Articles written byIn late 2017, the New York Department of Financial Services (“DFS”) promulgated Insurance Regulation § 208 in an effort to protect purchasers of title insurance from excessive rates and ensure reasonable charges for ancillary services provided by title insurance companies. Following enactment of the regulation, it was contested in court by the New York State Land … Read more
When unmarried couples make oral financial promises to each other, problems can arise if they split up. In a recent New York court decision, the Appellate Division, Second Department addressed such a situation, finding that the Plaintiff could pursue her claim for constructive trust with respect to certain property she asserted was promised to her … Read more
A right of first refusal in a real estate contract is a provision that gives a potentially interested party the right to buy a property before the seller negotiates other offers. A recent New York case looked at whether one party could structure a transaction in a way that essentially kept another party from exercising … Read more
Transactions involving real estate in New York generally must be in writing and in recordable form in order to be enforceable. New York, however, also recognizes the long-standing equitable principle which allows lenders, in certain circumstances, to claim a right to what is known as an “equitable mortgage.” The concept is that to the extent … Read more
A real estate purchase is often financed with funds borrowed from a lender. The process for being approved for a loan is sometimes lengthy. As a result, in order to expedite the transaction, parties generally negotiate and enter into a contract before the mortgage commitment has been issued. Although the contract typically takes into account … Read more
In July of 2014, Governor Cuomo signed the Compassionate Care Act (“CCA”) authorizing the manufacture, sale and use of medical marijuana within New York State. The CCA has created a potential issue for those employers who conduct drug testing or otherwise have a written policy against the use of recreational drugs. The open question is whether … Read more
If you are a homeowner aged 65 or older or have a parent or loved one who is a “senior,” there is a way for you to sell your home and utilize some of the equity while continuing to reside there. Reverse mortgages are an option and were quite popular for a time until the … Read more
The New York State Legislature recently enacted a law which requires members of cooperative or condominium boards to disclose any transactions in which they have an interest to all shareholders or unit owners. Both the New York Business Law (with new Section 727) and the New York Not-for-Profit Corporation Law (with new Section 519-a) now … Read more
Under New York City’s Earned Sick Time Act (aka Paid Sick Leave Law), certain employers must give their employees sick leave. In November 2017, New York City revised the law to expand its coverage. Employers must be aware of these changes as the provisions go into effect on May 5, 2018. New York City’s Earned Sick … Read more
Earlier this year, the U.S. Department of Labor through its Wage and Hour Division (the “Division”) announced a new pilot program to expedite resolution of inadvertent overtime and minimum wage violations under the Fair Labor Standards Act (“FLSA”). The program allows employers to self-report potential violations, reducing the time, money and resources spent to address … Read more