Reena Gulati Blog

Congratulations! You are purchasing your first home. It’s exciting. Maybe you have been waiting for this for a longtime. You have spent several weeks, months, years looking for a house. It’s the single most important and maybe the most expensive asset in your portfolio. Now you need to invest your time in getting the right team in place. So you made an offer and it was accepted – what next? Here are three steps you must take to protect your most valuable asset.

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Often I get inquiries from potential clients who are in the process of employing a contractor to renovate their homes, asking if they should have a formal contract with the contractor. In a couple of instances the clients' projects were worth several hundred thousand dollars and they had no written contract with the contractor. However the homeowners didn’t feel comfortable turning over tens of thousands of dollars over to the contractor at the very beginning of the project without an agreement and hence they called us.

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The Financial Crimes Enforcement Network (FinCEN), a bureau of U.S. Department of the Treasury, issued a Geographic Targeting Order (GTO) that require the title companies to identify the individuals behind the LLC’s or companies that purchase all cash real estate in Manhattan worth more than $3,000,000.00. This order currently applies to Manhattan and Miami Dade County, Florida. The purpose is to combat money laundering in the real estate sector in certain high end markets.

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A party wall usually is on the dividing line between two adjacent properties and used for the common advantage of both property owners. In the most common scenario, part of the wall on each property is owned by the owner of each property respectively, with an easement granted to the other adjoining owner for support. The question is what rights, you as the owner of the property have to the party wall, and what you can do to it.

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The Administrative Code of the City of New York § 7-210 imposes a nondelegable duty on the owners of commercial property to repair and maintain the sidewalk to their property. However in certain cases, if there is an injury or worse death due to the sidewalk being in disrepair, a tenant at the property could be held liable to the owner, to indemnify the owner of the property for any damage resulting from that injury. It depends upon how the lease reads.

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