Buying a co-op in New York City can be a daunting experience. However, if you are prepared and understand the process, it can alleviate some of the anxiety often associated with purchasing a co-op. There are a few things to keep in mind, depending on whether you are a buyer or a seller of a co-op.
Reena Gulati Blog
For most people, their house is their biggest financial asset, so avoiding costly mistakes is critical. The same is true of buying other real estate since it usually involves a substantial amount of money. No matter if it is your first time or the sixth in buying real estate, problems can arise. However, you can minimize the risks by having the right team of professionals, including your real estate broker, inspector/engineer, attorney, and/or lender to help guide you through the process and ensure a smooth closing.
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 death due to the sidewalk being in disrepair, a residential tenant at the property could be held liable to the owner and must indemnify the owner of the property for any damage resulting from that injury. It depends upon how the lease reads. Therefore, a “standard lease” must be carefully reviewed to determine if that liability is knowingly being assumed by the tenant. The tenant must understand whether he or she is responsible for maintaining the sidewalk because assuming it’s not the tenant’s responsibility may result in finding out the hard way that they are liable.
Most people form a limited liability Company to shield their personal assets from liability and debts of the LLC. Did you realize that most single member LLC's are at risk to pierce the corporate veil? You can avoid that outcome by taking certain steps. These small steps if done right can be very beneficial in avoiding liability that you never intended to take on but can be devastating for any business, particularly for a small business owner.
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.
