Wednesday, November 23, 2016

Top Reasons to Be Thankful For East End Real Estate Brokers

The best listing agents sell property based on substance. Before even marketing the property, these agents understand that they are brokering a specific property that requires a tailored approach. 

From Due Diligence, Negotiations and Fair Housing, top Real Estate Agents continue to impress us. Learn what they do to lead the industry. 

Thursday, November 10, 2016

Condominium Foreclosure for Unpaid Common Charges

In Plotch v. Citibank, decided on May 10, 2016, the Court of Appeals clarified issues of lien priority between a consolidated mortgage and a condominium’s common charge lien pursuant to RPL §399-z. Specifically, the court addressed whether the exception to a common charge lien’s priority for “all sums unpaid on a first mortgage of record,” as set forth in RPL §399-z, applies to a consolidated mortgage recorded prior to the recordation of such common charge lien. The court held that a consolidated mortgage constitutes only one first mortgage of record for purposes of lien priority under the Condominium Act. However, the court limited its holding by emphasizing that the consolidated mortgage was recorded prior to the common charge lien, and therefore the court expounded that “[t]he consolidation agreement […] did not interfere with any rights of the condominium board.” In such, it is envisioned that a subsequently recorded consolidation agreement to a common charge lien will not be given first lien priority pursuant to RPL §399-z.

Read the full article, published in The Suffolk Lawyer by Andrew Lieb, Esq. Here.