Law Office of Yeung & Wang PLLC

From the Attorneys of the Law Office of Yeung and Wang PLLC: Happy Chinese New Year!

The First Ten Years of the Law Office of Yeung and Wang PLLC in just a few photos.

Today is the 10-Year anniversary of the Law Office of Yeung & Wang PLLC. We planned to celebrate this milestone by throwing a spectacular partya night of fancy drinks and laughter. At first, we discussed inviting only our closest friends and family, our amazing staff, and others who contributed to our Firm’s successes. As we were compiling the guestlist, we reflected on all of the wonderful relationships made over the past decade, and as the list grew and grew, it became app...arent that this was not going to be an intimate little gathering. It also reminded us that we would not be where we are, and would not have achieved what we have achieved, if it wasn’t for all of you. Now, in the midst of a worldwide pandemic, our celebration plans have been put on hold. When Governor Cuomo first issued the Shelter-In-Place order on March 20, New York was faced with a level of uncertainty and fear that had not been felt since 9/11. Over the past 8 weeks, we saw scenes of our beloved city that were hard to believe: Times Square completely deserted; Soho’s retail windows boarded up; our 24/7 subways coming to a stop. We thought about cancelling this celebration altogetherit was just so hard to think of any positive thoughts as New York's heart had seemingly stopped. We spent many days and nights trying to figure out how to conduct our business operations remotely in order keep our employees and their loved ones safe, while still being able to provide our brand of personal service to our clients. Although it was a daunting task, in the process we discovered that our Firm was no longer just a partnership of two friends with big dreams, but rather had grown into a family of talented and dedicated professionals. All of usthe attorneys, the paralegals, the administrative assistantswe brainstormed ideas and worked harder together to keep our Firm running efficiently without skipping a beat. Despite the social distancing, we became closer and more connected with each other than before the pandemic. Today, on our ten year anniversary, we can see signs of normalcy returning, that unmistakable New York confidence coming back. As businesses begin to open and people start to venture outside again, we can sense the resolve of New Yorkers, and much like our Firm, we know this city will come out of this crisis stronger than it was before. Until the day we can toast together in person again, for now, all of us here at the Law Office of Yeung and Wang would like to thank each and every of you: our families, our friends, our colleagues in the real estate profession, and last but not least, our clients, for getting us to this momentous occasion. Thank you.

Breaking News: Certain Real Estate Agent services have just been declared as an Essential Business and therefore exempt from the Governor Cuomo's stay-home order. Subject to social distancing and other safety requirements, Real estate agents may do the following: - Residential Home and Commercial Office Showings (Virtual Showings Only) - Home Inspections - Residential Appraisals - Back-office real estate work... For more information, see: https://www.nysar.com/esd-deems-specific-real-estate-broke/

From your friends at the Law Office of Yeung and Wang PLLC- Happy Holidays!

The Law Office of Yeung & Wang PLLC is proud to be recognized by The Real Deal for our legal representation in the acquisition of a major Manhattan development site.

Article Summary: The norm has always been that for Residential leases, the Landlord hires an agent to find them a tenant, and then the Tenant has to pay the commission (usually one month's rent). Now the Landlord must pay this commission to the Landlord's agent themselves. The Tenant only pays for agent commission if the Tenant hired the agent himself/herself (which is rare). This is based off of the new tenant protection laws passed in June 2019 (NY RPL 238-a(1)(a): no ...landlord, lessor, sub-lessor or grantor may demand any payment, fee, or charge for the processing, review or acceptance of an application, or demand any other payment, fee or charge before or at the beginning of the tenancy, except background checks and credit checks.). The Real Estate industry had interpreted that the June 2019 law did not prohibit Landlord's Agents from collecting their commission from the Tenants, but now, by their advisory opinion on January 31, 2020, the Department of State has made it clear that Landlord's Agents cannot do so. Any Landlord's Agent that violates this rule is subject to discipline by the NYS Division of Licensing Services. NYS Department of State Advisory Opinion (See Additional FAQS #5): https://www.dos.ny.gov//DOS-Guidance-Tenant-Protection-Act At the Law Office of Yeung and Wang PLLC, we are here to support all real estate professionals, investors, and homeowners in navigating the new laws and to provide expert legal guidance, every step of the way.

Part 2 of the new tenant protection laws: Security Deposits for Residential Tenants (applies to Landlords and Landlord's real estate agents who help manage the property) -No security deposit for a residential unit may exceed one month's rent. This includes asking the Tenant to pay rent in advance (i.e. rent money beyond the first month)- the security deposits or advance rent combined cannot exceed one month's rent. This applies to all tenants, including international students...Continue reading

First Annual Law Office of Yeung & Wang PLLC Summer Outing- Paintball!

Disturbing photographs showing why you don't want to end up in Rikers Island. If you or your loved ones have been arrested, contact us immediately.

For all real estate agents and landlords in New York State: the new tenant protection laws passed in June 2019 prohibit landlords, sublandlords, and their real estate agents from collecting any application fees from the potential tenant for renting an apartment, except for UP TO $20 to cover the ACTUAL cost of the credit check. This rule applies to the Landlord AND the Landlord’s real estate agent. Many real estate agents continue to charge application fees using the defense ...that they are not the Landlord, they are just the agents. On September 13, 2019, the Government announced that this part of the new laws applies to landlords and to landlord’s agents. Violating these rules can lead to a complaint which could affect your real estate license. However, the potential tenant’s own real estate agent can charge the potential tenant whatever application fees or credit check fees he/she wantssame as before the new laws. Also, if the apartment is part of a coop or condo, and the coop/condo board charges a fee, then the potential tenant has to pay those fees. Two simple examples: if the credit check company charges the landlord $25, then the potential tenant reimburses the landlord $20, and the landlord has to pay $5 himself. If the credit check company charges the landlord $15, then the potential tenant only reimburses the landlord $15- he cannot charge the potential tenant an extra $5 for a processing fee, brokerage application fee, paper fee, etc. And you have to give a copy of the credit check and the credit check receipt from the credit check company to the potential tenant, as proof of the cost of the credit check. However, if the potential tenant provides you with a copy of their own credit report from within the last 30 days, then you cannot make them pay anything for running another credit check. You would have to pay for running another credit check yourself. The new tenant protection laws have completely changed many aspects of the rental business in New York. This link covers a few of the changes: https://www.dos.ny.gov//DOS-Guidance-Tenant-Protection-Act Any questions, please feel free to contact me here, or call my office at 718-888-0090. Thanks. William Yeung, Esq. Law Office of Yeung & Wang PLLC Partner

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Happy April Fool's Day!

FYI: June 8th from 6-7 p.m. at Citibank 164 Canal Street, we will be giving a lecture on real estate contracts and what pitfalls to watch out for when buying property in nyc. If you are interested in buying/selling property or know any friends or family who are interested please feel free to come by and listen. If you cannot make the presentation you can e-mail us and we can respond to your questions.