What You Should Know About an Active Corporation’s Responsibilities in New York

After you have appropriately formed a business corporation with the help of an experienced Syracuse lawyer, an organizational meeting of the incorporators needs to be held for the purpose of transacting business and adapting bylaws.

The corporation must have accurate and comprehensive books and records of the accounting as well as keeping minutes of the board of directors, shareholders and executive committee. The corporation is responsible for keeping a record containing the contact information for all shareholders, the number and class of shares held by each of these individuals and the dates when they became owners of record thereof. A meeting of shareholders must be held on an annual basis for the purpose of electing directors and transacting any other business on a date fixed under the bylaws.

The corporate books and records and bylaws are not filed with any state agency like the Department of State. Rather these are internal documents that must be maintained and appropriately sought by the corporation. In order to get all of the necessary benefits to comply with New York state laws regarding your business, it is imperative to ensure that your business is in good standing with the division of corporations and the Department of State. All local, state and federal requirements must be maintained properly in order to avoid legal issues.

 

Running a company requires careful review of all the processes, paperwork, and functions in order to ensure you’ve mitigated all risks and remained compliant with state and federal laws. You likely have enough to worry about without managing this entirely on your own, but outside counsel is helpful for determining the right processes and means to achieve your goals without hampering your schedule any further. Don’t expose yourself to mistakes.

 

Consulting with an experienced business attorney in New York is one of the best ways you can avoid significant challenges faced by many companies that do not do their due diligence or understand their reporting and recordkeeping requirements. Having a lawyer to advise you about these general business issues can help you avoid some of the most common problems associated with compliance.

 

What’s Your Attorneys Role In A New York Home Sale?

Anyone who is buying or purchasing real estate in New York would do well to consult with an experienced real estate attorney at the outset of the process. There are many different items and pieces of paperwork that must be addressed in a traditional home sale and having an attorney who has assisted others with this situation many times in the past can help you to target the materials that you need in order to stay organized. Your attorney will play a crucial role if you are selling your home in New York. Based on the conversations that you have had with your agent, your attorney is responsible for preparing the contract of sale.

Usually an attorney will initiate with a standard form and then add on writers that will incorporate the additional terms that have already been negotiated with your buyers. After your attorney and the purchaser’s attorney have finalized the contract, the sellers and buyers will sign it and the buyers will send your New York real estate attorney a down payment. If they walk away from the sale, you will still be able to keep this down payment unless they have walked away as a result of something listed in the contract. In New York state, the typical down payment is 10% of the purchase price and your New York real estate attorney is responsible for depositing this into an escrow account.

Your attorney will also have to do several things in preparation for closing after the contract is signed. The attorney works at the title report that has been ordered by the buyer’s attorney to determine whether or not there are any issues that need to be resolved before the closing. These include violations and liens against the property. Then your attorney prepares the necessary closing documents including the transfer, tax returns and the deed. And then the attorney will calculate the amounts owed at closing.

Your attorney can also request a payoff letter if you have a mortgage to determine the amount that needs to be paid back to the lender. Your attorney further calculates the closing costs that are owed by you and any proceeds from the buyers that are owed to you. Finally, your New York real estate attorney represents you at the closing portion of this sale. An experienced attorney is a crucial asset during a home sale or purchase.

 

What Are The Most Common Problems In A Real Estate Transaction?

There are many different issues that may arise when you are purchasing any kind of real estate across the state of New York. A title problem can unfortunately present major challenges in a real estate deal, which is why it’s so important to become familiar with the issues that could prove to be an obstacle. Having the right New York real estate attorney can help you avoid many of these challenges.

When a title problem emerges, this can cause an otherwise good deal to fall apart. If you’re not familiar with your options, either, this could lead to a total breakdown the transaction. Avoiding this should always be a top concern.

Some of the most common types of title problems include:

  •    Illegal deeds: It’s possible that prior deed was made by an undocumented immigrant, a minor or anyone else who would not be legally permitted to own a property.
  •    Errors in the public record: A clerical error could impact the deed or survey of your property, thus causing issues when it’s time to transfer it from seller to buyer.
  •    Unknown liens: It is important to conduct all necessary research to identify any liens that could be held against this property.
  •    Forgery: In some situations, an individual will may forge a document for purposes of personal gain. This can obscure property ownership and make it more challenging to make a purchase.
  •    Other mistakes made in the process: Title issues can be extremely complicated and this highlights why it is so important to hire the right New York real estate attorney to conduct an investigation and discovery of title in advance of moving forward with the process.

It can be exciting to make a real estate transaction, but this is not the case when there are potential errors that block you from being able to sell or purchase the property you had in mind. Conducting a thorough investigation at the outset of your case is crucial and hiring the right New York business lawyer goes a long way towards accomplishing this goal.

 

What To Expect At Your Real Estate Closing In New York

It can be a mysterious process, if you have not engaged in it before, which is just reason why a Syracuse real estate lawyer can help you when selling a property or buying a property. Real estate closing might also be referred to as settlement. These two terms can be interchanged, although closing is more commonly referenced. The final step of your real estate purchase transaction is referred to as the closing and it refers to the official transfer of property from the seller to the buyer.
One of the most important aspects ofclosing day is the final distribution of funds. The seller will get a check for whatever proceeds they have earned from that sale and a real estate agent will also receive a check for commissions when this applies. The home purchaser will also need to have a cashier’s check ready to cover all of the closing costs. There is a lot ofpaper work that happens onclosing day in Syracuse, and having your lawyer at the ready means you feel more prepared and confident on the big day. Since so many details arise over the course of a property sale, having someone you trust is crucial.

