Buyers Beware – The RP-5217 Transfer Report Can Affect Future Real Estate Taxes

All real estate lawyers are familiar with the RP-5217 Form. You know the one; that mandatory transfer report that must be filed before a conveyance of real property can be recorded, which lists the property information, the sale price, circumstances of the sale and identifies the buyer. Nevertheless, many might be surprised to learn that the RP-5217, a seemingly straightforward formality, can have adverse consequences…

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Does an ASTM Phase I Protect Banks?

Aaron Gershonowitz's article, "Does an ASTM Phase I Protect Banks?," was published in the Summer 2019 Real Estate Finance Journal. Reprinted with permission from the Real Estate Finance Journal.

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Center for Biological Diversity v US Forest Service: To What Extent Does Failure to Take Steps that Might Mitigate Environmental Harm Caused by a Third Party Make Someone Responsible for that Environmental Harm?

The 9th Circuit Court of Appeals decision in Center for Biological Diversity v US Forest Service, 2019 WL 2293425 (May 30, 2019) raises important questions about the extent to which someone might be held liable for failing to prevent someone else from causing environmental harm. The Center for Biological Diversity alleged that the Forest Service violated the Resource Conservation and Recovery Act (also known as…

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Limitations of Section 253-b on commercial line of credit

"Section 253-b of the New York State Tax Law is relied upon by many commercial lenders and their counsel as a safe haven exempting re-advances from the payment of additional mortgage tax under commercial credit line mortgages made for a face amount of less than $3 million. That reliance is often misplaced as the benefits under Section 253-b of the tax law are actually very…

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Who’s Who in Real Property & Tax Certiorari Law – John V. Terrana

"In January 2019, Nassau County completed the first county-wide reassessment in eight years,” Terrana said. “Since then, I have been reviewing assessments, estimating taxes based on the new assessment and challenging same for existing, and many new, clients,” he said. “Laura Curran recently appointed me co-chair of the Nassau County Assessment Review Commission’s (ARC) 6-40 Review Committee, which will make recommendations to update and streamline…

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Jane Chen of Forchelli Deegan Terrana LLP Recognized by the Huntington Chamber

Jane Chen, an associate in the firm's Corporate & Commercial and Real Estate practice groups, was recognized at the Huntington Chamber's 'Celebrate Long Island's Young Professionals' event. A reception was held at Crest Hollow Country Club on May 7, 2019. Click here to read the story, which was published on page 15A of the June 4, 2019 paper. Reprinted with permission from the New York…

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Dispelling 5 Misconceptions About Environmental Issues

I am starting to prepare course materials for a course entitled “Environmental Law for Non-Environmental Lawyers.” The purpose of the course would be to dispel many of the misconceptions that people have about environmental issues. As a starting point, here are 5 easy ways to tell that the person talking about the environmental issue has no clue: 1. “There are no hazardous substances in the…

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