New York Real Estate Due Diligence
In almost every real estate transaction in New York State, both parties will have a lawyer present; but why? They aren’t required by law, yet almost everyone uses them. Real estate attorneys are there to protect you, whether you are the buyer or seller, regardless of the level of complexity of the transaction. It is important to know how a real estate attorney can be a good person to have in your corner. Given the sophistication of the NY real estate market, rent regulations, municipal zoning requirements, condominium and co-op issues, mortgage requirements and title problems, a good New York real estate lawyer is worth their weight in gold.
In New York State, a real estate contract is drafted by the attorney for the seller. The Seller’s attorney produces the contract, and the buyer’s attorney reviews it and makes changes as needed; a good lawyer understands the universe of standard and acceptable edits, and how to negotiate the best deal. This process ensures that both parties come to a mutually beneficial agreement and clearly understand the agreement they are signing.
Real estate attorneys can help you with mortgages and financing for the property itself. Banks may not always lend out money without your lawyer present. Especially in commercial loans, your real estate attorney can help you navigate lengthy contracts and legal jargon to best protect your interests. Commercial mortgages often require an environmental indemnity and a personal guarantee along with a host of other requirements that may seem onerous. A good attorney can spot when a bank or mortgage lender is over-reaching.
Apartment boards and HOA’s
When you are moving into an apartment complex, or a housing community, your attorney can look over board and community meetings and review financial statements. When they do, they can make sure that you are aware of any issues, past or present, that the property owners are dealing with. “Due diligence” is the buyer’s responsibility. This information can be vital to making the right choice on where to live. This is especially important in NYC, where the threat of bed bugs, noise complaints and litigation are ever-present, and the costs could be astronomical. The meeting minutes that your attorney can delve into can also give you the insight to see if there are projected future increases in monthly maintenance costs or common charges, or major problems with the building.
Reviews and Offers
Your real estate attorney also assists you by looking at financial statements and the seller’s offering plan. Having a lawyer in your corner that does their due diligence means that you can rest assured that your needs are met as best as they can. The job of a real estate attorney is to ultimately to ensure that the buyer and seller can both be happy with the terms and conditions that are presented.
Gabor & Marotta, LLC has been assisting people and investors like you with their representation, transactional services and personal legal needs. We bring you the knowledge and resources to protect you, your business, your family, and your assets. From contract to closing, WE GET THE DEAL DONE.
Gabor & Marotta, LLC does not provide tax, legal, property or accounting advice by articles. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, property, or accounting advice.
Call 718-390-0555, or contact us online to schedule a consultation with an real estate attorney at Gabor & Marotta, LLC. We proudly serve the Greater New York City metropolitan area, including Brooklyn, Manhattan and Staten Island, as well as Nassau and Suffolk counties.