Kiritsis & Associates
Single family house purchases in New York City merit special legal considerations. Generally, this author is a big advocate in owning and operating real estate assets through a Limited Liability Company (LLC). However, when it comes to single family homes, there may be some unique tax and lending related advantages in holding such a real estate through one’s personal name (natural person).
Some frequently asked questions with regards to this topic, include:
How would a prospective buyer finance such a transaction?
Is the underlying property subject to a mortgage?
Are there any title issues with regards to the property?
Is property subject to any zoning restrictions?
Would a Limited Liability Company (LLC) be utilized with regards to transferring the property at issue?
Are there any peripheral legal issues surrounding the overall real estate deal (i.e. immigration, tax, anti-money laundering compliance, bankruptcy, foreclosure, divorce, eminent domain, re-development)?
Unlike other types of properties, single family houses are rarely able to yield sufficient rental income potential to make it a worthwhile venture from a pure ROI perspective.
New York Real Property Law
New York Landlord/Tenant Law
Internal Revenue Code
New York State Property Tax Regulations
NYS and NYC Executive Type Orders and Pronouncements
New York Martin Act
Whether buying, selling or leasing real estate in New York City -- our firm may be able to help you with your legal needs. Feel free to call us for a free consultation at 212 922 0005.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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