The new stringent disclosure requirement applies when the LLC is a buyer or seller of a residential property containing one-to four-family dwelling units - no matter the purchase price. In simple terms, the name of every person who owns a membership interest in an LLC, directly or indirectly, that is the buyer or seller of a one-to four-family residential property, must be disclosed when a transfer of that residential property occurs.

In a case involving a Plaintiff bringing suit against the Defendant, his former business partner, over breach of contract, there, Lee & Lum, LLP was able to help the Plaintiff recover the money owed to him along with his cost of attorneys’ fees incurred as a result of the dispute.

With the passing of the Housing Stability and Tenant Protection act of 2019, landlords are significantly inhibited from recovering a bulk of their costs for improvements, such as MCI and IAI, to their rent-regulated buildings.