In New York, having clear title is critical when real property is sold or refinanced. A cloud on the title can cause delay and possibly even cancellation of a transaction. Where serious title issues exist, it may not be possible to get title insurance on the property.
The collapse of the Russian ruble has resulted in an increase in Russian investment in New York real estate, according to a recent news report. Russians have been buying up high-end apartments in the city for years, of course, as a cushion against economic instability at home. The ruble has lost half its value over the past year, and sustained a drop in value of 19 percent earlier this month. The currency collapse, caused in part by economic sanctions and falling oil prices, may be fueling an upsurge in foreign real estate purchases.
For those who live in a rent-regulated apartment - one that is either rent-controlled or rent-stabilized - in New York, they may have important rights not available to tenants in unregulated, market-rate buildings. It is in one's best interest to be aware of those rights and protect them. For those who own a building with rent-regulated apartments, it is also important to have experienced legal advice before taking any steps toward deregulation of the apartment or eviction of a tenant.
Whether you are a landlord or a tenant in a residential building in New York, it is important to know the rights of tenants under New York law. The residential lease controls many aspects of the landlord-tenant relationship. But tenants also have rights under state law, and both landlords and tenants owe it to themselves to have some basic familiarity with these rights. This post will discuss a few of the more important rights of New York tenants.
According to a recent news report, Canadian investors are buying heavily in U.S. commercial real estate, including at least one landmark property in Manhattan. Developers and pension funds from north of the border are reportedly looking to the U.S. market because the large Canadian pension funds have a tight grip on the domestic market, and comparatively few Canadian properties are being traded.