There are numerous types of violations in New York City. Three of the most common are HPD, DOB, and ECB violations. Below you will find a basic breakdown of each of these violations, what they mean, and what action should be taken. HPD Violations A Department of Housing Preservation and Development Violation, better known as … More Understanding The Different Types of Violations on NYC Real Estate
Knowing some basic rules behind Internal Revenue Code 1031 can help investors defer paying capital gain tax on property dispositions, resulting in more money to invest in new property acquisition. Generally, any real property can be exchanged, provided it is held “for productive use in a trade or business” or for “investment” and is exchanged … More THE BASICS: TAX-DEFERRED EXCHANGES UNDER IRC SECTION 1031
Legislation signed by Gov. Andrew Cuomo last Friday and effective immediately requires LLCs involved in real estate transactions in the state to disclose the identities of all owners, managers and agents associated with the company. The owners of certain residential properties in New York can no longer shield their identities from the state using anonymous … More Governor Cuomo Signs Bill Banning Some Anonymous LLC Ownership Statewide.
Contrary to popular belief, estate plans are not just for the rich and famous. Most people have at least one thing of value — such as money in bank account, a car, a home. The reality is that many people could benefit from having an estate plan in place. Not only can it help maximize the actual … More Ten Common Estate Plan Mistakes to Avoid
Estate planning is the process of drafting documents that set out instructions regarding what happens when a person dies or becomes disabled. Many individuals procrastinate when it comes to their estate plan. However, procrastination can cause significant issues, including: Process of Probate In some situations, a decedent’s estate may not have to go through … More Don’t Procrastinate – Plan Your Estate!
As the real estate market in the U.S. has made a strong recovery, some outside of the United States have begun to look again at U.S. real estate investments as a possibility. This article from HG.org offers some sound advice for those foreigners who want to own a slice of America. Unlike many countries that … More Can Foreigners Buy Real Estate in the United States?
There have been an increasing number of people that have been scammed when seeking a rental. This article from CNBC will give you some signs to look out for so that you don’t become the next victim. Renting an apartment or a single-family home may seem easier than buying one, especially as so much of … More Ready to Rent an apartment or home? Beware of these new scams!
The kids will get it anyway once I die, so why not transfer my home to them now. God forbid I get sick and require long term care, I don’t want the equity in my home to go towards these expenses. This may sound like a good idea, but there are unforeseen pitfalls to be … More Thinking of transferring your house to your children? Think Twice!
A plan to ease banking regulations has passed its first hurdle in the House of Representatives. This Fox Business article explains the changes that will occur if the bill passes the Senate. The House of Representatives passed the Financial Choice Act recently, a bill that would significantly roll back a multitude of financial regulations implemented … More Dodd-Frank on its death bed? What you need to know.
Brokers Beware! This article from Curbed NY explains why brokers should resist renaming neighborhoods as part of their marketing plan. What’s in a neighborhood name? A lot, at least when it comes to New York real estate. The practice of brokers giving existing neighborhoods new, ridiculous monikers is not quite as old as time, but … More Rebranding neighborhoods may land real estate brokers in legal trouble