In response to the New York Court of Appeals’ decision in Freedom Mortgage Corp. v.
Robert Aronov appears in Stanford's "Who's Who" Among Practicing Attorneys. He specializes in Houses, Condos, Coops, Commercial Properties, Buildings, Foreclosures, New Construction, Vacant Land, Short Sales & Leases. Call today for a free consultation.
Our bankers, expediters, appraisers & inspectors work together to save you thousands on your closing costs. To top it all off we bring you the experience of thousands of successful closings including a $31 Million UN mission purchase for properties in the NYC area.
We review the Sales Agreements, title reports, Building Department Records, Surveys, Building Plans, franchise taxes, Offering Plans, violations, legality of property structures, judgments, liens, ECBs & much more. Schedule a free consultation at any of 6 locations now.
We will work with your Mortgage Representative or Banker to make sure the closing cost is fair and if you need we will negotiate more time for you to obtain your mortgage loan. We will work with your engineer and the broker to negotiate the repairs you request to be included in your contract of sale. We will negotiate a price reduction in the event the appraisal from your bank comes in lower than your purchase price. We will also negotiate a price reduction if we find any code violations or illegal structures and will make sure the Seller ether credits you or establishes a special escrow to correct the violation after closing. We only use title underwriters that are A rated and nationally recognized.
Robert Aronov & Associates, PC are authorized closing attorneys for Chase Bank, Citibank, Bank of America, Flagstar Bank, Wells Fargo and many others large NYC financial institutions.Over the last 15 years Robert Aronov & Associates, PC has successfully closed thousands of properties for clients all over the NY Metro area. We are the one stop solution for your entire real estate transaction. From the drafting of the sales agreement to the deed transfer, title review and assignment of the contracts we have you covered. Our attention to detail and years of experience has allowed us to expand our services to over 6 locations in the five boroughs of New York City. We have the experience necessary to handle any commercial or residential property transaction in the city. Schedule a free consultation at our Manhattan, Brooklyn, Long Island, Queens or Westchester office. Robert Aronov & Associates, PC makes purchasing or selling Real Estate in NYC easy.
Robert Aronov & Associates, PC provides our clients with closings at a flat fee which includes all deed transfer and recording fees. The transfer is the final stage of the closing and will allow you to transfer ownership of the real estate property. The deed contains the names of the buyers and sellers along with a legal description of the property at hand. It is signed by the person transferring the property & the seller’s signature must be notarized. A qualified real estate attorney should provide the transfer services as the state law can be very confusing when it comes to transferring a property properly. A warranty deed is the most common type used. It basically guarantees or warranties the buyers purchase. Any liens or defects must be disclosed by the seller. The less common Quitclaim deed is often uses by parties who trust each-other. Here, no promises or claims need to be made about the title. This deed would be used by family members that buy from each-other and trust their are no liens or defects on the real estate property.
One who buys a Co-op is actually just buying shares in a corporation which owns the actual piece of property. The actual Real Estate you will live in is legally yours through a proprietary lease in which your are able to occupy a specific apartment. Taxes repairs, insurances and the such are all payed according to the shares you own directly to this corporation. The board of directors is the group who will approve or deny the sale. Potential purchasers should be ready to provide personal financial information, including one or two years of tax returns and bank statements, as well as personal and business reference letters. There are a lot of tax related laws that go with living in a CO-OP. If you find them overwhelming it may be a good time to call your real estate lawyer. “Flip taxes” and other management related fees are a common in coops. This tax is imposed by the corporation and is used for building related services. This tax often is in direct relation to the purchase price. Although uncommon, a flip tax imposed is equal to a certain percentage of profit received by the Seller from the transaction. In conclusion, even on a basic level these CO-OP laws can be confusing. In the five boroughs of NYC these laws can be really time consuming to understand. Our law firm is accessible at 6 different locations in the five boroughs of New York and Upstate. Call now and schedule appointment with some of the most knowledgeable NYC real estate attorneys to learn everything you need to know about cooperative real estate.
In recent times, the most viable tools of leveraging on want you have to obtain what you need are all centered on leasing. The human wants are insatiable no doubt. If you want to go into business for yourself, you may certainly need a space to run the business, some machinery, and office equipment. Considering your limited capital, going on to buy for these necessities may seem so inappropriate and well heavily on your budget, that’s when you look at the side of commercial leasing.
A commercial lease refers to tenants who use the property for business or other commercial purposes in comparison to residential use. The world Fortune 100 companies at one time or the other in their Herculean journey had to opt for commercial lease. However, for a beginner with little or no knowledge about the terms and laws related to commercial and real estate laws, I will slowly guide you to the voyage of commercial lease knowledge.
A Commercial Lease is a form of lease structure created solely for business aims and encases units such as security installments, levy, major costs, and commitment to fixing and building of the property to be rented.
An absolute net lease is also a type of lease where the tenant is the singular (only) resident of the leased property, for example, an eatery. When faced with such a case, the tenant has to fund out every bit of the costs of maintenance and welfare of the possession, which includes all budgeted financial expenses. The absolute net lease needs the tenant to inherit all fees and expenditures and crucial fixes.
Commercial leases are accepted for numerous purposes including warehouse, pad, retail, and offices. Pad or ground leases are often applicable to restaurant environments, or to premises where the tenant will bear sole responsibility for constructing and maintaining the structure. Usually, a commercial lease is allocated for a period of five to twenty years with constant increment in base rent.
