CRE Insider Blog
Welcome to the Commercial Real Estate Insider, insights from First American's real estate experts.

Recent Posts by Mike Berey

Senior Underwriting Counsel First American Title Insurance Company; formerly Chief Underwriting Counsel (New York) and Senior Vice-President, First American Title Insurance Company; Fellow, American College of Mortgage Attorneys; Member, American College of Real Estate Lawyers; Member, Executive Committees of NYSBA’s Real Property Law Section (2000 – 2014) and the New York State Land Title Association; Chairperson, Task Force on Electronic Recording and Webmaster, NYSBA Real Property Law Section (2000-2014); Chairperson, Law Committee (2010-2013) and President (August 2013 – September 2014) New York State Land Title Association; Recipient of NYSBA Real Property Law Section’s 2014 Professionalism Award. Boston College Law School, 1976. Frequent lecturer on mortgage recording tax, transfer taxes, transferrable development rights and New York’s Lien Law. Author of “Current Developments”, a summary of real property-related cases and legislation for New York, since 1997. Author of numerous articles including, most recently, “ Step Transaction Doctrine Applied to New York City Transfer Tax”, New York Law Journal (“NYLJ”) June 9, 2015; “A Primer on New York’s Mortgage Recording Tax”, N.Y. Real Property Law Journal (“RPLJ”) Spring/Summer 2015; “New York’s Court of Appeals Rules on the Lien Law”, NYLJ August 6, 2013; and “New York’s Mortgage Tax Partially Securing Multiple Obligations”, RPLJ Spring/Summer 2013. Current Developments and articles are posted at www.firstamny.com.
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Prohibition On Short Term Rentals Upheld

By Mike Berey on June 30, 2020

 In 2012, the Plaintiff, the Petitioner on appeal, purchased a single-family residence in the Town of Grand Island, in Erie County, for the purpose of renting it out for periods of less than thirty days. In 2015, the Town enacted Local Law 9 prohibiting in certain zoning districts, short-term rentals unless the owner resided on the property....

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Lost Note Affidavit Did Not Establish Ownership Of Note

By Mike Berey on January 28, 2020

The amended complaint for the foreclosure of a mortgage stated that the note, which had been assigned to it with the related mortgage, had been “permanently lost, stolen or inadvertently destroyed” but, notwithstanding, the Plaintiff could maintain the action under the authority of Uniform Commercial Code Section 3-804 (“Lost, destroyed or...

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Topics: lost note

Time Of The Essence Closing Date Must Be Specified

By Mike Berey on December 30, 2019

 

The Plaintiffs entered into contracts to purchase two properties from the Defendants. The Defendants sent notices to the Plaintiffs purporting to set a time of the essence closing date for each contract. Each notice stated that “a closing has been scheduled for December 19, 2016, at 2:00 p.m.” and that if the transactions did not close “by...
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Topics: Closing Date

Contract Of Sale Conditioned On Agreeing To Material Terms Is Not Binding

By Mike Berey on December 24, 2019

The Defendant property owner sent the Plaintiff an unexecuted proposed contract which included a purchase price. The Plaintiff signed the contract and submitted it to the Defendant with a contract deposit. However, the Plaintiff included handwritten additions, including one that would have had the Defendant represent that the “[p]remises are a...

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Conveyance Need Not Be Reindexed After Tax Lot Change

By Mike Berey on December 10, 2019

 

 

In Akasa Holdings, LLC v. 214 Lafayette House, LLC (71 N.Y.S. 3d 57), a case decided by the Supreme Court, New York County, properties were benefitted and burdened by an easement contained in a Declaration of Easements recorded by the common owner in 1981 when the parcels were all part of tax lot 30. One of the easements burdened land...

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Fincen (financial Crimes Enforcement Network) Modifies Gtos For Reporting Cash Purchases

By Mike Berey on December 3, 2019

 

FinCEN has issued Geographic Targeting Orders (“GTOs”) requiring certain U.S. title insurance companies to identify the natural persons behind companies used to pay all cash for high-end residential real estate in New York City, Broward, Palm Beach and Miami-Dade Counties in Florida, Bexar County, Texas, Los Angeles, San Diego, San Francisco,...

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Topics: FinCEN wire fraud