FinCen Targeting Orders Extended Through 2017

FinCen Targeting Orders Extended Through 2017

The Financial Crimes Enforcement Network (FinCen), a division of the US Treasury Department, recently extended targeting orders that went into effect earlier this year. The orders were intended to combat money laundering schemes by identifying individuals behind companies and other entities purchasing real estate. The Targeting Orders will now remain in  effect until February 23, 2017 unless further amended in the future.

Beginning August 28, 2016, these Orders were also extended beyond Manhattan and into the other Boroughs of New York City, as well as some counties in California, Florida, and Texas. To find out more, see this announcement from the FinCen website.

WHFirm Attorney Speaks at Financial Fitness Workshop

Congratulations to Weidenbaum & Harari’s own Caroline Malapero, who was selected to speak at the 14th Annual Financial Fitness workshop, organized by the Financial Planning Association of New York, on October 1. Caroline took part in a panel to discuss the financial merits of buying and renting Real Estate property in New York. For further information, please see the FPANY website.

WHFirm Client Profiled in New York Times

Congratulations go out to Anthony Morena, a client of Weidenbaum & Harari, who was recently profiled in the New York Times for his condominium development projects in Brooklyn.

His recent piece in the New York Times highlights how condos in Brooklyn are proliferating, and how he is remaking his old Brooklyn neighborhood of East Williamsburg one building at a time. See the article here to see how Mr. Morena is using a “vinyl revival” approach.

NYC Real Estate Attorney’s Closing Report: June 2016

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.

Property Value Transaction
180 West 58th Street, NY, NY $1,100,000 Coop Purchase
88-17 51st Avenue, Elmhurst, NY $459,000 Condo Purchase
44 June Road, North Salem, NY $699,000 House Refinance
185 Withers Street, BK, NY $1,800,000 House Sale
235 West 75th Street, NY, NY $7,200,000 Condo Purchase
56 Jane Street, NY, NY $505,000 Coop Sale
313 Adelphi Street, BK, NY $600,000 House CEMA Refinance
160 West 87th Street, NY, NY $1,360,000 Coop Purchase
200 East 94th Street, NY, NY $1,250,000 Condo Purchase
106 Central Park South, NY, NY $1,125,000 Condo Sale

Understanding Contracts: the Statute of Frauds

Contracts are at the heart of buying and selling real estate. This is because, by law, no real property can legally change hands (with the exception of a lease lasting less than one year) except through a written contract. This law is called the “Statute of Frauds.”

In order to be legally binding, a contract must contain certain basic information. First, it must explicitly name the parties involved in the deal. Failure to do this may make the contract impossible to enforce. Secondly, the specific boundaries of the subject property must be listed accurately, and with enough exactitude as to be easily identified. “By the long rock wall with a big oak tree at the north end,” unfortunately isn’t sufficient for the contract to be binding. Third, the purchase price for the property in question must also be listed and decided upon before the contract is signed, not after. Depending on the contract, it may also need to include such facts as closing date, the terms of the mortgage (if applicable), and information about the title of the property (amongst others).

Provided that a contract has all of the necessary information, the form that the contract takes contains a great deal of leeway. The contract could be many documents pieced together, some terms legibly scribbled on a napkin, or even an email chain (provided, of course, that they are sufficiently connected and that the required signatures can be proven genuine—a subject of no small amount of controversy). There is even one exception to the Statute of Frauds: in some cases an oral recitation of the contract may pass muster, provided that is obvious that all parties’ actions explicitly refer to the deal.

Hopefully, this tidbit of legal theory will help put the contract process into context. With any more specific questions, we would always recommend contacting a legal professional.

NYTimes: The Stuff We Leave Behind

What happens when sellers leave behind unwanted possessions after a closing? Whether an armoire or an armadillo, sometimes old property is left for the new homeowner to deal with, despite promises and guarantees to the contrary. In most New York contracts of sale, there will be specific language that attempts to grapple with what personal property will be taken or left behind. The attached article from the New York Times, entitled “You’re Taking that with You, Right?” approaches this question with humor, including anecdotes of situations both horrifying and heartwarming.

NYC Real Estate Attorney’s Closing Report: May 2016

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.

Property Value Transaction
845 West 181st Street, NY, NY $286,000 Coop Refinance
900 West 19th Street, NY, NY $1,275,000 Coop Purchase
234 East 23rd Street, NY, NY $1,130,000 Condo Purchase
919 Mayfield Road, Woodmere, NY $730,000 House Purchase
29 Tiffany Place, BK, NY $2,440,000 Condo Sale
10 Tanner’s Neck Lane, Westhampton, NY $3,265,000 House Sale
415 Main Street, NY, NY $1,175,000 Condo Purchase
211 East 35th Street, NY, NY $306,000 Coop Purchase
93 Worth Street, NY, NY $1,100,000 Condo Purchase
195 Prospect Place, BK, NY $465,000 Coop Purchase

Jack Harari Guest Speaker at Google

WHFirm’s own Jack Harari and Caroline Malapero were both guest speakers at a recent event held at Google’s New York office, part of a series of lectures hosted by broker Roger Ma, of Charles Rutenberg LLC. Called Buying 101, the series is a resource for employees, many of whom may be new to New York City and its unique Real Estate market.
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NY Times Shares Tips for First-Time Buyers

The New York Times recently published the following article, which should prove helpful to anyone thinking of purchasing a property in New York City. Among other tidbits, the article includes tips on fees and financing, key differences between coops and condos, advice for those needing a real estate broker, and a few tough truths about the bidding process.

The overall lesson of the article is to be informed, flexible, and prepared for any possible bumps in the road throughout the life of the deal, from bidding to closing. We would heartily recommend consulting a real estate professional with any questions about the process.

NYTimes Explores the Art of Soundproofing

In New York City, where multi-unit residential constructions make up the majority of available housing options, the soundproofing of apartments has become a booming industry. This article examines the science and practice of deadening the noise from that clomping upstairs neighbor or bassoon quartet, and how acoustic expertise can help to resolve the noise disputes that can make life difficult for tenants, neighbors, and building management.