Long Island Real Estate Attorney

Single or multi-family house, condominium, townhouse, and cooperative apartment.

1. Assemble your POWER TEAM (attorney, real estate agent, mortgage lender, home inspector, and title company);
2. Obtain a mortgage loan pre-approval if financing is needed;
3. View a property of interest and make a purchase price offer;
4. Perform a home inspection (typically through a licensed inspector);
5. Review, negotiate and execute the proposed contract of sale;
6. Make application for a mortgage loan and comply with lender requirements and requests;
7. Perform an appraisal of the subject property;
8. Perform title searches and review a land survey;
9. Coordinate the schedule of closing;
10. Attend closing

This process from time of a fully signed contract through closing is often 60-90 days in New York (Long Island and the 5 boroughs).

In most cases, the initial draft contract is prepared by the seller’s attorney. The buyer typically signs first, pays the down payment check, and then the seller is scheduled to countersign the contract.

An appraisal is a written report generated by a licensed third party real estate appraiser hired by your mortgage lender that states a value of the subject property. There are a variety of methods used in determining the value of property, but the most common approach is for the appraiser to review recent and relevant “comparative sales” of other similar properties in your immediate neighborhood. Your mortgage lender typically orders the appraisal.

A “business success plan” is a written plan (often corporate documentation and estate planning documentation) that establishes the procedure to be followed when a business owner deceases, retires, or becomes disabled.

Title searches are a compiled report of responses from the Town, County, State, US Bankruptcy and Federal agencies regarding each of the sellers, purchasers, and the subject premises. These searches include responses from the Town Building, Highway and Fire Department, County Clerk’s office. The purpose of the searches is to give the parties an accurate picture as to the public record (liens, municipal approvals, violations) that may impact the parties and the premises.

There are essentially three categories of charges on the buyers side of a title company invoice: (a) premiums for title policies, (b) County recording fees and State recording taxes, and (c) ancillary services and searches. Categories (a) and (b) are set by the State and County; Category (c) varies from title company to title company but typically is the least expensive category on the invoice.

A “business success plan” is a written plan (often corporate documentation and estate planning documentation) that establishes the procedure to be followed when a business owner deceases, retires, or becomes disabled.

If you are obtaining loan financing for your real estate purchase, your lender will require that you pay for and obtain a “loan policy” of title insurance protecting and insuring your lender. While you are not legally required to purchase an “owners policy” of title insurance protecting and insuring yourself, many attorneys will not represent a purchaser who does not purchase an “owners policy” of title insurance because of the potential risk exposure to the purchaser.

There are essentially three categories of charges on the buyers side of a title company invoice: (a) premiums for title policies, (b) County recording fees and State recording taxes, and (c) ancillary services and searches. Categories (a) and (b) are set by the State and County; Category (c) varies from title company to title company but typically is the least expensive category on the invoice.

A “business success plan” is a written plan (often corporate documentation and estate planning documentation) that establishes the procedure to be followed when a business owner deceases, retires, or becomes disabled.

A land survey is performed in order to locate, describe, monument, and map the boundaries and corners of a parcel of land. It might also include the topography of the parcel, and the location of buildings and other improvements made to the parcel. When purchasing a property, it is very important to have a recent guaranteed land survey. If you do not obtain a recent guaranteed land survey you will likely not be able to determine the legal boundary lines of your property. Generally, the seller is not obligated to provide purchaser with a copy of an existing land survey and the cost and task of obtaining a new land survey is on the purchaser.

There are essentially three categories of charges on the buyers side of a title company invoice: (a) premiums for title policies, (b) County recording fees and State recording taxes, and (c) ancillary services and searches. Categories (a) and (b) are set by the State and County; Category (c) varies from title company to title company but typically is the least expensive category on the invoice.

A “business success plan” is a written plan (often corporate documentation and estate planning documentation) that establishes the procedure to be followed when a business owner deceases, retires, or becomes disabled.

While it is always the hope that the title searches do not reveal any issues that require corrective action, here are a few common issues:

1. Old mortgage lien that was previously satisfied still reflecting as open;
2. Fence is located inside of the property boundary line by more than twelve inches;
3. Federal or state income tax lien;
4. Judgment lien;
5. Open building permit or violation;
6. Previous deed transfer within the chain of title was without consideration and an affidavit is needed;
7. Judgments, liens, or mortgages pertaining to a prior owner.

While each of the above issues are typically resolvable, it is important that these issues be detected as early as possible and that your attorney is knowledgeable and skilled in this area.

There are essentially three categories of charges on the buyers side of a title company invoice: (a) premiums for title policies, (b) County recording fees and State recording taxes, and (c) ancillary services and searches. Categories (a) and (b) are set by the State and County; Category (c) varies from title company to title company but typically is the least expensive category on the invoice.

A “business success plan” is a written plan (often corporate documentation and estate planning documentation) that establishes the procedure to be followed when a business owner deceases, retires, or becomes disabled.

