Writing a real estate contract is one of the most essential parts of any real estate transaction. And yet, people will gladly sign the terms of a real estate contract without understanding what it means for them. For buyers and sellers alike, the contract can impose a number of legal responsibilities that can cost valuable time and money, but they can also help to protect either side of the...Read More
In 2015, Governor Andrew Cuomo’s changes to the New York State School Tax Relief Program (STAR), affected many homeowners. There are two types of STAR Programs: Basic and Enhanced.
The Basic Program provides a $300 tax reduction and there is no age requirement. To qualify for Basic STAR the resident and/or their spouse cannot have a combined income of more than $500,000.... Read More
Last month, the Real Estate Board of New York (REBNY) and the Building and Construction Trades Council of Greater New York (union) negotiated wages for construction workers on 421a sites. Unable to come to an agreement, the 421a tax abatement program expired in December 2015.
The 421a abatement program...Read More
A new law passed by the De Blasio administration concerning real estate sales in New York City requires disclosure of the names of shell company members. Over half the luxury condos that sold for five million or more last year were purchased by LLCs. Depending on the state in which the LLC was formed, individual members may not need to be named. (For example, filing for an LLC in Delaware...Read More
Any U.S. person having foreign bank accounts with an aggregate value in excess of $10,000 at any time in tax year 2014 is required by law to file annual FBAR (FinCEN Form 114) by June 30, 2015. Any U.S. person (this is not limited to only U.S. citizens) who had foreign accounts (bank, securities, insurance and/or annuity policies, mutual funds, etc.) with aggregate value exceeding $10,000.00...Read More
To some individuals, the idea of buying a home in distress is a turn-off of sorts; however, the truth is, there are some real hidden treasures marked with the signs of "Foreclosure" or "Short sale," and many buyers do themselves a disservice by writing off these opportunities before giving them any thoughtful consideration. Yet some have caught on to the great advantages that lurk around the...Read More