Blog

CHANGES TO NEW YORK STATE TRANSFER TAXES GO INTO EFFECT JULY 1, 2019

Effective July 1, 2019, as part of the New York State 2020 budget, the state Senate and Assembly will be adopted legislation increasing the real estate transfer tax on certain conveyances of real property. Prior to the new law, New York State imposed a transfer tax on conveyances of real property located in New York

...Read More

NEW YORK COURT RE-EXAMINES LEGAL FEES RECOVERY IN CO-OP LAWSUITS

In a recent article that appeared in Habitat Magazine, the Appellate Division of New York, determined that a proprietary lease which provides for the payment of legal fees to a co-op even regardless of the outcome of the lawsuit, is unenforceable. The result may have consequences for all cooperative corporation’s that bill back their shareholders.

...Read More

SENDING OUT MULTIPLE CONTRACTS OF SALE TO TWO OR MORE PURCHASERS*

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar. Can a seller send out multiple contracts of sale to two or more purchasers when selling an apartment or house? This has been a long standing debated issue in real estate

...Read More

CO-OP BOARD DENIALS: A GUIDELINE*

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar. Unfortunately, co-op Board discretionary decisions to approve or deny a Purchaser admission in a coop still exists. Purchasers still face denials for admission to coop buildings. There was a time when

...Read More

HIRING A MANAGING AGENT FOR YOUR CO-OP OR CONDO*

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar. Hiring or replacing a managing agent or management company for your co-op or condo can have a very significant impact on a building’s operations. Choosing the right management company can be

...Read More

NEW HEATING LAW CHANGES IN NYC*

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar. On October 1, 2017, a change to the NYC heating regulations will go into effect when the heating season begins. The new regulations require owners of buildings with central heating to

...Read More

FinCEN EXTENDS AND BROADENS REAL ESTATE PURCHASE DISCLOSURES*

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar. The Financial Crimes Enforcement Network (“FinCEN”) is a bureau of the United States Department of Treasury.  FinCEN’s mission statement is “to safeguard the financial system from illicit use and combat money

...Read More

FDNY ENACTS NEW FIRE DEPARTMENT REQUIREMENTS*

© Eric P. Gonchar. All rights reserved. No portion of this article may be reproduced without the expressed written permission of Eric P. Gonchar. In June of 2016, the New York City Fire Department (FDNY) adopted new rules requiring apartment buildings to post identification signs along with directional markings and exit signs in hallways. All

...Read More