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New York Real Estate Law simplified
5 basics of New York Real Estate Law in plain English NEW YORK REAL ESTATE LAW simplified An article published on the New York Real Property Law Journal by Joshua Stein gives a rundown on a New York real estate law wish list. While most of the words used to describe is mind boggling for the average Joe or Betty, here is an attempt to simplify his top 5 for the understanding and comprehension of the general public. That means you, Joe and Betty! Yellowstone Injunctions, while this gave me an instant mental image of Yogi Bear and Ranger Smith this in reality deals with high intensity lease disputes of the commercial kind. This is a process in which tenants will use the injunction to prevent the landlord from booting them out due to a default either monetary or non monetary. It also states that this process often is on an emergency basis. While Gotham has the Bat signal New York has the Yellowstone Injunction. Single Purpose Entities according to securitization and rating agencies are BAD, BAD, BAD, well they used the term unreliable actually. So these single entities met their downfall while Delaware entities rose to the top. Mr. Stein explains that whatever problem these rating and securitization entities have deemed has problems can actually be solved by the New York legislation without having these entities be sucked into Delaware nether regions. Meaning, there’s hope yet. Mortgage Consolidation, various documents such as assignments, consolidations, spreaders, etc are available for the purpose of mitigating and recording consolidation taxes and such. What a waste of paper really, it makes sense how Mr. Stein suggests that one single affidavit is enough to cover all these other paperwork’s. Revolving loans is believed to be just one of the problems the Legislature can solve. The imposition of mortgage recording that prohibits New York real property from securing such loans is something the author believes should be easily solved by the Legislature. Lien Law is not a Chinese dish I’m sorry to say. It is the law that governs construction loans and mechanics’ liens which are believed to be too complex and unnecessary. Hopefully this short tryst has introduced a simpler concept. |
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The copyright for this content entitled "New York Real Estate Law simplified" has been specified by the contributor as:
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This intel was contributed by Howard
Howard
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May, 2012
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