Residential Real Estate Attorneys Serving New York City and the Surrounding Areas
Buying and selling residential real estate in and around New York City can be overwhelming without the proper guidance and legal representation. Whether you are buying or selling a single-family home, multi-family home, condominium unit(s), cooperative unit(s), storage unit(s), terrace(s) or even vacant land, it is imperative that you have attorneys who have the experience to handle those transactions to ensure that there is adequate language contained within the Contract of Sale to represent and protect your interests.
Scaffidi & Associates has worked with clients on a wide range of real estate transactions. Our attorneys have handled residential real estate transactions throughout New York State, and are well versed in the applicable law.
The Real Estate Process in New York
Once an offer is accepted, and the preliminary terms of the agreement are negotiated, it’s time to reduce the deal into writing. It is at this stage that buyers and sellers retain attorneys to accurately reduce the orally agreed upon terms into a Contract of Sale. Since real estate transactions are one of the exceptions to the Statute of Frauds, the terms for the purchase or sale of real estate must be in writing.
During this stage of the real estate transaction, an attorney is tasked with drafting a Contract of Sale and doing his/her due diligence. Depending on the type of real estate being purchased, due diligence can include: reviewing condominium/cooperative board minutes, reviewing condominium/cooperative financials, home inspections, termite inspections, radon inspections, reviewing copies of current surveys, reviewing engineering reports, reviewing copies of zoning reports, reviewing copies of certificates of occupancy, and much more. It cannot be overstated how important the due diligence period is, which is why the right attorney is key.
Contract of Sale
Once the due diligence is done, and you are satisfied with the results of the due diligence, the terms of the Contract of Sale are negotiated. While terms like purchase price, financing, and sale inclusions/exclusions may be negotiated before an offer is accepted, a litany of other terms must still be negotiated and put into the Contract of Sale. For instance, is time of the essence to close? Is this deal contingent upon the sale of another property? Is the deal contingent on an inspection? Will the sale be subject to a tenant? Will the seller and buyer split the payment of transfer taxes? Will the seller be required to make repairs, replacements or improvements to the property? What happens to the contract deposit in the event of a default by the seller/purchaser? These are just a few of the terms that must be addressed when drafting a Contract of Sale.
Title Search/Judgment and Lien Search
You did it! You’re in Contract! The due diligence doesn’t end there. Customarily, depending on the type of transaction, a Title Search or Judgment and Lien Search will be performed and it will disclose information about the seller, the buyer, the property and the condition of title. It is imperative that you choose the right lawyer who has experience reading these documents and rectifying any issues that may arise in a Title Search or Judgment and Lien Search. Here at Scaffidi & Associates, we have that experience.
Ultimately, you should never enter into a real estate contract without the advice of an experienced real estate attorney. While these matters are routine for real estate professionals, they’re often not for the average buyer or seller. We are dedicated to helping our clients avoid the pitfalls that could become costly mistakes.
Residential Real Estate Services
At Scaffidi & Associates, we know that buying or selling real estate can be stressful, and we dedicate ourselves to guiding our clients through every step of the process. By putting our clients’ best interests first, we work to ensure that deals proceed smoothly and expeditiously.
Our legal team reviews and/or prepares all the necessary legal and closing documents, including deeds and loan
agreements, arranges for title inspections and surveys, and obtains final Title Insurance policies. We also explain all the real estate and mortgage documents, and prepare the closing statement package, which includes a breakdown of all funds that have been exchanged, copies of all checks and other closing documents. We represent our clients at closing and arrange for deeds to be recorded.
Given the fact the median price of a residential property in the greater New York area is higher than many parts of the country,buying and selling a home is likely the single largest financial transaction many people will undertake in their lifetime. With so much at stake, having the advice and counsel of our experienced real estate attorneys is invaluable. Call our office, or complete the contact form on our website, to set up a consultation.