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The ramifications of a real estate transaction can be complex and, as such, need to be carefully scrutinized before planning a purchase or sale of a property. REAL ESTATE TRANSFER TAXES The real estate transfer taxes are one-time taxes imposed by a state and/or a municipality upon the completion of the transaction transferring real property. In New York, the New…
Before entering into a contract to purchase a condo unit or a cooperative apartment, the Purchaser’s attorney has the duty to uncover existing or potential problems. If the Purchaser discovers an issue after signing the contract, she or he will be out of luck most of the time. Thorough due diligence includes reviewing many items. First and foremost, a complete…
Real estate investment deserves its reputation as a lucrative source of income, but investors must always be aware of the constant changes to the laws on taxes related to real estate properties, since these rules change frequently, with the numbers and percentages changing from one year to the next. No two years are alike as far as real estate investing…
In the healing of New York, more and more businesses are starting to move back to offices slowly. Commercial landlords are getting creative with their incentives to get new tenants to sign long-term leases while ensuring the tenants will observe Covid-19 safety precautions. In order for financially bleeding businesses to come back to their pre-pandemic volumes, many tenants – especially those…
Recently, Mayor de Blasio signed a new measure into law that bans landlords from attempting or threatening to enforce personal liability clauses in the existing contracts of business owners to whom they have leased their properties. Enacted in May and applied retroactively to the beginning of March, this specific law was set to expire at the end of September. However,…
What’s a 1031 exchange? Simply put, it is when you sell one property in exchange for another. The big advantage to this exchange, versus the outright sell to buy your next property is, it allows for the deferment of capital gains tax and increases your cash flow, and gives you superior equity build-up compared to stocks and bonds. The IRS…
Millions of us have had our worlds turned upside down from the COVID-19 pandemic. There are unprecedented job losses, countless small businesses, and large retail pillar brands shuttering forever, a contracting economy headed in a downward spiral which has left many individuals as well as business unable to pay their rent or mortgages. Here are some of the common defenses…
In the age of COVID and non-essentials business closings, millions of us now are relegated to working from home, forced to social distance, and find creative ways to get things done in a non-traditional way. Closing on your new home in a pandemic is no exception. Hence, the concept of “Remote Closings” has boomed. Typically, in-person round table closings consist…
Does the prolonged nationwide shutdown entitle restaurants and other retailers to obtain multi-month free rental concessions from Landlords? Most likely no, unless an extremely broad “force majeure” clause in the commercial lease specifically includes a pandemic event. However, many Tenants also cannot graciously continue to pay full rent during a period which their revenues dropped 70% (for those that support…
Following the outbreak of COVID-19, federal, state, and local authorities are arranging loans with favorable terms and grants to businesses and individuals economically affected by the crisis. On March 27, 2020, President Trump signed into law the Coronavirus, Aid, Relief and Economic Security (CARES) Act upon unanimous approval of Congress. One of the most significant sections is the “Paycheck Protection…