A Guide to What Actually Happens at a Real Estate Closing – Curbed University – Curbed NY

Ahh, the closing. You’ve found your dream home, put together your board package, passed a board interview, and now your conscience is steady. Right? Once you get to the closing, everything should be fine and dandy, but of course, there are always obstacles. Before the closing, your agent should accompany you on the “final walk-through” even though they technically don’t have to so they can make sure everything seems to be in order, and that there are so gaping holes in the apartment, either literally or figuratively.

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NYC – Dealing with Delays in Housing Court

Dealing with Delays in Housing Court

April 3, 2014 by Todd Nahins

If you are a landlord in New York City and have been to Housing Court recently, you know the process of obtaining your overdue rent or trying a case has become exceedingly difficult.

In the 1980s, a Civil Court judge was designated for the Calendar Assignment Part on a weekly basis. The Part originally known as Part 49, and later Part 18, would hear all motions, then send cases to different parts of the Housing Court for trial. Cases were not adjourned more than 10 days unless both sides consented. Compared to the current process, when there may actually be fewer calendared cases, those were the days.

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NYC – Deciding Whether to Amend Old Registrations

Deciding Whether to Amend Old Registrations

May 29, 2014 by Dov Treiman

The recent amendments to the Rent Stabilization Code (RSC) have complicated an owner’s decision whether to amend old rent registrations. Here are a few new factors owners now have to consider:

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NYC – High Rent Vacancy: Not Actually Automatic Deregulation

High Rent Vacancy: Not Actually Automatic Deregulation

July 18, 2014 by Adam Leitman Bailey

Throughout the residential housing industry, there is dangerous ignorance of the amendments promulgated this year, amending the Rent Stabilization Code. All owners should be reading as much as possible about these amendments. Business is simply not the same as it was.

One of the massive changes is in the notice that an owner must give to a new tenant immediately after deregulating the premises for rent that has gone above the $2,500 threshold. Prior to 2014, it was enough for the landlord to furnish the new tenant with a copy of the annual rent registration immediately following the deregulation. Under the old rules, the owner delivered it to the new tenant the later of 30 days after the registration or 30 days after signing a lease with the new tenant. That requirement is preserved.

However, the new regulation adds an additional requirement. Now, in addition to sending that copy of the registration notice, the landlord must also send a new notice promulgated by the DHCR as part of the new regulations. The DHCR has published this form at http://www.nyshcr.org/Rent/RentCodeAmendments/HRVD-N-SJ.pdf. The owner must provide the form to the tenant within the earlier of 30 days after the commencement of the tenancy or 30 days after signing the lease. Prudent landlords have been giving these forms to tenants right at the lease signing. If the owner acted wisely, the owner was already preparing the form while the apartment was still vacant.

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NYC – Crack Down on Chronic Litigants

Crack Down on Chronic Litigants

April 29, 2014 by William J. Neville Esq.

Many tenants treat their landlords as banks where they can get interest-free loans. These are the tenants who chronically refuse to pay rent when due. They take advantage of the delays in the legal system to hold off paying the rent for as long as possible. Trying to get these tenants to pay rent on time costs owners time and aggravation.

Sometimes, these tenants are too smart for their own good. My office has had success pursuing “chronic litigant holdovers.” Courts are more likely to evict these tenants and award legal fees. This is especially true where the owner enters into a probationary stipulation where the tenant promises to pay rent on time. The probationary stipulation is an efficient and cost-effective way (compared to trial) to obtain a judgment of possession and warrant of eviction if the tenant doesn’t pay rent when due. The chronic litigant holdover is a potent weapon for owners to use against tenants who take advantage of owners and the court system.

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NYC – Amended Rules on Deemed Leases and Preferential Rents

Amended Rules on Deemed Leases and Preferential Rents

February 21, 2014 by Dov Treiman

On Jan. 8, 2014, the DHCR issued the first amendments to the Rent Stabilization Code in some 14 years. While the new amendments—27 in all—do have the virtue of making the applicable law easier to find, gathering it all into one place, for the most part, these amendments will simply increase the cost of doing business, without necessarily providing the tenants a corresponding benefit. In some instances, the amendments are commonplace and sensible. But in others, there is a certain air of seeking to punish landlords for simply being landlords. Here’s a look at two of those amendments.

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