For many people in New York, buying and selling real estate is a big financial decision that is not to be entered into lightly.
Various issues can arise during this process that can result in litigation or other obstacles. As a result, whether you are a first-time home purchaser or someone with substantial experience in the real estate industry, you should not hesitate to retain the assistance of an experienced attorney.
Our lawyers have substantial experience with various types of real estate, including condominiums, cooperatives, single-family homes, and multiple-family homes.
Our Real Estate Lawyers Help You Navigate Legal Issues
A complex body of real estate law exists in New York, but some of the most common issues that our attorneys encounter include the following:
- Offers. When a buyer in New York offers to purchase residential real estate, the offer does not constitute a contract. This is not the case, however, in many other states. Instead, offers often involve a one-page form instead of a signed contract. As a result, the buyer and seller are not bound to close a sale until they sign a formal contract after a seller accepts the buyer’s offer. In most cases, the buyer must make a down payment after signing the contract, which is different from what the buyer must later pay at closing.
- Contract finalization. Once a seller accepts an offer, the seller is viewed as being interested in proceeding with the property transaction. Neither the buyer nor the seller, however, is legally required to finalize this process. To make sure that both parties agree with the terms of a contract and that finalization is likely, the assistance of an experienced real estate attorney is often critical. Nave law can assist a buyer or seller with reviewing the contract terms and explaining the rights and obligations of the parties through the entire process.
- Contract navigation. Real estate contracts play a critical role in almost all New York real estate deals. Real estate contracts establish both the rights of buyers and sellers as well as their duties and what is required for closing. The terms of a contract should address critical issues like prices, titles, deeds, contingencies, inspections, repairs, and the closing date. If any issues arise with any of these or other real estate contract related areas, a knowledgeable attorney can help.
- Inspections and title search. Inspections of real estate must be performed to make sure that the property is in good shape and worth its price. A title search must also be performed to make sure that the seller is conveying a good and marketable title. If a buyer is purchasing a co-op or condominium, the buyer’s lawyer should review all applicable documents, as well. If you are selling a property, you will need to provide certain documents to the purchaser and abide by certain time-sensitive requirements. We can help you navigate this process.
- Closing issues. After a real estate contract is signed and the buyer makes a down payment, the buyer and seller are viewed as having entered into a legally enforceable contract. If either the buyer or seller breaches this contract, various complications can occur. During the pre-closing process, the buyer will acquire mortgage financing, and a title search will be performed to ensure that the property does not have any outstanding liens. The title is then transferred at closing, during which time the buyer, as well as the lender, will be required to pay the purchase price.
Real Estate Disputes
Real estate transactions do not always proceed without obstacles. Some of the most common issues that arise during the purchase of property include challenges related to title, land use, deed restrictions, zoning, eminent domain, easements, adverse possession, trespass, quiet title, and taxes. If you end up facing any of these obstacles, the assistance of an experienced real estate attorney is often vital.
Sometimes, there might be statutes or established case law that address this unique issue. It might even be possible to negotiate the matter before it ends up being costly or taking a substantial amount of time. While it might be tempting to navigate real disputes on your own to save money, it is often a much better idea to promptly retain the assistance of an experienced real estate attorney who can help you navigate matters. We can assist in making the process from contract to closing a smooth one.
We also help to resolve issues involving landlord/tenant disputes. While residential tenants in New York often have more rights, commercial landlords still have certain obligations that they must meet. In the case of these disputes, an experienced real estate attorney can help.