ATTENTION LLC Owners

LLC sellers & buyers of residential property (1-4 family houses) will no longer be able to hide their identities.

Transfer tax returns submitted by LLCs, as required when transferring real estate, will no longer be accepted by the clerk's office unless submitted with the names and addresses of all members, managers, shareholders, directors, officers, partners, and other authorized agents.

Check out the full bill here and understand that you can no longer hide your identity in a residential real estate deal in the State of New York.

On Monday, Governor Cuomo called on the Department of Financial Services to investigate reports that state-regulated advertisers are using Facebook, Inc.'s advertising platform to discriminate against protected classes.

Real estate brokers and mortgage bankers are state regulated advertisers - you are warned.

Get into compliance today before it is too late - call Lieb Compliance at 646.216.8038 for an audit, policies and trainings.

Buyers can pay cash at closing and reap the benefits of obtaining a loan on the property by purchasing a 90-day post-closing loan.

This can be helpful for buyers who want to make competitive cash offers, close quickly and subsequently obtain mortgage interest deduction benefits of the loan according to the IRS, Publication 936.

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

New York State homeowners and real estate professionals should be aware that starting April 1, 2019, smoke detectors must either be hardwired or be sealed and have a 10-year irreplaceable battery life.

New York General Business Law Section 399-ccc prohibits the sale, distribution or importation of any “solely battery operated smoke detecting alarm device powered by a replaceable, removable battery not capable of powering such device for a minimum of ten years.” In addition to the requirement that the solely battery operated smoke detector have a minimum battery life of ten (10) years, its product packaging must also state the manufacturer’s name or registered trademark and model number of the device.

The above requirements do not apply to battery operated smoke detectors already “ordered by, or are in the inventory of, owners, managing agents, contractors, wholesalers or retailers” on or before April 1, 2019. However, if these non-compliant smoke detectors are replaced after April 1, 2019, such replacement must comply with Section 399-ccc’s requirements.