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31 Nassau Law. 1 (1983-1984)

handle is hein.barjournals/nassau0031 and id is 1 raw text is: TU.S. osdge PAID| Ea..tp.11. N.Y. 11941 A PUBL.ICATION OFH PilAR ASSOCIATION OF NASSAU COUNTY, N.Y., INC. VOL. 31, NO. 1, SEPTEMIBER, 1983 SERVING THE LEGAL PROFESSION AND THE PUBLIC FOR OVER 84 YEARS. Its IIfSI kim ' , JR. tSQ. Now that our Bar Association has a new President, lion. Frank J, Sanlagsta, we thought the itembers would be in- terested in learning same of his views on the Bar Association and oir legal systent iII general. An In- deplh interview to discover iose views revealed a man %%1Io believes it Is essential for its as lawyers to uphold atnd protect individual freedoms by perslstently ,driving to increase our ,mareness of the problems %tllch threaten those freedoms and to take part III their resolution, To make justice for all a 'atity and not just a drean was how he described tile optimum goal omf lie Bar Association. Iusing his term as Presi- ,Iclil, (lie priorities of the Ixecutive Committee will he to improve lite image of the attorney in the eyes of the public, explore the changing role of the at- torney In dispute resolu- tion, provide continuing legal education programs to both the Bench and the Bar, develop a pro-bono system, and monitor court costs and legal delay. President Santagata ex-, plained that the Bar Association has been a leader in the State in ad- dressing questions of court administration. There are still many Issues to be resolved, among which are the proper allocation of money between admninistra- tion on tbe one hand, and the operation of tile courts, on the other. It is hoped that the Courts Committee will focus on the budgetary spending of the Office of Court Administration to determine whether too much is being spent on computers and not enough on basic needs of the judges which are necessary for effi- ciency. As an Instrumentality for the public good, the Nassau County Bar Association has been servic- ing the legal profession and the public for 84 years. Our new President pointed out that improving legal ser- vices is she equivalent of serving the people; A strong, vigilant Bar is ultimately the best resource for the preservation of a democracy. Lofty and nice-sounding words, thosel But what does the individual Bar Association member get in return for his or her dues? Santagata was quick to cite a number of benefits. One of the best continuing legal education programs in tire country. A newly established Academy of Low which offers several Continued on page 5 A ttorneys urged to fight form contract by brokers By BRUCE J. BERGMAN, ESQ. The attention of Bar Association memlersliip is called to a potentially serious problem for tie hime buying public, arising from the stated inlention of the I ong Island Board of Realtors (L.IBOR) to Jisseminate a so-called standard form or Contract For Purchase and Sale of Real Estate, It is apparently LIBOR's goal to bring buyer and seller together in the broker's office and present a contract for lhe parties to sign without the gnidance of counsel. Danger to the public front such a procedure is obvious, and your Association has been working diligently with the Bar Associations of Suffolk and Qneens, as well as the New York Attorney General, in seeking to avuid the harm which could result. When this problem was brought to our attenttio in December of 1982, both the Real Property Law Committee, under tie chairmanship of Bruce Bergisan, and the Unlawful Practice Committee, under tite chair- manship of Paul Burlant, conveued to analyze the pro- blem. Director Theodore Hoffmann was appointed liaison between the Board and other associations and agencies while meetings were originally held under the direction of Past President Robert Corcoran, and subsequently under the direction of President Frank Santagula. Contiued on page 7 Real property gains tax varies in N. Y. State By JAMES M. PEDOWITZ, SQ. The State's new Gains Tax (Article 31-0, Tax Law) on certain real property tratsfers is new and sui genetis. It contains some elements of both a real property transfer lax and a capital gaiss tax. Its impact may vary considerably from the impact and interpretation applicable to imcome taxes. Although intended to imipact only on transfers it- volving a consideration of one million dollars or more, the concomitant amendment of Section 333 ( I) (1) of tile Real Property Law results in a clog on tle recording process of any document defined as a conveyance under Seclion 291 (3) of (lie Real Property Law. As a result, except In tile limited circumstances where an affidavit (hereinafter described) can be submitted, no conveyance other thtan mortgages. certain other morlgage-related Iistrumnents, an affidavit of title, a release of federal tax lien or a power of attorney cal be recorded without submitting to tile Contly Clerk at the same time an official statemnent issued only in Albany by the Deportmenl of Taxation and Finance (lite Department) showing either no tax due or tile tels- tatively assessed tax. The 'ax The tax itself is a 10 percent tax on gain (as defined iII tise Act) derived from the transfer of real property (as defined In tile Act) or by reason of tile transfer of a con- trolling interest (as defined in the Act) in an entity ihich owns real property, if site property is located in New York State and the gross consideration is one million dollars ir more. FitlI understanding of the Act requires careful study of the several definitions contained in Sectio 1440 and which in imany cases use other defised terms, thus resulting in bouncing between the definition subdivisios of tile Sec. lion like a tennis ball as a professional tennis match. A willful violation of the Gains Tax Law is punislable as a nisdemeanor and, tpon conviction, by a fine of tip to $5.000 and Imprisonment for up so one year. Exemptions No tax is imposed in the following cases. Ilowever, tie Transferor and Transferee fornms must be filed, including supporting documentation, although details as to con- sideration, cost, amount of tax, etc. can be marked Docs not apply: 1. If tite consideration is less than one million dollars. 2. If (lie property consists of premises occupied by Ilite transferor as his residence (but only with respect to that portion of tile premises actually occupied and used for such purposes). 3. If tile transferor is either: (a) The State of New York, or any other of its agencies, instrumentalities, political suib- divisions, or public corporations, or (hi An eettipt organization as described in Section 1116 (a) (4) of C'olatinued oni page 10 Santagata assumes presidency, stresses Bar Association's role On the inside Executive Director's Report Pg. 3 Calendar of Events Pg. 6 Executive Committee Pg. 9

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