Most people think that for a sale of real property to be valid and enforceable, there needs to be a formal contract of sale. While this is generally true, the courts in New York have long held that so long as any written instrument includes sufficient material terms, the agreement will be enforceable. What constitutes … Read more
On August 5, 2024, the New York Department of Taxation and Finance’s Office of Counsel published Advisory Opinion: TSB-A-24(26)S. addressing an important sales tax issue for residential landlords. The opinion was issued in response to a petition by a landlord asking the Department whether purchases of electricity and natural gas used by his residential tenants … Read more
A growing number of homeowners have created a new source of income by listing their property on Airbnb. However, some of these individuals have also faced pushback from their neighbors and communities. In a recent New York case, the issue ended up in litigation with the Court called upon to decide whether Airbnb rentals violated … Read more
A long-standing problem for estate representatives for a deceased person who rented their home was the ongoing responsibility for the existing lease. The estate historically remained liable to pay rent for the remainder of the lease term. A new state law in New York has changed this rule allowing termination of the the lease after … Read more
In a previous blog post, we discussed a court ruling on when a party can terminate a license to use property at will. The decision of the New York Appellate Division, Fourth Department in Skaneateles Country Club v. Cambs had created another exception to the general rule that license agreements can be terminated at will. … Read more
Like any contract, leases must meet certain requirements to be legally valid. One of these requirements was addressed in a recent decision of the New York Supreme Court Appellate Division, First Department. The case involved a lease amendment that was signed by the tenant but the tenant never received a copy of the fully executed … Read more
“Caveat emptor” (i.e. let the buyer beware) is a long-standing doctrine in New York which states that a seller is not liable for failing to disclose information regarding the item being sold unless the seller actively conceals the information from the buyer. As demonstrated in a case recently decided by the New York Appellate Division, … Read more
A recent New York case brought by a co-op shareholder against a co-op board and its members has important lessons for those considering similar lawsuits or concerned about defending their actions. While the case is still in its early stages, the decision discusses the duties of board members and when they may be liable for … Read more
Generally, under New York law, real estate transactions must be in writing and signed by the parties to be enforceable. General Obligations Law § 5-703(3) states that a contract to transfer real property is void unless the contract or some note, or memorandum thereof is in writing and signed by the “party to be charged therewith.”. … Read more
Landowners can allow others to utilize their property in multiple ways. One way is with a lease that generally grants a user (the tenant) the exclusive right to use and access the property during the term of the lease. A second option is to grant a license to use property. Unlike a lease, a license … Read more