The Difference Between Limited and Unlimited Warranties for Offering Plans

New York law requires every condominium unit made available by a sponsor or developer be subject to a construction warranty. Under the Housing Merchant Implied Warranty law, the following warranties must be provided for new units in multi-unit residences that are five stories or less: The property will be free of construction defects for one year from the warranty date Major systems for electrical, heating, Read More

4 Signs a Potential Buyer for Your Business Is a Good Match

You put a lot of time and effort into making your business the success it is today. Now you’re ready to retire or advance to the next stage in your entrepreneurial journey, but you want to ensure that the business is sold to someone who can take it to the next level. You’ve just gotten an attractive offer, but is this buyer is a good match for your business? Here are four signs that the answer could be yes. 1. Read More

Understanding 1031 Tax-Free Exchange Transactions

Most people go to great lengths to reduce the amount of tax they have to pay. For those who invest in real estate, a 1031 exchange can be a valuable resource that allows them to increase their net worth without having to pay up to 35% in taxes. Named after Section 1031 of the IRS Code, a 1031 exchange is a transaction in which one property is exchanged for another similar one by deferring the tax implication of a Read More

4 Elements of a Solid Condo Offering Plan

A condo offering plan is similar to the prospectus for an initial bond or stock offering. It needs to be thorough and describe in detail every major aspect of a property that is being sold for the first time. The seller and listing agent are responsible for delivering the offering plan and related due diligence materials to the buyer and their attorney. The exact contents of a New York condo offering plan will Read More

6 Key Elements of Construction Contracts

For construction projects, the contract is literally the blueprint to success. If it is professionally drafted, clearly written, and fair to all parties involved, you’re generally all set. While claims and litigation are always a potential risk in construction law, including the following six key elements can minimize both their likelihood and their impact on your bottom line. Legal Name and Address of Both Read More

The Importance of Contractor Licensing

It can be tempting to forego the mountains of paperwork and costs associated with getting an electrician, HVAC, plumbing, or major contracting license in New York. While working without a license may be more lucrative in the short term without paying the dues and getting insurance or bonding, the reality is that licensure not only protects homeowners, it protects contractors, too. Here’s why. All states, including Read More

Sooner Rather Than Later: It’s Time to Update or Start Your Estate Plans!

As 2018 draws closer, creating or updating your estate plan may not be on your list of resolutions. Although no one relishes the idea of planning for a time when they will no longer be around, estate planning is one of the best ways to take care of those you love. This applies no matter how much money or assets you have. If you haven’t created an estate plan yet, now is the time to make the arrangements that will Read More

It’s in the Handbook: 4 Reasons Your Business Needs an Employee Handbook

Every time you hire a new employee, you add value to your company. You now have a new team member who can use their existing skills or be trained to accomplish tasks that improve your products, services, and the way they are delivered to customers. You also have a potential problem, unless you have an employee handbook. Imagine that once his probation period is over, your new hire starts coming in late at Read More

Construction Claims: 4 Common Causes of Defect Claims

Construction defect claims inspire a lot of the litigation in the New York and Florida construction world. Generally speaking, such claims allege that defects in the planning, design, workmanship, and/or materials or systems used on a project caused some kind of financial harm to the owner. Courts tend to place defects into one of four categories, each of which can form the basis for a claim. Design Read More

An Introduction to New York’s ICAP or the Industrial and Commercial Abatement Program

If you intend to develop or renovate an industrial or commercial property in New York City, you may be eligible for a significant tax abatement under the New York State Industrial and Commercial Abatement Program, or ICAP. Designed to replace the Industrial Commercial Incentive Program (ICIP), which came to an end in 2008, the ICAP is administered by the New York City Department of Finance, which issues Read More