Selling a vacant plot of land in New York City. Kiritsis Law Group 212 922 0005

Apr 16, 2021

The sale of a vacant plot of land in New York City may involve a number of potential legal and/or tax ramifications. The ability to sell such a real estate asset type would often turn on three key factors: What do land surveys say with regards to what actually you can sell (you may not be legally permitted to sell more than you legally own)? Whether the land is confirming to land use regulations (i.e. EPA/DEP regulation compliant)? What may be developed on such land (if any) with regards to zoning code laws and regulations?

 

Some frequently asked questions with regards to this topic, include:

How would a prospective buyer plan to finance such a transaction?

Is the underlying property subject to a mortgage?

Are there any title issues with regards to the property?

Is property subject to any zoning restrictions?

Would a Limited Liability Company (LLC) be utilized with regards to transferring the property at issue?

Are there any peripheral legal issues surrounding the overall real estate deal (i.e. immigration, tax, anti-money laundering compliance, bankruptcy, foreclosure, divorce, eminent domain, re-development)?

 

Sources:

New York Real Property Law

HSTPA 2019

New York Landlord/Tenant Law

Internal Revenue Code

New York State Property Tax Regulations

NYS and NYC Executive Type Orders and Pronouncements

New York Martin Act

 

Whether buying, selling or leasing real estate in New York City, our firm may be able to help you with your legal needs. Feel free to call us for a free consultation at 212 922 0005.

 

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We hope you would find this website useful with regards to finding potentially relevant information for your legal issue. The Law Offices of Kiritsis & Associates PLLC is a boutique law firm headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey. We strive to provide professional legal services for individuals and various business entities. Our clientele ranges from including aspiring entrepreneurs, start ups to established business organizations.

 

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