When a real estate transaction doesn't go as planned or costs run too high, it's possible that the development of the real estate will have to be stopped and that it will need to be auctioned to pay back the debts that are owed. That's what is happening in this case involving the development of a condo tower in New York. For buyers, this is in opportunity to purchase a building at a lower price, while the seller gets out of debt by going through bankruptcy or selling the real estate development opportunity to others with the funds to see it through.
If you're dealing with a real estate dispute, there are a couple of alternatives to going to court. You can go to mediation or arbitration, both of which help you resolve disputes more quickly and at a lower cost than heading to court. Alternative dispute resolution methods are good for situations where you're arguing over the cost of repairs, money disputes, inspection issues and your claims of misrepresentation, among a number of other claims.
Property in New York can be hard to come by, and one man says he tried to lock his interest down in a mixed-use building by signing a lifetime lease. He claims he is entitled to the third floor of the building. However, he says that the landlord is attempting to ignore the contract and cheat him out of the lease.
Those who have recently undergone the process of finding residential real estate to either rent or purchase likely found it to be an emotionally turbulent experience. Indeed, there was likely anxiety about money and frustration with the waiting game, but also great joy when the offer was accepted and satisfaction when the keys were finally handed over.
Real estate litigation in New York is in a class by itself. The high value of property in the city means that millions -- or even billions -- of dollars are often at stake when a dispute arises among developers, purchasers, sellers and other players. Fortunately, in New York there is a court that is uniquely equipped to handle these high stakes cases.
In Manhattan, land is at a premium. It is, therefore, not too surprising that a dispute over a fence that is allegedly eight inches over the property line has led to real estate litigation in the New York Supreme Court.
In New York City, zoning laws are used to control and guide real estate development. But the city is constantly evolving, and authorities will sometimes allow a landowner to apply for a zoning change in order to develop a site. There are several ways a property owner can seek zoning changes in New York.
In last week's post we discussed the basic requirements for a New York real estate deed. This week we will take a look at some of the different types of deeds used to convey real property.
In New York, as in other jurisdictions, real property is transferred from one owner to another by means of a deed. A deed is the written legal instrument that transfers ownership.
Real estate transactions can be complex which is why it is important to understand all elements of the process and what to expect when handling a real estate transaction which can help avoid real estate disputes down the road. Successful real estate transactions can be important to different types of businesses, trusts and commercial property owners and developers in New York City, as well as to others. The subject matter of real estate transactions can vary but can include office buildings; mixed-use properties; condos; new construction developments and others.