The Property Condition Disclosure Act (PCDA) has long required home sellers in New York to provide buyers a form called the Property Condition Disclosure Statement (PCDS) or give buyers a $500.00 credit. Sellers usually chose to provide the credit. However, on March 20, 2024, the $500.00 credit will no longer be an option. Sellers of … More Property Condition Disclosure Act Amendments Take Effect March 20, 2024

If you’re thinking about buying a co-op, you’ve probably heard about maintenance fees and assessments. The monthly maintenance fee you pay covers expenses the co-op incurs running and maintaining the building. This fee can cover, among other things, utilities, staff salaries, managing agent costs, insurance, planned capital improvements like a new lobby or painting the … More What Are Co-op Maintenance Fees and Assessments?

When you buy a home, it’s important to take into account your lifestyle and your short- and long-term goals. The amenities and cost and location advantages of condo ownership may fit your lifestyle and goals much better than owning a single-family home. A major advantage of living in a condominium is the reduced maintenance burden. … More The Benefits of Condominium Ownership

Buying or selling a co-op in New York can become stressful if things go wrong. Issues that arise causing difficulties for buyers may include unfavorable changes to your credit report that affect loan approval, a low appraisal, or a lender rejecting your mortgage application outright. You may also face interest rate increases, delays in loan … More What Can Go Wrong During Your New York Co-op Purchase or Sale Transaction?

There are significant legal and practical differences between condominiums and cooperatives (co-ops) in New York. Unlike a condo, when you purchase a co-op, you are not purchasing real property. You are buying shares of the company that owns the building. And instead of a deed, you receive a proprietary lease and have the right to … More Deciding Between a Co-op or Condominium in New York

On August 12, 2021, the U.S. Supreme Court blocked enforcement of the New York State eviction moratorium. The New York State Legislature responded to this decision by amending the eviction moratorium and extending it until January 15, 2022. The amended moratorium is now facing a challenge on constitutional grounds and may be struck down at … More The New York COVID-19 Eviction Moratorium and Emergency Rental Assistance Program: September 2021 Update

The New York State Senate and Assembly recently passed the COVID-19 Emergency Rental Assistance Program of 2021 (ERAP). The program is administered by the Office of Temporary and Disability Assistance (OTDA). The OTDA website is live but is not yet accepting applications as of today, May 13, 2021. ERAP will compensate landlords and owners for … More The New York COVID-19 Rental Assistance Program Imposes Harsh Conditions on Landlords

The COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 (CEEFPA) allows New York residential tenants to delay eviction. Tenants get an automatic 60-day delay[1] and an additional delay until May 1, 2021 if the tenant fills out and submits a hardship declaration form to their landlord or to the court. However, tenants don’t get … More Tenants Can Still Be Evicted Under the New York State COVID-19 Eviction Moratorium

On December 28, 2020, the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 went into effect in New York State. This law affects residential evictions in several important ways. Hardship Declaration: If a tenant gives a signed hardship declaration to their landlord, the landlord’s agent, or the court, eviction proceedings are stayed (paused) until … More Residential Evictions in New York State and the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020

In June 2019, the New York State legislature passed the Housing Stability and Tenant Protection Act of 2019 (HSTPA), which overhauled landlord-tenant law. This blog post is an overview of the law’s effect on evictions and on the rental process for residential tenants in New York State. More Delay in Non-Payment Evictions: Rent demands must … More The Housing Stability and Tenant Protection Act of 2019