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.
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 ...
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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 ...
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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 ...
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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 ...
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Topics: FinCEN wire fraud
NYS Tax Department Provides Guidance on LLC Disclosure Rules - Update
By
Mike Berey on November 21, 2019
It was previously reported that Chapter 297 of the Laws of 2019, enacted September 13, 2019 to “take effect immediately”, amended Tax Law Section 1409(a) and added a new subdivision (h) to Section 11-205 of New York City’s Administrative Code, requiring ...
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New York Adopts Disclosure Requirements for Limited Liability Companies
By
Mike Berey on October 16, 2019
Chapter 297 of the Laws of 2019, enacted September 13, 2019 to “take effect immediately”, amends Tax Law Section 1409(a) and adds a new subdivision (h) to Section 11-205 of New York City’s Administrative Code, requiring that transfer tax returns for the ...
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Topics: New York limited liability