Central Business District, New York
36 West Main Street, Suite #110
Rochester, NY 14614

Real Estate Lawyer Describes 3 Changes in New York's Legal Landscape April 6, 2017

Central Business District, Rochester
Real Estate Lawyer Describes 3 Changes in New York's Legal Landscape, Rochester, New York

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.

More Transparency

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

real estate lawyer Rochester NYFirst 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.

Other Announcements, Events and Deals from Steve Butcher Sr.
A Guide to Estate Planning for Singles, Rochester, New York
Many single people believe estate planning is only for those with spouses, children, or other financial obligations. However, these legal documents apply to people of all m...read more
When Should People Review & Revise Their Estate Planning Documents?, Rochester, New York
Life is unpredictable, so it’s never too early to start estate planning. However, once you draft essential documents, it’s important to take the time to review them periodically.&nbs...read more
3 Factors to Keep in Mind When Writing a Living Will , Rochester, New York
You may not feel the need to draft a last will if you do not have any children or significant assets. However, everyone should have a living will because life is unpredicta...read more
How Does Divorce Affect Estate Planning?, Rochester, New York
Getting divorced is a major life transition that affects everything from holiday plans to retirement goals. As such, it can take time to adjust to all the changes. There are some leg...read more
When Should You Consult With a Wills & Estates Attorney?, Rochester, New York
Unless an injury or illness forces them to, it’s understandable why people rarely think about their own mortality. As a result, it’s fairly easy to postpone estate planning. Although...read more