Entries tagged: real estate

In Depth: The Closing Deed

By: Kelly Canavan, Esq.

Posted: May 25th, 2017

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Have you ever taken a look at the deed to your home and wondered, “What does it mean and what does it do?” You have spent a large sum of money at the closing table and signed voluminous amounts of mortgage documents, only to walk away with a piece of paper that gets recorded in […]

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Commercial Tenant “had a meaningful choice to walk away”: Court Rejects Unconscionability Arguments Regarding Late Charges and Electricity Charges

By: Patrick McCormick, Esq.

Posted: December 20th, 2016

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    In 2010, the First Department, in dismissing a claim by commercial tenants that electric charges were unconscionable,  held that the plaintiffs had failed to establish “a lack of meaningful choice, and noted that the commercial tenants were free to not rent from the defendant and go elsewhere.”[i] Thus, when I represented a commercial […]

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Legislative Update: A Long-Awaited Solution to a Mortgage Foreclosure Problem?

By: Scott Middleton, Esq.

Posted: September 26th, 2016

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This past June, Governor Cuomo signed legislation that imposes pre-foreclosure duties on banks and servicing companies. After it goes into effect this December, it is anticipated that a problem that has plagued local municipalities for years with respect to abandoned residential properties will begin to subside. Now, under the Real Property Actions and Proceedings Law […]

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To Protect Employees, New York State Mandates Carbon Monoxide Detectors in Commercial Buildings

By: Arthur Yermash, Esq.

Posted: March 23rd, 2016

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A carbon monoxide detector could have prevented the tragic death in February 2014 of Steven Nelson, an employee at Legal Seafoods at the Walt Whitman Shops in Huntington Station, who fell victim to poisonous fumes from a malfunctioning water heater pipe at the restaurant.  The tragedy prompted a recent amendment to the New York State […]

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New Treasury Efforts to Fight Money Laundering Through New York Real Estate

By: William McDonald, Esq.

Posted: January 25th, 2016

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To combat the scourge of money laundering from transnational criminal syndicates, the United States Treasury has issued new Geographic Targeting Orders (“GTOs”) to Manhattan and Miami Dade County requiring title insurance companies to reveal beneficial owners of entities purchasing real estate for cash. GTOs are directives with limited duration issued by the Secretary of Treasury […]

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Landlord’s Self-Help and Charging for Capital Improvements: A Busy Fall at the Appellate Division, First and Second Departments

By: Patrick McCormick, Esq.

Posted: December 18th, 2015

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The Appellate Courts have been busy this fall rendering significant decisions involving landlord/tenant law.  Two decisions of interest are discussed below. The first is a decision by the Appellate Term, Second Department[1] involving a landlord who engaged in self-help to regain possession of the commercial demised premises at issue.  The tenant commenced an unlawful entry […]

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Importance of a Survey When Purchasing Real Estate

By: Kelly Canavan, Esq.

Posted: August 26th, 2015

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Clients often ask when purchasing a home, “Do I really need a new survey?” My reply ninety-nine percent of the time is, “Yes!” Clients are purchasing what is most likely to be their largest asset and the survey is the blueprint of what they are purchasing. It is the way in which the title company […]

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Holding of Lease Security Deposits

By: Kelly Canavan, Esq.

Posted: July 15th, 2015

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Landlord and tenant stories can be entertaining, especially so with a Hamptons summer residential rental. The seasonal rent could be six figures–akin to a starting salary. The purpose of the security is to protect the landlord from damages cause by the tenant at the end of the lease. I am reminded of one Landlord in […]

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Recent Landlord Tenant Case Developments

By: Patrick McCormick, Esq.

Posted: April 20th, 2015

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Three recent decisions, two from the Supreme Court, Appellate Term, First Department and the third from Supreme Court, Queens County (Ritholtz, J.) are instructive to landlord/tenant practitioners.  The first involves an application by a tenant for a Yellowstone injunction; the second involves a tenant’s renewal option contained in a commercial lease; and, the third involves […]

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Court of Appeals Enforces Rent Acceleration Clause in Commercial Lease

By: Patrick McCormick, Esq.

Posted: January 28th, 2015

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Commercial landlord/tenant matters do not often reach the Court of Appeals. However, in December 2014, the Court of Appeals issued a decision addressing the enforceability of a rent acceleration clause in a commercial lease where the landlord obtained possession of the demised premises after tenant defaulted in paying rent and abandoned the premises.  Landlord/tenant practitioners […]

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