A lot of people end up losing their homes to foreclosure. Sometimes, a job loss or a sudden disability makes it impossible for someone to keep up with the mortgage. Sometimes, a marriage falls apart before there's enough equity in a home to sell it successfully, and neither spouse can afford to handle the mortgage payments alone. Sometimes, the price of real estate in an area just falls through, and borrowers feel compelled to walk away from mortgages that have put them underwater.
Back in 2008, Abu Dhabi Investment Council paid $800 million for 90 percent ownership of the iconic Chrysler Building in New York City. It turns out, that wasn't the best of investments.
Investing in residential property is popular for a number of reasons. It's often a great way for novice investors to get started when building a real estate portfolio and lease negotiations with renters aren't nearly as complicated as the kind that comes with commercial property.
Starting a new business in New York with a partner is exciting and it feels like the sky is the limit. Dissolving that partnership is complex and often frustrating. Not only do you have to navigate the complicated legal process, but you feel like that dream you both worked toward has died.
Effective this year, there are some new laws that can impact residents of New York City condominiums and co-ops as well as the boards and corporations responsible for these residences. Let's look at two that are aimed at the health and safety of the people who live there.