The Law Office of
Joseph Cinquemani, Esq.
Envision. Expand. Elevate.
173 Huguenot St., Suite 200
New Rochelle, NY 10801
OFFICE HOURS: 9:30 - 4:30 PM
AND MEETINGS BY APPOINTMENT
Email: JC@LawOfficeOfJosephCinquemani.com
We Know New York Real Estate Law.
COMPLEX REAL ESTATE TRANSACTIONS? WE'VE GOT YOU COVERED.
The Law Office Of Joseph Cinquemani & Associates, Esq. has been committed to providing clients with the most professional, knowledgeable and trustworthy legal representation for New York State residential and commercial real estate clients. It is our pleasure to work in association with Benchmark Title Agency, LLC. Benchmark provides unparalleled expertise in residential and commercial title insurance.
RESIDENTIAL
For many people, buying or selling real estate is the biggest financial transaction in their life.
Experience proves the prevailing wisdom to engage your lawyer early in the process to help you deal with the brokers, bankers, surveyors, inspectors, and the inevitable title issues that arise, including:
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Mechanic’s Liens
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Estate issues
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Municipal code violations
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Survey issues, such as encroachment & boundary disputes underground oil tank storage
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Holdover terms and conditions escrow terms
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Tax liens and judgments
COMMERCIAL
Owners, prospective purchasers, and tenants of commercial real estate face a daunting list of legal consideration when they are selling, buying, or leasing commercial and mixed-use properties. For more than 25 years, Cinquemani & Associates has been committed to providing excellent legal services and good counsel at every step of the commercial real estate transaction.
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Property and investment evaluation;
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Commercial property brokerage services;
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Conducting all necessary due diligence;
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Consulting and communicating with lenders to secure advance funding; and,
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Deal with all types of leases, residential, commercial, and industrial.
1031 EXCHANGES
A 1031 exchange is a swap of one real estate investment property for another that defers capital gains tax on the sale of the “Relinquished” property. A 1031 Exchange - - “1031” referring to the Section of the Internal Revenue Code, is much talked about, but little understood. So, if your real estate agent, title company, investors, or others suggest “doing a 1031 Exchange”, make an appointment now to better understand the intricacies of “doing a 1031”.
IRC Section 1031 has many strict time deadlines and formal requirements that real estate investors are well advised to understand before signing any contracts. An exchange can only be made with a “like-kind” properties. And of course, there are tax implications. If you are considering a 1031 exchange, here is what you should know about the rules.
QUICK TAKES:
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A 1031 exchange is a tax break. You can sell a property held for business or investment purposes and swap it for a new property (the “Replacement Property”) that you purchase as an investment, allowing you to defer capital gains tax on the sale of the “Relinquished Property”.
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Proceeds from the sale must be held in escrow by a third party (the “Agent”), then used to buy the new property; you cannot receive them, even temporarily.
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The properties being exchanged must be considered like-kind in the eyes of the IRS for capital gains taxes to be deferred. The IRS - - the new and beefed-up IRS - - may make “like-kind” declarations a more thorny issue if the IRS decides to promulgate new rules and regulation in the name of tighter enforcement.
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If used correctly, there is no limit on how frequently you can do 1031 exchanges.
It is our pleasure to work in association with Investment Property Exchange Services, Inc. (IPX1031®), the nation’s largest Qualified Intermediary. IPX1031 provides industry leading exchange services necessary to complete a 1031 exchange including guidance, expertise, and security.
