Legal Analysts

Showing posts with label shareholder. Show all posts
Showing posts with label shareholder. Show all posts

Friday, January 21, 2022

Reverse Loans Available for Senior Shareholders in New York

Those 62 and older living in cooperative apartment units in New York will soon be able to obtain reverse mortgage loans. The amended law was signed by Gov. Hochul on January 24, 2022.

To qualify, the borrower must certify annually on each anniversary of the loan that they reside in the unit and that it is their primary residence and the borrower's lender will advise the borrower on an annual basis of the name/contact information of the third-party on file (the borrower has the option to appoint a designee to be notified in the event of foreclosure) and provide the borrower a chance to update or change the information for the third-party.

The goal of the amended law is to provide co-op owners the same resources as traditional homeowners and to help senior citizens remain in their homes. 

Monday, September 23, 2019

Law Alert: LLC Owners ID Must be Disclosed in Real Estate Deals


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.