When selling real estate with an executor’s / administrator’s deed or as heirs at law, incident to the death of the owner, seller’s counsel must address both federal and state estate tax liens that automatically attach to real property on the date of death. Importantly, these liens attach and are effective without recorded notice. 

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

A new tax incentive is almost available for purchasing your first home. Legislation has passed both the NYS Senate and Assembly (it is returned to the Assembly before going to the Governor).

The program will work for the purchase or construction of a home, townhome, condominium or unit in a cooperative housing corporation.

Under the account, up to $100,000.00, exclusive of gain, can be invested and withdrawn without state personal income tax if the money is used for purchasing or constructing a first home purchase.

Better yet, parents can create these accounts for their children, where a child would be called a “designated beneficiary” under the statute.

However, to constitute a first time home buyer, whether as a designated beneficiary or on one’s own account, an individual cannot have had any prior “ownership interest in a principal residence at any time” both in the “United States or abroad.”  To clarify, an individual does not have an ownership interest if they expect to inherit property or even if they own the remainder interest under a trust.
 
If the first time purchaser qualifies there is a requirement to utilize the home as a primary residence for “not less than two years after purchase.”

All industries with employees and independent contractors need an inclusive culture through policy and training.

Read NARs article and quotes from Lieb at Law's Managing Attorney Andrew Lieb, Esq.

Mr. Lieb is available for outside compliance counsel, policy drafting and implementation and discrimination trainings. Contact andrew@liebatlaw.com or call 631.878.4455

Uncivil Discourse

Negotiating is first and foremost about preparation.

Fees for licensing have increased by $5 as of April 20, 2017. For real estate brokers the fee is now $155 and for real estate salesman (a/k/a, real estate salespersons) the fee is now $55.

Real Property Law 441-b(1) now reads (words in brackets are the former statute and capitalized words represent the now current statute):

The  fee  for a license issued or reissued under the provisions of
this article  entitling  a  person,  co-partnership,  limited  liability
company  or  corporation  to  act  as a real estate broker shall be [one
hundred fifty] ONE HUNDRED FIFTY-FIVE dollars. The  fee  for  a  license
issued  or  reissued  under  the  provisions of this article entitling a
person to act as a real estate  salesman  shall  be  [fifty]  FIFTY-FIVE
dollars.  Notwithstanding the provisions of subdivision seven of section
four hundred forty-one-a of this article, after January first,  nineteen
hundred  eighty-six, the secretary of state shall assign staggered expi-
ration dates for outstanding licenses that have been previously  renewed
on  October  thirty-first  of  each  year  from the assigned date unless
renewed. If the assigned date results in a term that exceeds twenty-four
months, the  applicant  shall  pay  an  additional  prorated  adjustment
together  with  the  regular  renewal  fee. The secretary of state shall
assign dates to existing licenses in a manner which shall  result  in  a
term of not less than two years.

Here is the video introduction to Lieb School's 1 Hour Agency Disclosure course. Finally the most complicated topic broken down into plain english!

Your real estate investment is your legacy. Here are the top five estate planning considerations for keeping your property in the family, in order to produce income for generations to come.

Read the full article by Andrew Lieb, Esq. published in Dan's Papers here. 

On 4/12/17 the NYS Board of Real Estate continued its mission of optimizing the regulation of real estate brokers in our state by holding its meeting in NYC and Albany. To remind real estate brokers and salespersons, the public is welcome at these meetings where the public can bring comments from the floor. It is encouraged that Lieb School students attend these meetings to have your voices heard. 

"[T]he Board has general authority to promulgate rules and regulations affecting real estate brokers and salespersons in order to administer and effectuate the purposes of Article 12-A of the Real Property Law."

A complete video of the meeting is available on youtube.

While there was no quorum, the following was discussed:

1. An education audit program was conducted from December through March on licensees seeking license renewal where approximately 360 such audits were conducted resulting in a finding of approximately 80% compliance and approximately $27,000 in fines;
2. Many schools are offering classes at 1 and 2 hours in response to the change in regulations;
3. The possibility of changing the Preliminary Statement of Complaint so real estate brokerage firms can make complaints about their salespersons and associate brokers with the Department of State;
4. That the Department of State received a question about clarifying whether property managers must comply with the Corporate Title Opinion Letter from April 26, 2013 and will address such question accordingly; and
5. A public comment that NYS Department of State should coordinate with the Attorney General's Office to enforce unlicensed activities, particularly against auctioneers. 

• Minimum of 1 year Litigation Experience
• Experienced in court appearances, motion writing, legal research with Westlaw, pleadings, discovery, oral arguments a plus, depositions a plus, client management a plus. 

To Apply: Email Cover Letter and Resume to careers@liebatlaw.com or submit your application ONLINE here. 

Foreclosure litigation involves much more than simply enforcing a contract. Follow this top 10 checklist when representing private lenders to successfully navigate the nuances of foreclosure practice.

Read the full article by Andrew Lieb, Esq. and Jay Sheryll, Esq. here. 

Lieb School reminds our real estate brokerage students to treat everyone equally in the terms, conditions and privileges of housing during the 2017 Fair Housing Month (and the rest of the year). Remember, you should only discuss the quality of the property, the terms of the offer and the weather when acting in real estate brokerage. Each prospect should be viewed as dancing dollar bills, not by their demographic profile, during real estate negotiations.

Lets make the world a more inclusive place one transaction at a time.

This 1 hour Video CE course instructed by Andrew Lieb, Esq. was designed to be the ultimate refresher course on agency. Students will learn to select the appropriate agency forms for varying scenarios, how to translate agency terms into simple English in order to communicate with transacting parties, and how to properly fill-out the forms in compliance with New York license law.

This is a skills class where students can expect to perfect their agency disclosure abilities. In fact, agency disclosure skills are the most important skill for real estate salespersons today. Learn how to fulfill your license requirement, protect yourself from litigious clients and customers, and most importantly, how to leverage the law by making agency into a value add when offering your services to prospects.

This 1 credit CE course fulfills your NY continuing education requirement on the law of agency (except for new agents who must take 2 hours).

Available here are all cases, statutes, and other supporting materials for the CLE, The Top Real Estate Laws of 2016, sponsored by First American Title, presented on Wednesday March 29, 2017 at the The Omni Building.

Learn more at The Fair Housing Act ONLINE - 4 CE Credits. 

This radio segment features Andrew Lieb, Esq. discussing the top 5 legal concepts that can make or break a speculative development real estate project.

Topics Include:

• Getting Financing
• Structuring the Venture
• Setting a Realistic Vision
• Owning the Plans
• Hiring the Contractor