Real Estate
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Real Estate Attorney
A real estate transaction is often the largest purchase or sale that many people will ever make, and plenty can go wrong. For the seller, once the decision is made who to sell to and at what price, it becomes the responsibility of the real estate attorney to ensure that the deal goes through as smoothly as possible. We usually start with obtaining an overview of the deal from a real estate broker. Then an interview of the seller is conducted. Things like the exact name of the seller, the exact title to the property, outstanding mortgages are there and how much is still owed, and the price and downpayment are discussed. Then the contract of sale is drafted, a seller’s rider and a lead paint disclosure form and we negotiate the terms of the deal with the attorney for the purchaser. Once the agreement is signed by the purchaser and received with the downpayment check, the attorney supervises execution by the seller. Then the downpayment is deposited into an escrow account and serves as the escrowee for the transaction.
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Our Real Estate Attorney Ensures Smooth Deals
The seller usually must supply clear title such that “any reputable title insurance or abstract company licensed to do business in New York State would insure”. That means that title does not have to be perfect, just insurable. Problems that might prevent the seller from giving insurable title could be an old mortgage that was never properly discharged, a monetary judgment against the seller or something as simple as a late tax payment or water bill. These imperfections in title are referred to as “liens” or “encumbrances”. It is the attorney’s job to address these objections and help the seller to clear them up.
In arranging for the closing, attorney obtains payoff information for any mortgages so that they can be paid off. We also prepare adjustments for things such as rents, taxes, condominium common charges or cooperative maintenance. The attorney drafts the Deed, New York State Real Property Transfer Tax Return, the Real Property Transfer Report, any local transfer tax return and, if applicable, a Nonresident Real Property or Cooperative Unit Estimated Income Tax Payment Form. After the closing the attorney drafts and forwards a detailed closing statement to the seller that clearly summarizes the transaction and provides copies of the most important documents.
They went above and beyond and helping me. I strongly recommend them. Zoya Gekman doesn’t stop fighting until her clients issues are resolved.
Joseemarie411 Nicolas
Attorney Secures Fair Deal for Purchaser
For the purchaser, the attorney’s job is to insure that the purchaser gets what they bid for, at the price and on the terms that they have offered. After the seller has accepted a bid for the property the attorney gets involved in order to get an overview of the deal from a real estate broker and then conduct an interview of the purchaser. Things like the purchaser’s exact name and how they can and might like to take title is discussed. If the property is a condominium or a cooperative, the attorney will complete an overview of the Offering Plan, and review the last two certified financial statements of the condominium association or cooperative corporation. The attorney will review the proposed contract of sale and any riders prepared by the attorney for the seller. Once the final terms are agreed to, the attorney will meet with the purchasers to review the contract of sale and any riders with them and have the papers signed, collect the downpayment check, and transmit the signed contract and purchaser’s check to the seller’s attorney for the seller to sign.
Once the contract is returned signed by the seller, the next steps are usually to immediately order a title examination and formally apply for one or more mortgages. In the case of a cooperative, a lien search instead of a title search is ordered, but the principles are the same. Once the informaition recieved by the attorney, a deep review of the title report or lien search is made for any problems with title, such as any violations issued against the property. The attorney will also help and cooperate with the mortgage lender to obtain formal approval for the loan, called a mortgage commitment.
Once the mortgage commitment is issued a closing is scheduled. In preparation for the closing the attorney will confer with the attorney representing the lender to learn the net loan proceeds available after the deduction of the lender’s charges, will verify the accuracy of the closing adjustments for things such as rents, taxes, condominium common charges or cooperative maintenance, and advise the purchaser of the amounts to bring to closing in bank or certified funds.
1. Attorney ensures purchaser receives property at agreed price and terms.
2. Reviews contract, offering plan, and financial statements for condominiums.
3. Orders title or lien searches, examining for potential issues.
4. Coordinates with lender to secure mortgage commitment before closing.
1. Attorney reviews final inspection, revisits adjustments if necessary.
2. Supervises mortgage note execution and necessary lender paperwork signing.
3. Oversees deed review, tax returns, and transfer document signing.
4. Handles payments, delivers keys, and provides detailed closing statement.
Attorney Oversees Final Property Closing Process
At the closing, the attorney will first check with the purchaser to learn if there were any problems with the final inspection of the property, and if so, revisit the adjustments to be made at closing. Then the attorney will review and supervise the execution of the mortgage note and mortgage, or security agreement in the case of a cooperative, and all accompanying papers required by the lender. The attorney will review the Deed and oversee the purchaser’s signing of the New York State Real Property Transfer Tax Return, the Real Property Transfer Report, and any local transfer tax return. Once the appropriate checks are issued by the lender, the title company is paid and the balance of the purchase price is tendered to the seller, the keys to the property are given to the purchaser and the closing is concluded. A detailed closing statement what took place at the closing will be provided to the client. Once the Deed is recorded it will be forwarded to the client.