you still gain entry to the other property?

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

News & Insights