New York’s real estate laws saw some changes in 2016. Whether you are an individual buying your first home or a seasoned commercial real estate investor, there are three recent legal developments that could affect you. Steve Butcher Sr., Esq., a real estate lawyer in Rochester, NY, knows how to do what is best for his clients as the state’s real estate laws continue to evolve.
Before buying or selling a piece of property, consult your real estate lawyer to see if any of these new laws and court decisions affect your transaction.
A state court ruled last year that commercial property owners in New York could have access to previously withheld information about legal settlements relating to construction defects in a condominium. In GSLC v. Toren Condominium, information about a previous settlement between the sponsor and condominium board about construction and design problems had been withheld from a commercial owner. The court ruling makes it easier for commercial owners to access to information about the history of a condominium’s structural defects and design history after a purchase.
Enforcement of “Zombie” House Maintenance
First lenders of one- to four-family homes now in foreclosure are responsible for their upkeep under a law that took effect last year. The lenders must make repairs and do other maintenance tasks, so the houses comply with local codes. The New York state law should come as a comfort to homeowners concerned about their property values decreasing due to foreclosed homes in a “zombie” state of disrepair.
Disclosure of Parties in Cash Purchases
The Financial Crimes Enforcement Network (FinCEN) has mandated that firms with a 25% or larger stake in a limited liability corporation (LLC) that buys real estate in cash must be disclosed. The rule applies to six urban areas in New York, California, Florida, and Texas. The purpose of the rule is, in part, to implement anti-money laundering compliance programs in the real estate industry.
When you need a real estate lawyer in Rochester, NY, Steve Butcher Sr., Esq. is available to help. Call (585) 263-2444 to schedule an appointment or visit his website for more information about his services.