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The Pros and Cons of Owning Real Property in New York as a LLC
Owning real property in New York through an LLC can provide liability protection, privacy, and financial advantages, but it also carries potential tax, financing, and compliance concerns. Learn the pros and cons of LLC real estate ownership, including transfer taxes, Labor Law liability, corporate formalities, and costs before choosing the right ownership structure.
Refinancing Your Property: Beware of Mechanic's Lien
Refinancing a property with a mechanic’s lien can create title and financing complications. Learn your options for addressing construction liens, including paying the lienor, understanding the risks of depositing funds with a title company, and using a discharge mechanic’s lien or release of lien bond to clear title while preserving your rights during a dispute.
Refinancing Your Property: Beware of Mechanic's Lien
If you're looking to refinance and mechanic's liens have been filed against your property, you need to know your options. Simply depositing money with a title company isn't the answer—it could lead to an unnecessary payout. Instead, consider securing a discharge mechanic’s lien bond, which ensures protection while the dispute is resolved.
New and Important Changes for New Yorkers
Exciting updates in New York real estate law are strengthening protections for homeowners, particularly against deed theft and estate planning challenges. Here’s what’s changing: Deed Theft is Now Grand Larceny; More Time to Fight Back; New Transfer on Death (TOD) Deed. These changes aim to safeguard homeownership and make estate planning more accessible.