Author Archives: Patrick Yu

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About Patrick Yu

Patrick Yu is a business attorney at The Yu Law Firm, P.C. in New York, New York.
EMAIL: patrick.yu@yulawfirm.com
BIO: About Patrick
PHONE: 212-889-1506

The “Patriot Search”
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Authored by , re: Real Estate, on .
The “Patriot Search” | Patrick Yu

{1:48 minutes to read} In my last blog, I discussed the 6 myths about title insurance. In this blog, we go a little deeper into the subject of title insurance and a problem that can hold up a transaction. When ordering title insurance, you may have heard the term “Patriot Search.” Title insurance agents are required to do a search to make sure than no party to the transaction (for example, buyer, seller, mortgagor, mortgagee) is on a list of Specially Designated Nationals(“SDN”) or list of Foreign Sanctions Evaders (“FSE”) created by the Office of Foreign Assets Control (“OFAC”), an agency of the U.S. Department of the Treasury.

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6 Common Myths About Title Insurance
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Authored by , re: Real Estate, on .
6 Common Myths About Title Insurance | Patrick Yu

{3:30 minutes to read}  Anyone thinking of purchasing real estate has to deal with the quality of the seller’s title and title insurance. These subjects can be very confusing. In this article, we address 6 very common myths or misconceptions regarding title and title insurance. Myth 1 – “Consumers cannot comparison shop for title insurance.” The right of the consumer to shop for title insurance and select the carrier of their choice is protected by the federal law known as the Real Estate Settlement Procedures Act (RESPA). Consumers have a right to require their attorney to use the title insurance carrier of their choice. Not all title insurance carriers are created equal.

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Selecting a Purchasing Entity
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Authored by , re: Real Estate, on .
Selecting a Purchasing Entity | Patrick Yu

{5 minutes to read} Introduction The U.S. government does not require foreign persons to notify it merely because he or she is purchasing U.S. real estate. However, the U.S. Department of Commerce’s Bureau of Economic Analysis does require foreign buyers who have substantial holdings in terms of total fair market value to complete surveys. When purchasing U.S. real estate as a foreign buyer, the ownership entity is an important consideration.

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The Basics of Title Insurance
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Authored by , re: LAW RELATED ARTICLES, Real Estate, on .
The Basics of Title Insurance | Patrick Yu

{3:48 minutes to read} I am sometimes asked to explain what is meant by the terms “title” and “title insurance” when working on real estate transactions. According to Black’s Law Dictionary, the definitions are as follows: Title “is [t]he formal right of ownership of property. Title is the means whereby the owner of lands has the just possession of his property.”¹ Title Insurance –  “[a] policy issued by a title company after searching the title, representing the state of that title and insuring the accuracy of its search against claims of title defects.”²

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The No Pet Clause in Leases
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Authored by , re: LAW RELATED ARTICLES, Real Estate, REAL ESTATE ARTICLES, on .
The No Pet Clause in Leases | Patrick Yu

{2:30 minutes to read} Is a tenant keeping a dog, cat or even exotic animal in your building? What can a landlord do? In general, the standard form lease signed by most tenants, contains a prohibition against harboring a pet in the subject apartment. With such a provision in the lease, the landlord has the ability to evict a tenant who violates this provision. However, as with most laws, this “no pet clause” has exceptions. Exception 1

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Bankruptcy Trustee Cannot Sell Debtor-Tenant’s Rent Stabilized Lease
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Authored by , re: Bankruptcy & Credit, LAW RELATED ARTICLES, Real Estate, on .
Bankruptcy Trustee Cannot Sell Debtor-Tenant’s Rent Stabilized Lease | Patrick Yu

{3:54 to read} In the case of Mary Veronica Santiago-Monteverde v. John S. Pereira, Chapter 7 Trustee (In re: Santiago-Monteverde), 12-4131, the U. S. Court of Appeals for the Second Circuit (“U.S. Court of Appeals”) reversed the decision of the lower federal court (“District Court”), U.S. District Court for the Southern District of New York, which affirmed the order of the bankruptcy court (“Bankruptcy Court”) striking the claim of the debtor, Mary Veronica Santiago-Monteverde (“Debtor-Appellant”), that her rent stabilized lease was exempt from her bankruptcy estate

