Landlords in New York have the ability to consult a "blacklist" of tenants who have taken disputes to housing court. Actually, there are multiple lists maintained by different companies. Tenants who are named in holdover actions or non-payment rent proceedings may later find out their names have been added to one or more lists. Landlords often reject prospective tenants whose names are on a list.
Land is expensive in New York City, and any construction project represents a major investment. When something goes wrong, there is a risk of significant financial loss. Among the many things that can go wrong in a major construction project is the discovery of construction defects.
A New York man has filed a lawsuit claiming that landlords in the city routinely violate a law protecting elderly and disabled tenants when a building is converted to luxury condos. According to the lawsuit, that law requires landlords to provide disabled renters and those over age 62 the option to stay on in their apartments after a conversion. The lawsuit requests class action status and seeks $100 million in damages.
In last week's post we talked about the importance of ensuring the seller has clear title before closing any commercial or residential real estate transaction in New York. This week we'll discuss some of the common title issues that can appear in a title search, and which generally must be resolved before the deal is concluded.
In any New York residential real estate transaction, it is critical for the buyer to ensure the seller has clear title to the property. As we have discussed in a previous post, purchasing a title insurance policy is an important step and is usually required by lenders as a condition of financing. But what if the title search performed by the insurer turns up a serious defect? In that event the buyer may opt out of the transaction altogether. Alternatively, the buyer or seller can take steps to cure the defect.