Real Estate Law
If you are buying or selling a property in Westchester County or New York City, chances are you may see your real estate lawyer reference “the K.” At first glance, that shorthand can be confusing—what does “K” have to do with your purchase contract? In legal and business shorthand, “K” is used as an abbreviation for “contract.” The “K” comes from the hard “c” sound in “contract” (sometimes linked to the German spelling “Kontrakt”). Lawyers also use “K” because “C” is already taken for other common legal terms, like “consideration” or “clause.” Over time, “K” became standard shorthand in law schools, contracts, and even the Uniform Commercial Code (UCC). But “K” is just one example of legal shorthand you may come across in a real estate transaction. Here are a few others that buyers, sellers, and brokers sometimes see in documents or attorney emails: P&S…Read More
The purchase or sale of the property is certainly a situation that requires expertise and extensive knowledge. A real estate transaction involves a lot of legalities that must be followed to ensure success. Having a real estate sale attorney on your side will help you ensure you don't miss any details that could cost you later. But what factors should you look for when deciding on a real estate sale attorney in New York? Here are four. 1. Knowledge of New York Real Estate Law A New York real estate sale attorney should have extensive knowledge of the laws that govern real estate transactions in New York. A good attorney can also answer any questions about these laws and advise you on how to protect yourself from any potential pitfalls. This is especially important if you are trying to sell property in a different area…Read More
Whether you are a buyer or seller, closing day is undoubtedly the day you have been looking forward to. An experienced real estate closing attorney can help ensure everything goes as planned. In this post, we will examine these important responsibilities that a real estate closing attorney will perform: Collaboration with parties involved Executing a title search Reviewing documents Distribution of funds Before we get into these responsibilities, let's consider what happens at a real estate closing. Real Estate Closing: What Does it Involve? A real estate closing is the process by which a property purchase agreement is finalized and turned into a binding contract. The closing process involves many steps, but some of the most important ones include the following: Closing disclosure statement by the lender Signing of documents Recording of documents Funding What is the Role of the Real Estate Closing Attorney? As…Read More
Real estate transactions in New York can be overwhelming. There are so many aspects to consider, such as potential costs, timelines, and risks. You may also have questions about your rights as buyers or sellers. If you're buying or selling property in New York, it's critical to understand these legal requirements and how to protect yourself. The last thing you need is to run into legal issues due to a lack of information. But you may be concerned whether the cost of working with an attorney is worth it. This guide will consider whether a real estate attorney is necessary for New York and what they can do to help you make informed, wise decisions during your real estate transactions. Having a Real Estate Attorney in New York: Is It Necessary? In the state of New York, an attorney is required to be involved in…Read More
You've reached the final stage of your real estate transaction: closing. If you're buying or selling property, it's important to know what to expect at real estate closing and what role a real estate closing attorney will play in ensuring everything goes smoothly. This post will consider what to expect at real estate closing and how a real estate closing attorney will assist. What Steps Lead Up to Real Estate Closing? Escrow Escrow is the legal process by which a third party holds and disburses funds or other assets to benefit all parties involved in a transaction. Because the closing process might take many weeks, you will normally be requested to deposit earnest money to secure the commitment. Property Inspection Before you close on a property, you'll want to make sure it's safe for your family and that all systems function properly. Your real estate…Read More
A loan document should accompany any monetary loan. Whether you are a commercial or real estate lender or need to draft a contract document for a loan you will be issuing personally, here are some things you may need to know. What Should Be Included in Drafted Loan Documents? All loan documents should include some basic information and clauses, including: Identification of the parties involved: The names of the lender and borrower(s) must be included. All parties should be identified by their full legal names, and their addresses are usually included also. The name of the lender's company and its address should be listed. The purpose of the loan: In this section of the loan application, you should identify the type of loan involved: an unsecured personal line of credit or a secured loan. If it is a real estate loan, you should state that…Read More
Home buying is exciting, but it can also feel overwhelming with all the steps involved. If you're considering buying a house, you probably have many questions, such as: 'What should I look for in a home?' or ' 'What is the process involved in buying a house?' You may also wonder whether it's necessary to have a real estate attorney when buying a house in New York. This post will consider the answer to that question and how real estate attorneys help home buyers. Is a Real Estate Attorney Necessary for Home Buyers in New York? If you are purchasing property in New York, you will need to work with an attorney to negotiate the sales contract and represent you at the closing. A real estate attorney will work to ensure that the contract is in your best interests and that all terms are clearly…Read More
Buying or selling property can be complex, with many steps involved and details to keep track of. If you're considering buying or selling property, you may wonder whether you need to work with a New York real estate lawyer. Here, we'll discuss what real estate lawyers do. Real Estate Lawyers: Their Role and Responsibilities Real estate lawyers handle the legal aspects of property transactions. They help people avoid legal issues by making sure they understand the contracts they sign and know their rights. They also help buyers and sellers get through the closing process smoothly—from handling paperwork to negotiating terms and conditions with other parties involved, such as banks. Your real estate lawyer's exact duties will depend on your individual needs. For example, if you are buying, your lawyer will review the documents to ensure they don't contain any clauses that could put your interests…Read More
When you purchase a property, you want to make sure that the structures and improvements that have been made to the property were done with all necessary permits and inspections that the city, town, or village requires. The standard New York Contract of Sale for residential transactions contains the following language (or language to this effect): The delivery by Seller to Purchaser of a valid and subsisting Certificate of Occupancy or other required certificate of compliance, or evidence that none was required, covering the building(s) and all of the other improvements located on the property authorizing their use as a one family dwelling at the date of Closing (or multi-family dwelling if that is the case on a particular transaction). This is a simple but important provision and is put in to protect the buyer from taking a property that has improvements or additions made…Read More
