As a correction and a continuation of our blog dated 10/31/2019, LLC Residential Ownership Becomes More Transparent, this law had included LLC’s for Condominiums.
This September 2019 law requiring LLCs involved in residential real estate transactions to disclose the identities of all owners, managers and agents has been amended.
The State Department of Taxation and Finance issued a new memo changing this law after receiving tremendous pushback from real estate attorneys and other industry leaders regarding residential condominiums.
The original legislation did not include condominiums and at some point someone decided that condominiums should be included.
LLCs are commonly used in property transactions involving the purchase of condominiums by celebrities.
Real Estate professionals including brokers, agents, attorneys and certainly their buyers are happy about the walk back of the language of the new law.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.