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New York Real Estate Law Blog

Don't attempt a condo conversion on your own!

You likely put in a lot of work if you own a Manhattan apartment building. You may have dreamt about finding a way to reduce your workload but not be overly clear about how to do so. Pursing a condominium conversion may allow you to be less hands-on than you currently are.

A condo conversion is a process by which you take rental units in your apartment building and change them over to condominiums that your renters own instead. Any structures that have shareholders or tenants, such as cooperative or apartment buildings, can generally undergo a condo conversion.

Do you qualify for a loan modification on your home?

Sometimes life deals you some unexpected blows. You may have lost your job or gotten divorced or experienced a health problem. You may find yourself unable to meet your monthly obligations and are contemplating filing for bankruptcy. If you're worried about what will happen with your New York home, then you might find it refreshing to learn that seeking out a loan modification might be an ideal option for you to consider.

The financial industry came up with the concept of loan modifications to help struggling homeowners continue making mortgage payments while also reducing a lender's need to pursue collection efforts.

Are you dealing with squatters on your property?

Few things are as annoying as having to deal with squatters on your New York City property. This is compounded because in this jurisdiction, squatters do indeed have rights. Learn how you can fight back and take legal possession of your property once again.

Remember, time is most certainly not on your side. In order to be considered a legal tenant, a squatter has only to occupy your property for 30 days. At that point, you will need to judicially evict them from your property. Prior to the 30 days, you can still press charges for criminal trespassing.

Do older tenants have special rights in New York City?

If you are a senior citizen facing a housing dispute here in New York City, you should understand that you do indeed have certain protections under the law.

Suppose that you are 64 years old and have lived in your rent-stabilized apartment for the past two decades. Ownership of the building changed hands recently, however, and your landlord is trying to evict you from your rent-controlled apartment to move in a new tenant they can charge way more rent per month.

Can I settle a dispute with my tenant out of court?

If you own commercial real estate, a large part of your financial success will depend on how well you are able to manage the relationship with your tenants. Your tenants are in some ways your clients in business terms, but both of you must follow the terms of the contract and communicate well so that misunderstandings and disputes are avoided.

If you have found yourself having difficulties with your tenant, you may wonder what you are able to do to resolve the dispute. For example, if your tenant stops paying rent, you may wonder what you can do about this. You may not be able to evict them immediately, therefore, you will need to look at your options and you may even wonder whether you will need to go to court. The following are some things that you can do to try to settle your landlord-tenant dispute outside of court.

What can I do if my tenant files for bankruptcy?

If you own commercial real estate, your income will depend on the financial well-being of your tenants. Therefore, if your tenant files for bankruptcy, you'll be in a situation that may bring uncertainty and worry.

It's likely that you'll first learn about this when you receive a notice from the bankruptcy courts. However, you may have seen the warning signs, especially if they have been struggling to keep up with rental payments for the last few months. The following is an overview of what you can do if your tenant files for bankruptcy.

You just inherited a house: What now?

You just inherited the family home -- along with your two siblings. While you appreciate your parent's desire to provide for you, you aren't sure what happens next.

Your options after inheriting a home are pretty basic: You can live in it, sell it or rent it out. Simple enough, right?

Why an attorney can save you money when buying property

To say that the New York City real estate market is a complex and dynamic industry is like saying that Times Square can get quite congested. In other words, it's a bit of an understatement.

Still, there are some people who unwisely try to navigate their own real estate sale or purchase without the assistance of a New York City real estate attorney. All too often, these poor souls wind up losing out on the deal of a lifetime or get saddled with a property that doesn't fit their needs.

3 tips for those purchasing a home in New York City

Finding the perfect apartment in your preferred New York City neighborhood can sometimes feel as if you are hunting for unicorns. Some claim the mythical beasts exist, yet no one has ever found one.

But even in the tightest housing market in the nation, finding a suitable apartment to purchase is indeed possible. The following three tips may help you close on your dream apartment here in New York City.

Avoid common pitfalls while dissolving a business

A business may dissolve for many reasons, but when it comes time to close the doors and the books, it is important to follow proper procedures to avoid as many potential conflicts as possible. Some business owners dissolve their businesses poorly, leading to lasting disputes and lingering financial burdens that might have been avoided with some careful planning and attention to detail.

If you face the dissolution of a business, make sure that you have a clear understanding of the legal implications of the process. If you do not take the process seriously and rush through for one reason or another, you may create major financial and legal problems for yourself and for others. A strong legal strategy helps keep your priorities and rights secure while you close this chapter and move on to the next.

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