As New York City takes bold steps towards a greener future, building owners find themselves facing the challenges posed by Local Law 97 (LL97). This groundbreaking regulation mandates progressively stricter emissions limits for thousands of structures in the city, aiming to reduce greenhouse gas emissions and combat climate change. In this blog, we will delve into the key provisions of…

The real estate market in the United States has always been an attractive avenue for foreign investors seeking stable returns and long-term growth. However, the Foreign Investment in Real Property Act (FIRPTA) plays a crucial role in regulating and overseeing such foreign investments. FIRPTA, enacted in 1980, aims to ensure that the taxation of gains from the disposition of U.S.…

The most sophisticated investors purchase a property in NYC through a Limited Liability Company (LLC). Here are some of the benefits of using an LLC for property ownership: 1. Liability Protection: One of the primary benefits of using an LLC is the limited liability it provides. By holding property within an LLC, the owner's personal assets are generally protected from…

When looking to open a restaurant in New York City, it is important to understand the differences between a lease and license. A lease gives the tenant exclusive rights to occupy and use the premises for an agreed-upon term, while a license grants limited access that does not create property rights. What is a Lease? Leases are binding agreements between…

New York real estate brokers rely heavily on the expertise and knowledge of New York real estate attorneys to help make the home-buying process as smooth as possible for their clients. Real estate attorneys possess a unique understanding of legal principles and how they relate to the transactions that take place in real estate deals, which can be invaluable for…

It’s no secret that the costs in connection with investing in real estate in New York are considerable. Our clients often ask us to provide us a detailed estimate of the expenses before making a final offer. When an investor is financing the purchase, one of the most significant disbursements to take into consideration is the mortgage recording tax. The…

Cea Legal is a boutique transactional law firm that works with both sellers and purchasers in New York real estate transactions. Depending on the details of the transactions, the negotiations are specifically tailored to the goals pursued by the party represented. However, one item that is always requested by both purchasers and sellers is an estimate of the closing costs.…

The financing to purchase a residential property can be either a traditional loan from an institutional lender, a purchase money mortgage from the seller of the property financed, or a hard money loan from a private lender. Institutional Lender This is the most common form of financing obtained in connection with a residential purchase. The loan application is based on…

A very popular “buy-to-rent” option in New York City is an investment in a mixed-use building featuring commercial spaces at the street level and residential units above.  A purchaser should not simply rely on the information and paperwork provided by the seller but instead, conduct thorough due diligence through its attorney. One of the first items to verify is the…

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…