Recently we discussed ways that real estate professionals can avoid housing discrimination lawsuits. Now, in the state of New York, the stakes are even higher for real estate agents and brokers who violate laws against housing discrimination.
Anyone involved in any phase of a residential real estate transaction – especially any professional – should be familiar with the Fair Housing Act. This is the federal law that prohibits discrimination against potential buyers on the basis of race, religion, sex, national origin, disability or other legally protected class. In New York, age is also a protected class.
If you're going to be out of town for a time on business or vacation or staying with family and are considering listing your home on Airbnb or another vacation rental site, make sure you know the law. New York City has strict regulations involving the rental of homes on these sites, and the fines for violating them can be hefty. You could even be subject to eviction.
Real Estate IRC Sec. 1031 exchanges today are very common. With respect to completing a successful 1031 exchange and deferral, there are stringent timelines for forward exchanges. Here are a few relevant timed deadlines:
Your widowed grandmother has a rent-stabilized apartment in one of the most coveted neighborhoods in Brooklyn. She's talking about moving in to an assisted living facility within the next few years. You'd give anything to get her apartment when she leaves. How can you make that happen? It's not as easy as them leaving it to you in a will, like they could with a house.
When you find the home of your dreams, you hope to move in as quickly as possible. However, you don't want to get ahead of yourself, as doing so could result in your overlooking an important detail.