Real Estate Blogs

Cea Legal is a boutique transactional law firm that works with both sellers and purchasers in New York real estate transactions. Depending on the details of the transactions, the negotiations are specifically tailored to the goals pursued by the party represented. However, one item that is always requested by both purchasers and sellers is an estimate of the closing costs.

This is the most common form of financing obtained in connection with a residential purchase. The loan application is based on the economic conditions of the borrower. Once this is approved, the institutional lender issues a “commitment letter”, which summarizes the terms under which the loan will be disbursed and the conditions to be satisfied before closing.

A very popular “buy-to-rent” option in New York City is an investment in a mixed-use building featuring commercial spaces at the street level and residential units above.

A purchaser should not simply rely on the information and paperwork provided by the seller but instead, conduct thorough due diligence through its attorney.

The ramifications of a real estate transaction can be complex and, as such, need to be carefully scrutinized before planning a purchase or sale of a property.

Before entering into a contract to purchase a condo unit or a cooperative apartment, the Purchaser’s attorney has the duty to uncover existing or potential problems. If the Purchaser discovers an issue after signing the contract, she or he will be out of luck most of the time. Thorough due diligence includes reviewing many items.

Real estate investment deserves its reputation as a lucrative source of income, but investors must always be aware of the constant changes to the laws on taxes related to real estate properties, since these rules change frequently, with the numbers and percentages changing from one year to the next

In order for financially bleeding businesses to come back to their pre-pandemic volumes, many tenants – especially those operating in the suffering hospitality industry – are successfully negotiating monthly rents based on a percentage of their revenue (typically between 8% and 12%).

Recently, Mayor de Blasio signed a new measure into law that bans landlords from attempting or threatening to enforce personal liability clauses in the existing contracts of business owners to whom they have leased their properties.

What’s a 1031 exchange? Simply put, it is when you sell one property in exchange for another. The big advantage to this exchange, versus the outright sell to buy your next property is, it allows for the deferment of capital gains tax and increases your cash flow, and gives you superior equity build-up compared to stocks and bonds.

Millions of us have had our worlds turned upside down from the COVID-19 pandemic. There are unprecedented job losses, countless small businesses, and large retail pillar brands shuttering forever, a contracting economy headed in a downward spiral which has left many individuals as well as business unable to pay their rent or mortgages.

In the age of COVID and non-essentials business closings, millions of us now are relegated to working from home, forced to social distance, and find creative ways to get things done in a non-traditional way.

Does the prolonged nationwide shutdown entitle restaurants and other retailers to obtain multi-month free rental concessions from Landlords?

Federal, state, and local authorities are arranging loans with favorable terms and grants to businesses and individuals.

As the Coronavirus spreads across the United States, small and medium businesses operating in the New York City metropolitan area are facing unprecedented challenges, and some of them see their very existences at risk.