Archive for November, 2009
Multiple Nonpayment Judgments May Be Grounds For Eviction
Do you have a tenant that you have been forced to bring multiple nonpayment proceedings against over a short period of time? There may be something you can do to remove the tenant permanently and avoid the vicious cycle of going to court, obtaining a judgment and warrant, tenant finally paying the rent, and then having the same thing happen over and over again. It’s called a chronic nonpayment cause of action commenced under a holdover proceeding. Read the rest of this entry »
How to Legally Increase Rents in a Rent-Stabilized Building
What is an MCI?
MCI stands for Major Capital Improvement. As the owner of a rent controlled or rent stabilized building, when you make certain improvements (or installations) to your building, you may be able to increase your tenants’ rents based on your cost of making the improvements/installations.
What types of improvements are considered eligible for the rent increase?
Do You Need a Zoning Variance?
Certainty is the mother of quiet and repose, and uncertainty the cause of variance and contentions. - Edward Coke
New York State’s Constitution grants the state legislature the broad authority to regulate land use if it is in the public interest. Although the state retains some authority, much of the power to plan communities and provide for and enforce zoning regulations has been delegated to local municipalities. This means that the reason your house is a certain height and a certain distance from the road, or the reason that it is a house at all and not a retail store or warehouse has to do with your city or town’s zoning code.
Let’s start with the basic premise that every city, town and village is divided into districts. Cities, towns and villages have zoning ordinances (laws) in place which dictate what type of uses are permitted for properties in each district. The zoning ordinances also dictate how large buildings can be in each district, how far from the road and neighboring property lines the buildings or other structures must be setback, what percentage of the lots may be covered with buildings, the use of the properties and much more.
A zoning variance is essentially an exception from the strict application of the zoning ordinances which affect your property.
Here are some instances where you should consider contacting your zoning board: Read the rest of this entry »
What is a Short Sale?
Everything that is tall and long is composed of short and small pieces.
For real estate owners who can no longer afford to keep current on their mortgage payments, a short sale is an alternative to foreclosure that can help preserve their credit and avoid bankruptcy.
A short sale is when a distressed seller finds a purchaser who is willing to buy their property for less than what is owed to the lender (bank) and the bank accepts less than what is owed on the mortgage in full settlement of the seller’s obligations to avoid having to foreclose on the property.
It may seem counterintuitive, but a lender may not want to foreclose on a property because the foreclosure process is expensive and time-consuming for the lender. In today’s market with foreclosures on the rise, lenders are becoming more and more willing to negotiate short sales.
Real estate agents may be enlisted by sellers who are at risk of being foreclosed to help market their properties and find potential purchasers. And just as in any sale, brokers are entitled to commissions on the short sales of properties. Read the rest of this entry »