We have advised our readers of the process for bidding at a foreclosure auction sale in New York. Perhaps you have attended the auction, participated and made the highest, winning bid. This post will address what happens next. Upon making the highest bid, the participant will need to make an immediate…
Our firm receives many inquiries from parties who intend to bid at a foreclosure sale. Foreclosure sales most often occur when a party is unable to pay a mortgage encumbering a property, and a foreclosure judgment is obtained by the lender. What happens next? A foreclosure sale, or auction, is scheduled…
Landlords who lease commercial space typically concern themselves with the quality of a proposed tenant so that such character is consistent with that of other tenants occupying the property. Such concern is reflected in particular provisions found in a commercial lease. This post will discuss some of the more common tenant “character”…
Recent news in Westchester County is that the Wal-Mart store in downtown White Plains is scheduled to close on August 10 of this year. Our blog has recently explored the legal issues relating to a store closing for good, especially where there is an existing lease. An interesting point regarding the…
Now that many of our clients are participating in the Spring housing market , repair issues have developed in several transactions handled by our attorneys . This post will address the manner in which such issues should be addressed in a contract. Most buyers will have a professional engineer inspect the premises prior…
Some of our clients have recently inquired as to whether their cooperative board may have been declined their proposed sale because the proposed purchase price is too low. As we have indicated in previous posts , cooperative boards can decline a purchase for any or no reason so long as such reason does not…
News outlets recently reported on the demise of retailer Toys R Us in bankruptcy. Initially, it was thought that the famous chain toy store would continue operations under its bankruptcy plan. Then, those in charge of the company found that it was necessary to close all locations. Such a decision has…
Prior blog posts have discussed the legal ramifications of reverse mortgages, which are becoming more common, and, with this, have become the subject of more court actions, including foreclosure cases. Reverse mortgages allow a person to borrow against the equity in their home, and are limited to those homeowners older than…
Many of us have recently enjoyed watching the Winter Olympics. The competitive spirit of the athletes is enhanced by the beauty of the snow and ice and the vistas in South Korea. Back in our region, snow and ice can be dangerous for homeowners and subject them to damages for…
A recent article in the New York Times discusses the purchase of the building which currently houses Chelsea Market by Google. Of course, this raises the issue of what becomes of the tenants in the building, including the all-important food vendors. Commercial real estate in New York, whether in the New York…