Property Purchases and Failure to File Income Statements

, New York Law Journal

Thomas A. Glatthaar, senior vice president and senior underwriting counsel with Fidelity National Title Insurance Company, writes that significant penalties may be imposed against a income-producing property owner who fails to timely file a required statement on income and expenses. Unpaid penalties will eventually work their way onto the real property tax bills, becoming a lien upon the property.

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Originally appeared in print as Buyers Face Penalties for Sellers' Failure to File Income Statements