Real Estate Agreements
Did you know that many controversies that result in real estate litigation could have been avoided by a thorough well drafted real estate contract or lease? Our many years of experience in negotiating, reviewing, and drafting real estate contracts and leases often saves our clients the substantial expense and uncertainty of unnecessary litigation.
Real Estate Transactions
The purchase or sale of a house, condominium, co-op apartment, land or commercial real estate can be fraught with potential problems that could derail the transaction.
As a professional real estate law firm, we anticipating potential issues, and seek to address them in the contract of sale.
Real Estate Contract of Sale
Once you have agreed upon the price for the home you are buying or selling, we recommend that a formal contract of sale be promptly negotiated by the parties’ respective real estate attorneys and signed by the buyer and seller. There are many important legal and practical issues that should be addressed in the contract of sale.
We are convinced that negotiating and drafting the contract of sale is the most important aspect of the legal services provided by the real estate lawyer. The parties’ legal rights will be governed by the terms of the contract. The contract should be carefully drafted, and the terms of the agreement should be clear and unambiguous. Potential problems can often be avoided or resolved if they are properly addressed in the contract of sale.
Closing Costs
In a typical real estate transaction, the Seller and Purchaser often have substantial expenses. For example, you might be responsible for paying some of the following fees:
fee title insurance
mortgage title insurance
deed and mortgage recording fees
departmental searches
transfer taxes
bank fees
bank’s attorney’s fees
co-op transfer and financing fees
co-op “flip tax“
managing agent’s fees
real estate broker’s commission
your real estate attorney’s fee
Purchase of a Condominium or Co-op Apartment from the Sponsor
If you are purchasing a co-op apartment or condominium from a sponsor, you will likely be paying additional fees, including some that would otherwise be payable by the seller.
Adjustments
In addition, adjustments are computed in order to apportion recurring charges such as the following, as of the date of the closing of title, or the date of transfer of possession from the Seller to the Purchaser:
real estate taxes
condominium common charges
co-op maintenance
Your attorney should explain all of your expenses, and do everything possible to both verify that they are accurate, and to minimize or avoid those that can be negotiated or eliminated.
Real Estate Closing Statement
After the closing of title, your attorney will provide a closing statement, which should itemize and clearly explain all of your expenses, as well as the adjustments. The closing statement should be in a format that is easy to understand, so you and your income tax preparer can easily identify important financial information about your transaction. The closing statement provided by your attorney is an important document that will assist you in understanding your purchase or sale, and in calculating your tax basis in the property you purchased, or your taxable proceeds for property you sold. It is likely that your income tax preparer or accountant will refer to the closing statement in preparing your income tax return for the year of the purchase or sale, and for the year of a future sale of the property. Keep in mind that errors or omissions in the closing statement, or inaccurate or vague explanations of expenses listed in the closing statement might cost you significant money on your income tax return.
The format and completeness of the closing statement varies among attorneys. Some real estate lawyers simply fill in the blank spaces on a single page form provided by the title company. Our closing statements are extremely thorough, yet easy to understand the information presented. Our closing statement also includes copies of all important documents exchanged at the closing of title. The difference between our closing statement and some other New York real estate attorneys’ closing statements may surprise you.
Select Your Real Estate Attorney Carefully
We suggest that you select a New York real estate lawyer based on either the recommendation of a trusted friend or relative, or by your impression of the real estate attorney’s competence and thoroughness, after you speak to the lawyer. Also, you might ask whether the attorney will be available to talk to you when you have questions or concerns about the real estate transaction.
High Quality Legal Representation at Moderate Fees
The Law Offices of Michael W. Goldstein provides high quality legal services and personal attention to each client. Our legal fees are very fair, considering the professional service we provide. However, for those clients who select a lawyer based simply on the lowest legal fee, our firm will probably not be your first choice.
Tell Us about Your Case or Legal Matter
To have your case or legal matter reviewed, we invite you to complete one of our Questionnaires, or click Contact Us to send an email. You may also call Michael W. Goldstein to discuss your real estate transaction, real estate litigation or other legal matter by telephone, or to schedule a consultation at our office.
Time Limitations
There are strict time limitations that apply to New York lawsuits including real estate litigation, commercial litigation and other types of New York litigation. The statute of limitations (time limit for commencing litigation) varies depending on the type of case, and in some instances, depending on the defendant being sued. Furthermore, many types of claims and lawsuits also have other time limitations (in addition to the statute of limitations), such as time limitations for filing a Notice of Claim, Notice of Intention to Make Claim, and other important documents.
General Disclaimer
The information contained in this website is not intended to constitute legal advice, nor to create an attorney-client relationship or lawyer-client relationship. We recommend that you discuss your legal matter or case with a NY lawyer or New York attorney promptly.
Visiting our website, submitting any information via questionnaire or email, or discussing your case with us does not create an attorney-client relationship. An attorney-client relationship with our law firm can only be established with the signing of a written retainer agreement prepared by our law firm.
Under New York law, in the event there is no recovery in a contingency fee case, the client is responsible for the expenses of the litigation, including court costs and disbursements.
Prior results do not guarantee or predict a similar outcome with respect to any future case or legal matter.
This website is not intended to solicit clients for real estate transactions, real estate litigation, commercial law, commercial litigation, contracts, or any other legal matter outside of New York State. However, we do represent clients who live outside of New York State, and are engaged in a New York State commercial or real estate transaction, or who need legal services for other legal matters that involve New York law, or a dispute that is or may be litigated in the courts of New York State, or disputes that may be arbitrated or mediated in a New York State Alternative Dispute Resolution forum.
New York Lawyer Disclaimer
The New York real estate law, New York real estate litigation, and NY commercial law information, and NY business law, NY contract law, and other New York legal information contained in this website is not intended to constitute legal advice, nor to create an attorney-client relationship or lawyer-client relationship. We recommend that you discuss your NY real estate law, NY business law, NYcommercial law, NY real estate contract, NY contract negotiation, or other legal matter with a NY real estate lawyer New York real estate attorney NY commercial transactions attorney or NY commercial litigation lawyer promptly.
New York commercial and real estate transactions lawyer, NY real estate litigation attorney, NY business and contracts Lawyers and Attorneys New York, representing clients in New York City, Manhattan, Bronx, Brooklyn, Queens, Staten Island, Long Island, Nassau County, Suffolk County, Westchester County, Rockland County and upstate New York.
Law Offices of Michael W. Goldstein is a New York commercial, business, and real estate transactions law firm, also representing clients in commercial and real estate litigation, and general litigation.
Law Offices of Michael W. Goldstein, a New York Real Estate Law Firm
Attorney Advertising