No matter if it is your first time or the sixth in buying real estate, it can be a tough time. Knowing who to turn to at what stage is especially important. Most often people seek out their attorney in the very end.
Reena Gulati Blog
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.
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.
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.
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