Under new legislation in New York, buyers through LLCs are required to list the names and addresses of individuals with ownership interests in condo deals and sales of one-to-four-family homes. The New York State Department of Taxation and Finance mentioned in a new guidance on Monday that the the new disclosure law removed any mention of condominiums. Real Estate attorneys and industry professionals were concerned that the law would negatively effect condo-development projects, since it required the disclosure of all individuals
Real Estate attorney Stuart Saft drafted a memo, outlining why the tax department’s initial interpretation was wrong and arguing that the language shouldn’t apply to condominiums. Mr. Saft had mentioned that the new law would "effectively kill real-estate finance."
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