Real Estate
When purchasing investment property, it is better not to own the property in your personal name. Both a Limited Liability Company (LLC) and a Corporation (Corp) offer creditor protection. They create a separation between personal assets and assets owned by the business. In the event of any lawsuit or liability, exposure is limited to the […]
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When you buy a real estate with someone in New York State there are three ways you could take title: (i) as tenants in common; (ii) as joint tenants with rights of survivorship; or (iii) if married, as tenants by the entirety. The word “tenants” refers to individuals who are co-owners and not to be […]
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One of the most disruptive proposals put forth last year by Congress was the elimination of the tax-free basis step up at death. Luckily for many of our clients, the legislation was never enacted. People all over the country benefit from basis-step up when they inherit low basis property which they can turn around and […]
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Condominiums (“condos”) and housing co-operative (“co-ops”) seem very similar. Generally, both are apartments within a multi-unit building. The major difference lies in the ownership structure. When you buy a condo, you receive a deed and own an individual unit along with undivided interest in the common elements. Co-op owners are granted a proprietary lease and […]
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An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest. The individual holding the life estate – the […]
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The Automated City Register Information System, more commonly referred to as “ACRIS”, is New York City Department of Finance’s online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms. This system is used for all property within four out of […]
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A Limited Liability Company (LLC) is a type of business entity that limits the personal liability of the owners. When clients own rental property in their individual name, or are considering purchasing rental property, we advise them to create an LLC to own the property instead. An LLC does exactly what its name suggests, it […]
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A Medicaid lien on a home must eventually be satisfied. Typically, a Medicaid lien is placed on real property when an individual is receiving benefits through the Medicaid program during his or her lifetime and still owns a primary residence. Even when the home is exempt, it can become subject to a lien when the Medicaid […]
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The closing is the final step in a real estate sale where the buyer obtains title to the property. The time between an offer’s acceptance and the closing date—evidenced by a deed from the seller or stock certificate for a cooperative apartment –is filled with activity. In New York, most buyers and sellers hire an […]
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In general, when a person dies in New York, that person’s Last Will & Testament must be probated in Surrogate’s Court so that an Executor can be appointed to legally distribute assets. If there is no Will, an administration proceeding will be required and an administrator will be appointed to distribute the decedent’s assets according […]
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