A “certificate of occupancy” is document issued by the building department for the municipality where the property is located. A “certificate of occupancy” is first issued upon completion of the structure (house, condominium, townhouse) in accordance with the local building rules. If an owner makes modifications to the structure/property (e.g., in-ground swimming pool, dormer, extension, outside cellar entrance, garage conversion to living space, etc.), an owner is often required to obtain additional certificates of occupancy/compliance for each additional improvement.

Generally, the best first step is to locate your paperwork from when you purchased the property and any additional documentation that you accumulated along the way. Copies of the DEED, LAND SURVEY, TITLE INSURANCE POLICY, CERTIFICATES OF OCCUPANCY, are a great resource. Second, assemble your power team (attorney and real estate agent). The communication between you and your power team will help best prepare you for the sale process and often alleviate unnecessary stress.

A “new construction” purchase transaction varies significantly from a “resale” transaction. Some key differences include: (a) a home warranty; (b) additional costs for buyer; (c) importance of timing for completion of the construction, your loan approval, financing and funding; (d) including a detailed specification list in the contract; (e) investigation into the reputation of the builder constructing the home; (f) understanding as to what delays can occur (i.e., material shortage, government shut-down, increase in material costs); (g) non-refundability of payments made for “extras”, etc. It is very important that you select an attorney who is experienced and skilled in representing clients in “new construction” transactions.

A condominium is a private residence in a multi-unit structure that includes ownership of commonly used property. A cooperative apartment is also a multi-unit building, an owner of a cooperative apartment actually owns shares of stock in a corporation that owns the actual building and receives a lease that allows the owner to occupy a specific unit. In other words, a condominium owner actually owns the condominium unit, whereas a cooperative apartment owner does not directly own the unit.

The Property Condition Disclosure Act is a mandatory New York State law requiring the seller of residential real property to either (a) complete a disclosure document and provide a copy to the purchaser along with the proposed contract of sale before it is signed or (b) issue a $500 credit at closing to the purchaser in lieu of completing and delivering the disclosure statement. There are a few exceptions where certain types of sellers are not obligated to comply with the PCDA. Your lawyer can confirm whether or not you are exempt.

There is often confusion as to the meaning of the words “AS-IS” in the context of a real estate contract of sale. The term “AS-IS” is generally understood as meaning “as the premises presently exist” and buyers are often held responsible for any defects that existed at the time of contract which would have otherwise been reasonably discovered by an inspection. Latent (hidden) defects that would not be easily discoverable by the inspection of the Purchaser are NOT included, and may still cause liability to the Seller.

When a purchaser is entering in a contract for the purchase of real estate and loan financing will be required in order for purchaser to complete the transaction, it is very important that the contract include a “mortgage contingency” provision. In short, a “mortgage contingency” provision states that if the purchaser promptly and truthfully makes an application for the specified mortgage loan and is denied, purchaser is entitled to a refund of the down payment paid by purchaser at the time of the signing of the contract. However, great caution should be exercised here in understanding what risks are assumed by the purchaser.

Often a contract will have a provision that permits the seller to remain in possession and occupancy of the property after closing for a certain number of days provided seller deposits a sum of money with seller’s attorney to ensure seller timely vacates during the post closing period without causing any damage to the property.

If the premises have solar panels attached, it is very important that the purchaser review the terms of any outstanding solar agreement or power re-purchase agreement before signing the contract for the purchase of the property and for a provision to be incorporated into the contract relating the purchaser’s obligations regarding the solar panels.

If the seller has engaged a company for grieving the property taxes, the contract should contain and provision specifying who is obligated to pay the fees of the tax grievance company and purchaser should review the terms of that agreement prior to signing the contract.

Often the contract will have a provision stating that the purchaser shall reimburse seller at the time of closing for any prepaid property taxes for the period of time after closing or delivery of possession, whichever occurs later.

In the 5 boroughs of New York and on Long Island, most residential real estate transactions closing within 60-90 calendar days of the date of a fully executed contract.  The parties, however, can jointly select a different timeframe before entering into contract.  There are a few major milestones along the timeline of residential real estate transaction:

1. Enter full contract;
2. Lender successfully completes appraisal of property;
3. Lender issues firm mortgage commitment to purchaser;
4. Title searches and land survey are satisfactorily completed;
5. Lender issues “clear to close” notice to purchaser;
6. Attorneys for lender, seller and purchaser jointly select a closing date;
7. Attend closing; and
8. Seller’s delivery of possession of the property to Purchaser.

If the contract of sale does not specifically state that the Purchaser’s obligation to purchase the property is expressly contingent upon purchaser completing the sale and closing of another property, Purchaser assumes the risk of loss of the down payment if Purchaser cannot complete the closing of the purchase of the property due to purchaser’s inability to close on the sale of another.

1. Enter full contract;
2. Lender successfully completes appraisal of property;
3. Lender issues firm mortgage commitment to purchaser;
4. Title searches and land survey are satisfactorily completed;
5. Lender issues “clear to close” notice to purchaser;
6. Attorneys for lender, seller and purchaser jointly select a closing date;
7. Attend closing; and
8. Seller’s delivery of possession of the property to Purchaser.