The work of writing and debating a commercial lease can be intimidating to the ignorant participants. The agent must master not only the basic concepts of real estate underlying a lease but also have a working knowledge of the concerns of the company that governs the transaction. To effectively defend the rights of a commercial landlord or tenant, the lawyer must understand the concerns of the business from the point of view of the lawyer and the businessman. Business customers are primarily concerned with their business interests; and as lawyers, it is essential to understand the impact of these commercial interests on the legal advice we must give.
The following is a brief discussion of some of the key provisions that must be carefully considered in each commercial leasing transaction.
The parties to a lease must be clearly defined. This is of particular importance in the field of commercial leasing because the agent must be attentive to the commercial structure of the entities concerned. This seemingly simple provision of a lease requires the commercial real estate lawyer to assess the business and tax implications of conducting business as a particular type of entity.
The description of the rented premises must be clear. If the premises are in a multi-tenant building, this distinction should be noted and the largest building in which the premises are located. A description of the square footage of the premises should also be included. It is in the interest of both parties to avoid disputes over the size of the premises during the term of the lease. Such calculations must, therefore, be made in advance so that the parties must specify the size of the space rented under the express terms of the lease.
Landlords generally resist the right of a tenant to assign and sublet because they are afraid to enter into relations with “unknown” entities. Also, they disregard the idea of allowing a tenant to take advantage of a “hot” real estate market by re-renting the rented space at a higher rental rate than the rental rate. As such, to the extent that an owner grants a right of assignment or subletting, his or her lawyer must draft the lease document to indicate that the landlord has the right to recover any profit that a tenant realizes on the assignment or subletting. Also, the lawyers should guarantee the landlord the right to recover the leased space prior to the tenant’s assignment or subletting. Finally, if a lease authorizes a right of assignment or sublet, it must obligate the assignee to sign a contract of assumption of responsibility to give the lessor a contractual lien with the assignee and, in the case of a sub-lease, lease, require the tenant to: collateral sublease the landlord to the owner so that, if the tenant defaults under the lease, the landlord also has the possibility to resort to the sublease and resort to it.
A tenant will want to have the right to modify the premises to meet changing business needs and concepts. As with the use clause, the tenant will seek the greatest flexibility to maximize the value of the lease for the tenant. On the other hand, the owner will want to limit the extent of the authorized modifications, avoiding modifications that affect the structure and systems of the building. A well-written clause will give the landlord the right to choose whether the tenant must remove the changes or leave them in place at the end of the lease.
When writing a document, especially a lease, it is impossible to overestimate the importance of attention to detail. The lease clauses are not autonomous; rather, they are part of a complex and interdependent network that affects the meaning of many other parts of the lease document. When approaching a commercial lease for the first time, it is essential to think about each problem and evaluate it from the objective of the prosecutor and the entrepreneur.
New York City has recently passed a series of construction laws that will go into effect in 2023. These laws aim to improve safety on construction sites, protect workers’ rights, and increase transparency in the construction industry. Real estate developers will need to retain professional NYC real estate lawyers that are well versed in these laws in order to make sure their company is in compliance. Here are some of the most significant changes that will take place:
Increased safety regulations: The new laws will require all construction workers to complete a 30-hour safety training program. In addition, construction sites will be required to have a safety coordinator present at all times. The coordinator will be responsible for ensuring that safety procedures are followed and that workers are wearing the appropriate personal protective equipment. One of the most crucial laws for construction workers (signed right before the end of the year) was the passing of Carlos’ Law. This necessary legislation was in limbo for years and will now hold employers and contractors more accountable for workplace injuries.
Expanded rights for workers: The new laws will make it easier for workers to report safety violations and seek compensation for injuries. Workers will also have more protection against retaliation for reporting safety violations or joining a union.
Increased transparency: Construction companies will be required to disclose their safety records and violations to the public. This will make it easier for consumers to make informed decisions about which companies to hire for construction projects.
Stricter penalties for violations: Companies that violate safety regulations will face steeper fines and penalties. Repeat offenders may even be barred from bidding on future construction projects.
These new laws are a response to the high number of construction accidents and fatalities that have occurred in New York City in recent years. According to the New York City Department of Buildings, there were 645 construction accidents in 2020, resulting in 10 fatalities. The hope is that these new laws will reduce the number of accidents and make construction sites safer for workers.
The construction industry has been resistant to some of these changes, citing concerns about the cost of implementing new safety procedures and the impact on project timelines. However, proponents of the new laws argue that the long-term benefits of increased safety and transparency outweigh any short-term costs.
In conclusion, the new construction laws in New York City for 2023 represent a significant step forward in ensuring the safety and well-being of construction workers. By requiring safety training, expanding worker rights, increasing transparency, and imposing stricter penalties for violations, these laws will help to prevent accidents and protect workers from harm. While there may be some initial resistance to these changes, it is clear that they are necessary to ensure that construction sites in New York City are as safe as possible.
In response to the New York Court of Appeals’ decision in Freedom Mortgage Corp. v.
The Real Estate Board of New York (REBNY) is making new rules for how real
New York has made significant amendments to its foreclosure laws, which are crucial for homeowners