It can be a mysterious process, if you have not engaged in it before, which is just reason why a Syracuse real estate lawyer can help you when selling a property or buying a property. Real estate closing might also be referred to as settlement. These two terms can be interchanged, although closing is more commonly referenced. The final step of your real estate purchase transaction is referred to as the closing and it refers to the official transfer of property from the seller to the buyer.

One of the most important aspects of closing day is the final distribution of funds. The seller will get a check for whatever proceeds they have earned from that sale and a real estate agent will also receive a check for commissions when this applies. The home purchaser will also need to have a cashier’s check ready to cover all of the closing costs. There is a lot of paper work that happens on closing day in Syracuse, and having your lawyer at the ready means you feel more prepared and confident on the big day. Since so many details arise over the course of a property sale, having someone you trust is crucial.

Typically, you escrow company will have many of these prepared already. Some of the specific things that occur on closing day in New York include:

  • A check is provided by the buyer for the amount owed on the house. This amount can also come from a buyer’s lender.
  • The seller gives the deed over to the buyer by signing.
  • The title company or a notary or a lawyer will register the new deed with the government office.
  • The seller gets any proceeds that they have earned from the sale after closing costs and mortgage balance have been paid off.

The deed of ownership transfers from seller to buyer after all the necessary documents have been signed and the funds have been distributed. Having an experienced Syracuse real estate lawyer help you prepare for closing day can make this process go much more smoothly and lead to this being one of the most exciting transactions in your life.

A real estate lawyer can help you with closing in NY

Typically, you escrow company will have many of these prepared already. Some of the specific things that occur on closing day in New York include:

  • A check is provided by the buyer for the amount owed on the house. This amount can also come from a buyer’s lender.
  • The seller gives the deed over to the buyer by signing.
  • The title company or a notary or a lawyer will register the new deed with the government office.
  • The seller gets any proceeds that they have earned from the sale after closing costs and mortgage balance have been paid off.
  • The deed of ownership transfers from seller to buyer after all the necessary documents have been signed and the funds have been distributed.

Having an experienced Syracuse real estate lawyer help you prepare for closing day can make this process go much more smoothly and lead to this being one of the most exciting transactions in your life.

A real estate lawyer can help you with closing in NY

Free Seminar to Provide Education on Solar Farms

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Free Seminar to Provide Education on Solar Farms

The Oswego County Farm Bureau in partnership with Cornell Cooperative Extension of Oswego County and the Oswego County Soil and Water Conservation District will be holding a Solar Farm Seminar on Wednesday, May 18th at the Oswego County Federal Credit Union in Mexico. Open to the public, the free seminar will focus on answering questions surrounding the utilization of solar power for electrical generation. Landowners, those interested in learning more about solar farms, municipal leaders and anyone concerned about the environment are encouraged to attend.

New York State’s Clean Energy Commitment will require 50% of electricity to be sourced from renewable energy sources by 2030. With this mandate, a key piece, the educational component, is often missing. This seminar aims to provide the necessary information to help interested parties make informed decisions. Some of the issues to be addressed include the pros and cons to leasing your acreage to a solar farm generator, is a farm’s agricultural exemption threatened should you sign a lease, what are the economics of solar farms, the environmental benefits and threats, how will solar farms impact land values and what do municipalities need to do to prepare for solar farms. There will be experts on hand to lead the discussion, provide information and answer questions. Invited speakers include Matt Brower from the New York State Department of Agriculture and Markets, attorney Melody Westfall from the Scalfone Law Firm and Mark Kellogg from Farm Credit East.

What: Solar Farm Seminar
When: Wednesday, May 18th from 7:00-9:00 pm
Where: Oswego County Federal Credit Union
5828 Scenic Ave, Mexico

For more information, contact JJ Schell at 315-963-7286 or jjs69@cornell.edu. To reserve your spot, please call the New York Farm Bureau Central New York Regional Office at 315-252-1367 or email jrossi@nyfb.org.

Valor Day

visionVolunteer Lawyer, Syracuse University College of Law’s “Valor Day,” providing free resources to vets, service members. Syracuse law students, alumni and local volunteers will partner to provide free legal and advocacy services through a new Valor Day initiative as a way of giving back to those who have served. Services include legal advice, readjustment and vocational counseling, tax return preparations, resume reviews and credit counseling services. The event is Saturday, March 23, from 10 a.m. to 3 p.m. at the College of Law in the White Hall Rotunda.

“RETURN THE FAVOR” Discount Program

FAVORCardButtonNow participating in the Onondaga County “RETURN THE FAVOR” Discount Program, a program designed to recognize and thank military Veterans for their sacrifices and service to our country. Any honorably discharged military Veteran residing in Onondaga County can get their FAVOR card by bringing their discharge or DD- 214 to the County Clerk Office located in the County Court House, 401 Montgomery Street Syracuse, NY 13202.

Syracuse Center of Excellence

CoElogoColor.tifProud to announce partnership with the Syracuse Center of Excellence, a federation of firms, organizations, and institutions that creates innovations to improve health, productivity, security, and sustainability in built and urban environments. Activities within SyracuseCoE include research, product development, commercialization assistance, and education programs. The scope of application interests include systems that monitor and control thermal comfort, air quality, lighting, sound, and water quality in built and urban environments and innovative energy systems, including clean technologies and renewable fuel sources.