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Category: The Buyers World


GEOGRAPHIC TARGETING ORDERS: BACK AND BIGGER THAN EVER

August 12th, 2016 — 11:06am

geotargetThe United States Treasury’s Financial Crimes Enforcement Network (“FinCEN”) will continue to track all-cash purchases of high-end real estate in an effort to combat money laundering. FinCEN’s method? Another Geographic Targeting Order.

As we wrote about previously in this space, in January 2016 FinCEN issued Geographic Targeting Orders covering all-cash deals over certain thresholds in Manhattan ($3,000,000) and Miami ($1,000,000). The first Geographic Targeting Order (“GTO”) was effective from March 1, 2016 through August 27, 2016. The new GTOs pick up right where the first ones left off, on August 28, and they will run through February 23, 2017. Continue reading »

1 comment » | Closings, FinCEN, Geographic Targeting Order, Going Private, GTO's, News

This GTO Is Not a Dream Vehicle: Another Blow to Privacy

July 9th, 2016 — 12:47pm

punchOn January 13, 2016, the United States Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a Geographic Targeting Order, or “GTO”, covering the Borough of Manhattan. The GTO was ostensibly issued in response to the media blitz around the use of shell companies to launder money via the purchase of real property. Continue reading »

Comment » | Closings, FinCEN, Geographic Targeting Order, Going Private, GTO's, News

Lien on Me/Lien on You

February 17th, 2014 — 12:28pm

freedom1When you finance the purchase of a cooperative unit, the loan you receive from the bank is not a mortgage, as the lay-person may believe.  Rather, the loan is secured by a security agreement giving the lender a security interest in the stock certificate and proprietary lease.  In order to “perfect” the security instrument, the lender files a UCC financing statement which becomes public information putting the world on notice that a lien exists on the apartment. Continue reading »

Comment » | Liens, Liens, News

Buying With or Without a Mortgage – A Balancing Act

January 27th, 2014 — 3:46pm

balance2In today’s fast-paced market, an all-cash buyer is very attractive to sellers of cooperative units.  As banks are increasingly sluggish in giving out mortgages, they are creating undesirable delays in the process of buying and selling property.  To avoid the inevitable setbacks associated with obtaining a mortgage to purchase a cooperative unit, if feasible, it may be advisable to purchase the unit with cash and obtain a mortgage after the closing. Continue reading »

Comment » | Board Packages, Funding Contingency, Mortgage Contingency, News, The Buyers World

Sleeping With The Enemy

December 29th, 2011 — 1:29pm

 A simple way to check if you might be sleeping with bedbugs in the apartment you’re thinking of buying is to check the bedbug registry.

At first, the site is tricky since for some addresses it requires “East” or “West” and for others you need to use “E” or “W” instead. Further, for NYC, you need to go to the City Maps section, click on New York and then insert the address.This is a site where people can post reports of bedbug sightings and what happened. The site also allow for disputes to be posted. As of December 27, 2011, there were 4,490 postings in New York City.

So you have to tool around a bit to find the building you are searching.

However, once you get beyond the oddities of the address searching, the site is quite informative. For example, a recent search revealed that a building had a full blown thermal remediation in April only to find several reports of bedbugs again a month later. The site also provides a terrifying little map which shows bedbug sightings in the neighborhood you are searching. Mercifully, if the building you are searching has no reports, it will advise you that there are no bedbug sightings posted. Continue reading »

Comment » | Bedbugs, Bedbugs, News

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