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Court Holds Rent Stabilized Apartment Rented Through Airbnb Is Profiteering and Grounds for Eviction
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Authored by , re: LAW RELATED ARTICLES, Real Estate, on .
Court Holds Rent Stabilized Apartment Rented Through Airbnb Is Profiteering and Grounds for Eviction | Patrick Yu

{2:42 to read} The recent case of 42nd and 10th Associates LLC v. Henry P. Ikezi, Civil Court of the City of New York, County of NY, L&T Index No. 85736/2014, has very interesting holdings that could impact housing share websites, especially in reference to rent stabilized apartments in the New York City area. The facts of the case are these:

  • Henry P. Ikezi (“Tenant”), rented apartment 46B (“Apartment”) located in the high-rise building at 450 W 42nd Street, New York, NY from 42nd and 10th Associates LLC, (“Landlord”).

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Succession Rights to Rent Stabilized and Rent Controlled Apartments in New York State
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Authored by , re: LAW RELATED ARTICLES, REAL ESTATE ARTICLES, on .
Succession Rights to Rent Stabilized and Rent Controlled Apartments in New York State | Patrick Yu

{2:54 minutes to read} Apartment rents in Manhattan, relative to the rest of the country, are undoubtedly high. There are, however, certain apartments that are rent stabilized or rent controlled. These apartments are much sought after when the tenant of record permanently vacates the apartment, either through relocation or death. Succeeding to the tenancy of these types of apartments is not, however, a slam-dunk.

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Is Your Apartment Subject to Rent Stabilization or Rent Control?
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Authored by , re: LAW RELATED ARTICLES, Real Estate, on .
Is Your Apartment Subject to Rent Stabilization or Rent Control? | Patrick Yu

{Time to read: 3 3/4 minutes}  Municipalities in New York State have rent regulation programs covering apartments known as rent control or rent stabilization. Whether you’re a tenant or an owner, you should be able to recognize into which of these two categories your rental apartment falls. Rent Control v. Rent Stabilization The New York State Homes and Community Renewal (HCR) distinguishes between the two categories, and stated in “Fact Sheet #1- Rent Control and Rent Stabilization” (Retrieved 2-10-2015), as follows:  Continue reading

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The Right to Counsel in Housing Court
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Authored by , re: LAW RELATED ARTICLES, Real Estate, on .
The Right to Counsel in Housing Court |  Patrick Yu

[Time to read: 3.6 mins] Mayor Bill de Blasio of New York City has promised to increase access to affordable housing for the people of New York City. One way to do that is to limit the number of tenants evicted in Housing Court. Currently, the accused in civil cases have to represent themselves if they can’t afford to hire a lawyer. This lack of representation often sets low-income tenants up to lose.

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Timely Service of Golub Notices is Critical to Non-Primary Residence Cases
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Authored by , re: LAW RELATED ARTICLES, Real Estate, on .
Timely Service of Golub Notices is Critical to Non-Primary Residence Cases |  Patrick Yu

Golub Notice is a generally known term for the type of notice that a landlord serves upon a rent-stabilized tenant prior to the landlord’s decision not to renew the tenant’s lease upon the grounds that the apartment is not the tenant’s primary residence. The Golub Notice must be served 90 to 150 days before the expiration date of the current lease. Tenants of rent-stabilized apartments are entitled by law to a renewal lease every year unless there’s a reason to not provide the renewal, such as the grounds of non-primary residence. Rather than the tenant renewal lease, the landlord serves the Golub Notice, and withholds the renewal lease.

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Low-Income Housing Tax Credit
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Authored by , re: LAW RELATED ARTICLES, Real Estate, on .
Low-Income Housing Tax Credit | Patrick Yu

Who knew that the Low-Income Housing Tax Credit (LIHTC) Program which was created by the Tax Reform Act of 1986, would now be the hot, new way to finance rehabilitation, new construction or acquisition of affordable rental housing?

How it Works

The LIHTC program gives property owners a tax credit allocation from the Housing Finance Agency (HFA) for holding a percentage of rental units for low-income residents and charging a restricted rent.

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