3 Easy Steps
Questionnaire
Answer a few easy questions
Preparation
Draft, review, and assemble all your real estate documents
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Have your closing and keep living
All about the Closings and Closing Costs
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WHO?
Usually the buyer, seller and their respective attorneys will be there for the closing. It is also common for the real estate agent or broker and a representative of the title company to also attend.
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WHAT?
The closing is a time for buyers to review and sign documents and to understand the terms which they are agreeing to. Prior to signing, your attorney should ensure that these terms align with your original agreement and all issues are resolved before signing.
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WHERE?
Closing can be held at your broker’s office, attorney’s office, an escrow company’s office, lender’s office or any other agreed upon location between both parties.
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HOW LONG
Most closings can take around 2-3 hours. It could also become shorter or longer depending on different variables throughout the process. During the closing period, documents must be signed, filed, and recorded.
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CLOSING COSTS?
Your fees with purchasing a co-op generally include attorney fees, mortgage fees, mortgage bank attorney costs, short-term interest (dependent on loan amount) and a move-in deposit. If you’re buying a condo, you should also be expected to pay tax escrow, recording fees, mortgage tax, fee title insurance, mortgage title insurance, municipal search, managing agent fee, real estate tax adjustment, and common charge adjustments.
If you’re purchasing for more than $1 million you will also be assessed a mansion tax (1% of your purchase price). You may also need to pay New York State and city tax on the transfer of a property in a new development.
Banks also must provide a good faith estimate within 3 business days after receiving a loan application. Banks become liable for the difference if they underestimate the costs that consumers expect to pay.
You need a Real Estate Attorney to close a deal in NYC
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WHY?
In New York State every contract in a real estate transaction must be drawn up by the principal or their attorney. If the principal is unable to draw up a clear contract or they do not have an attorney, then they will have to ask the sellers attorney to draw up a contract for them. This leads to possible exposure for the buyer and can create many factors which do not play in your favor.
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WHAT WE DO?
Besides from drafting all the contracts and ensuring things are going smoothly for a successful transaction. We also review several years’ worth of board meeting minutes which can clue us in on potential problems you may face with the building. This way we make sure that you’re not stuck with the inconvenience or the bill of these hidden problems.
We will also review financial statements, and provide a detailed review of the bylaws to review potential information which the buyer should be aware of. We will do our due diligence to ensure that your home is everything you expect it to be with no risk of something happening without you knowing. - Connector.
WHAT TYPE OF ATTORNEY?
It is important to find yourself an attorney who is experienced and will be by your side throughout all stages of the real estate transaction.
What could go wrong if you don’t hire an attorney in NYC
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ERROR IN THE DOCUMENTS
One of the most common closing problems that we see when the opposing party doesn’t hire an attorney is an error in one of the sales documents. With highly complex and dense paperwork, it’s easy for someone without an attorney to make a mistake in drafting the documents. This could easily delay the process for hours or even days.
Hiring an attorney ensures that you have a trained eye guiding you through every step to prevent any obstacles from arising so that you have a quick and easy transaction. - Connector.
THE TITLE IS NOT CLEAR
Various times title companies have discovered that there are lien or lawsuits on the property that the owner didn’t even know about. This will halt the deal indefinitely. Buyers will always insist on a clean and clear title before closing. Having an attorney research and ensure that your title is marketable will help prevent any delay and benefit both parties.
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15-minute Strategy Session
If you have any questions, our attorneys would be happy to answer them for you. Speak with an attorney today.
REAL ESTATE LAW OFFICE LOCATIONS
Charging Bull
25 Broadway, 10th Floor
New York, NY 10004
(212) 838-8500
300 Park
300 Park Avenue
New York, NY 10022
(212) 570-0003
Williamsburg
134 North 4th Street
Brooklyn, NY 11249
(718) 355-9671
Dumbo Heights
81 Prospect Street
Brooklyn, NY 11201
(718) 233-9058
Studio Square
3537 36th Street
Astoria, NY 11106
(718) 313-0191
