New York Attorney General Letitia James has announced a new package of legislation to create the specific crime of “deed theft.”
Deed theft occurs when someone conveys a property deed to another party without the informed consent of the rightful owner. The new law against it is meant to bolster the remedies available under New York’s real estate deed protection measures, and to make prosecution easier whenever New York state residents fall victim to shady deed shifting.
Continue reading “New York’s Attorney General Gets Tougher on Deed Thieves”
Brooklyn property values are going up. And there are plenty
of opportunists looking to steal deeds. In the Bedford-Stuyvesant district of
Brooklyn in New York City, Dairus Griffiths just triumphed over those
In the past decade, Brooklyn has lost many of its Black and
Hispanic residents, as gentrification reshapes the district. Serial fraudsters
and their limited liability companies aren’t making life any easier for
longtime residents. They scour public records for the most vulnerable and
Deed cheats use the shell company structure to blur the
identities of holders. The manipulators lie to their targets; they forge deeds;
and they move houses from one LLC to the next. Identifying and charging these
manipulators becomes very hard to do.
Continue reading “Amid New York City’s Rampant Deed Theft, One Victim Wins”
New York City’s Department of Finance is trying out
blockchain. Can the technology make recording and keeping deeds a better
process? The test run, handled by Medici Land Governance (MLG), will find out
whether the method will work in a massive city, the company stated
in August 2021. MLG is owned by Overstock.com — an early adopter of blockchain
in the retail sphere. Its blockchain recording system is proven to be tamper-resistant
and easily searched.
Continue reading “Start Spreading the News: Blockchain Deed Recording Comes to New York City”
Long Must This Show Go On?
Homes in New York can have high property tax assessments. By
default, home values are assessed at market prices. In contrast, homes
classified as condos receive deep discounts when they’re assessed. The result?
Some people pay a lot more to cover county, township and school taxes than
other people pay — even if they live in homes of similar value.
A free-standing house can be called a condo if the builder has
that goal in mind, and many do. New York builders can sell homes for higher
prices if they advertise a sweet deal on property taxes. Some of the undertaxed
condos are mansions, filled with luxury features, worth a million dollars or
more. Why should their buyers pay less in local taxes?
Builders insist that their condos are rightly entitled to
tax breaks. Many condo owners are downsizers, they say — seniors and others who
pay high association assessments and fees.
But that’s irrelevant to property taxation, which is meant
to maintain the infrastructure of the surrounding township, to provide
emergency services, libraries and schools. All property owners support
strong school districts; and that, in turn, upholds their property values.
Continue reading “The Sweet New York Condo Tax Deal”