Why Hiring a Lawyer Makes Sense for Real Estate Transactions
In New York, it is common for a buyer and seller of residential and commercial real estate to enlist legal representation for the transaction, as real estate purchases are among the most significant investments one will make.
Law Office of Bradley D. Schnur, Esq. P.C. represents both individuals and commercial clients throughout the New York metropolitan area (including Nassau County, Suffolk County and Queens) in transactions that deal with real property, including the purchase and sale of private homes, condominiums, co-ops timeshares and commercial properties. We also represent clients in leasing transactions for residential and commercial properties by drafting and/or reviewing lease agreements.
Drafting, Review and Negotiation of Contracts of Sale and Representing You Throughout the Transaction
Like a number of industries, the real estate sector is loaded with legal jargon. Unless you work with real estate contracts regularly, it is difficult to wade through these documents and fully understand the obligations of the parties in a real estate transaction.
When we represent a Purchaser (buyer) of real estate, our services generally include:
- Reviewing the contract of sale (usually prepared by the seller’s attorney) and negotiating the terms of the contract of sale to best protect the buyer;
- Ordering a title search and reviewing the title report to ensure, among other things, (i) that the necessary permits or certificates of occupancy are in place for the structure and any improvements made to the property, (ii) to be aware of any liens or judgments against the seller or the premises (all of which would need to be satisfied at closing); and (iii) confirm all property taxes have been paid;
- When requested, communicating with your lender to coordinate the overall transaction; and
- Appearing with you at the closing of title at which time we will go over and explain the various transfer documents, loan documents (when obtaining a mortgage loan) and ensuring that the overall transaction goes smoothly.
Similarly, when we represent a Seller of real estate, our services include:
- Preparing the contract of sale and negotiating the terms of the contract with the purchaser’s attorney
- Reviewing the title report (provided by purchaser) to advise seller as to any potential title issues (e.g. liens and judgments against the property, unpaid property taxes and missing or open permits). Where necessary, we will work with the client to clear these title impediments prior to closing)
- Coordinating lien or judgment payoffs with creditors
- Preparing the necessary transfer documents (e.g. deed, real property transfer report) and appearing on your behalf at the closing of title
Foreclosure or Real Estate Owned Properties
In today’s market, there are also opportunities to acquire real estate at deeply discounted prices through nontraditional means such as acquiring a property through a court directed foreclosure auction sale or purchasing a property (which has already been foreclosed upon) directly from the bank (these are often referred to as a REO or bank-owned properties).
While purchasing a “foreclosure property” may be a good financial investment, unless you handle it properly ahead of time, the transaction can also bring a set of risks. When we work with clients who are acquiring (or have already acquired) these properties, we review the proposed transaction and point out potential pitfalls. For instance, in those instances where the former owner (and/or tenants or other parties) have remained in a property after the foreclosure or subsequent sale by the bank, we will work with our client to remove or evict these individuals from the property pursuant to the very specific and technical requirements under the New York Real Property Actions and Proceedings Law (RPAPL).
A short sale is the sale of real property in which the lender(s) (e.g. mortgage lender) agree(s) to accept less than the amount that is still owed on the mortgage loan(s). A short sale often occurs when a property owner is in financial distress (e.g. behind on their mortgage payments) and either foreclosure proceedings have been initiated or will be in the near future and the home is worth less than the outstanding balance(s) on the outstanding loans.
What many distressed homeowners do not understand, however, is that a short sale is not automatic, and the lender has to approve the short sale after the homeowner (seller) goes through a rigorous, paperwork intensive process.
When the Law Office of Bradley D. Schnur, Esq. P.C. represents a seller in a short sale transaction, we not only assist the seller by handling the matter in a manner similar to that of a traditional sale, but we will also handle the short sale paperwork and serve as a liaison between the seller and the lender(s).
Put our Experience in Your Corner
Do not enter into a real estate purchase or sale without knowledgeable legal representation on your side. Attorney Bradley D. Schnur has more than 20 years of experience with these types of transactions.
We can provide a one-time review of a contract of sale or lease or provide counsel at every step of a transaction. Our services are often on a flat-fee basis and are shaped around your needs, no matter how complex or straightforward your real estate transaction may be.
Call 516-932-4400 or 914-363-6250 or use our online contact form to schedule an initial consultation and strategy session. We can review the proposed transaction, answer your questions and protect your interests at every turn.
We represent individuals and businesses throughout the metropolitan area from our office in Jericho, New York.