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October 14, 2009 |

Power-of-Attorney Changes Scramble Property Transfers

Adam Leitman Bailey and Dov Treiman, partners at Adam Leitman Bailey, P.C., write: As of Sept. 1, New York has abolished its old easy single-sheet statutory power of attorney form and replaced it with a tremendously complicated new law describing a highly complex new document with a misleadingly named optional rider. The 1948 original form and its successors were designed to be general-purpose forms consumers with nothing but access to a stationery store and a notary could use with ease. The new form, designed specifically for estate planning, is so complicated that those who use it without attorney guidance do so at their peril and few attorneys will fully understand the pitfalls the new form presents.
15 minute read
April 10, 2013 |

Owners' Rights to Inspect Management Records

In his Cooperatives and Condominiums column, Adam Leitman Bailey, founding partner of Adam Leitman Bailey, P.C., writes that since the Legislature gave birth to the first cooperative and condominium laws, very few issues have had as much attention and confusion as boards' concerns about the extent of unit owners' access to inspect the management books and records.
11 minute read
April 14, 2010 |

Calls for State Insurance Threaten Property Transfers

Adam Leitman Bailey, founding partner of Adam Leitman Bailey, P.C., and Dov Treiman, a partner at the firm, write: Currently before the State Legislature are two bills that would inject the state in the business of title insurance, damaging New York's standing as the capital of real estate transactions. One would broaden the power of the State Insurance Fund to provide a State alternative to the current private system of title insurance. The other would create a new state title authority for the same purpose. Many real estate attorneys see these bills as a threat, both to the heart of the safe transfer of real estate and to the capitalist system itself.
11 minute read
February 11, 2009 |

Adverse Possession Changes Make Results Less Certain

Adam Leitman Bailey and John M. Desiderio, partners at Adam Leitman Bailey, P.C., write: Since 1998, of the 105 New York state cases dealing with adverse possession, 29 involved allegations by the property owners that the adverse possessors were aware they did not own the property. Nevertheless, none of these cases, including Walling, involved what could truly be considered a "stealth" takeover when the law of adverse possession required, as a precondition to divesting an owner's title, that the adverse possession be "open and notorious" and "continuous" for a 10-year period. One must ask what great harm had adverse possession law, as enunciated by Walling, done to the citizens of the state?
11 minute read
October 10, 2012 |

Finding Individual Tort Liability for Board Members

In their Co-Ops and Condominiums column, Adam Leitman Bailey, the founding partner of Adam Leitman Bailey, P.C., and John M. Desiderio, a partner at the firm, analyze a recent decision where the First Department held that the business judgment rule does not protect individual condo and co-op board members from personal tort liability where a board acting in its corporate capacity has acted in bad faith, but where it is not alleged that defendant board members have committed a tort independent of the tort committed by the board itself.
12 minute read
January 30, 2013 |

Advising Boards on Handling Secondhand Smoke Issues

In their Cooperative and Condominium Law column, Adam Leitman Bailey and John M. Desiderio of Adam Leitman Bailey, P.C. write that although there are at present very few reported cases on secondhand smoke infiltration, given the amount of inferior new construction and renovations that has occurred over the past decade, it is likely there will be a significant increase of litigation over smoke issues in the near future.
13 minute read
June 12, 2013 |

No Help for Jilted Sellers as Court Sticks With Precedent

In their Real Estate Contracts column, Adam Leitman Bailey, founding partner of Adam Leitman Bailey, P.C., and John M. Desiderio of the firm question the basis for a recent Court of Appeals ruling and show that the concurring opinion, which disagreed with the majority's rationale, set forth what would have been a better rule of damages in buyer default cases.
10 minute read
June 09, 2010 |

HETPA Contains Land Mines For Unwary Attorneys, Buyers

Adam Leitman Bailey, the founding partner of Adam Leitman Bailey, P.C., and Dov Treiman, a partner at the firm, write that despite its good intentions, the New York Home Equity Theft Prevention Act's anti-consumer effect easily makes it the worst real estate statute currently on the books
11 minute read
February 10, 2010 |

Split Between Departments Muddies Subrogation Doctrine

Adam Leitman Bailey and Dov Treiman, partners of Adam Leitman Bailey, P.C., write: In an era when this nation's economic stability depends, in part, on stable and unfettered real estate transfers, equitable subrogation provides a solution to some of the cracks in the system. However, as evidenced by a split between two departments of the Appellate Division, these cracks need some additional caulking to make sure that the right lien obtains priority.
11 minute read
December 08, 2010 |

Cooperative Foreclosure: The Accidental Doctrine

Adam Leitman Bailey and Dov Treiman, partners at Adam Leitman Bailey, P.C., write that in the closing days of 2009, the governor signed into law changes to the procedures in foreclosing on defaulted-upon cooperative apartments. Clearly, the intent of the legislature was to give more time for homeowners to rally the funds necessary to avoid losing their homes, but the effect was to destabilize title.
10 minute read

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