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Exceptional Legal Representation Throughout
Long Island and New York, Since 1993.
CALL FOR A FREE CONSULTATION
Exceptional Legal Representation Throughout
Long Island and New York, Since 1993.
Our office provides legal representation for real estate transactions, including the sale of your home. We guide you through the process, ensuring compliance with all legal requirements while protecting your interests.
A. Pre-Contract
When a seller (“Seller”) decides to sell real estate to a buyer (“Buyer”), several key steps must be completed. The Seller typically lists the property for sale, often with the assistance of a real estate broker who helps identify potential buyers. Once a Buyer is found and a purchase price is agreed upon, either the Seller or the broker acting on their behalf will facilitate the next steps.
Both the Buyer and Seller hire separate attorneys to represent them throughout the transaction. Before signing a contract, the Buyer is advised to conduct a termite inspection and/or a home or engineering inspection to assess the property’s condition. If the Buyer is satisfied with the inspection results, the process moves forward to the contract stage.
B. Agreement
The Seller’s attorney prepares a Contract of Sale, which is then reviewed by the Buyer’s attorney. This contract is a critical document outlining key details, including:
The Contract of Sale also defines each party’s responsibilities, deadlines, and potential consequences for non-compliance. Attorneys for both sides negotiate the terms to protect their clients’ interests. Since this contract serves as the primary legal agreement between the parties, it must be carefully drafted and negotiated.
Once both parties agree on the terms, the Buyer signs the contract and submits a down payment check to the Seller’s attorney, who holds it in an escrow account. Once the Seller signs, the contract becomes legally binding. At this point, both parties must fulfill their respective obligations as outlined in the agreement.
It is important to note that once the title is transferred to the Buyer, all contractual obligations are considered fulfilled unless stated otherwise in the agreement. Once financing is secured and the Buyer is ready to proceed, the Buyer’s attorney coordinates the closing.
C. Closing
At the closing, the following parties are typically present:
During the closing, the Seller transfers ownership of the property to the Buyer. The Buyer pays the remaining balance of the purchase price, settles outstanding taxes, adjusts costs for fuel, water, and other expenses, and ensures the mortgage and deed are recorded with the County Clerk. Once the transaction is complete, the Buyer receives the keys and officially becomes the property owner.
A. Contract Preparation
Once a Seller has a tentative agreement with a Buyer, they should hire an attorney immediately. The Seller must inform their attorney about any fixtures (items attached to the property) they wish to exclude from the sale. If not specified, it is assumed that all attached appliances and fixtures are included in the sale.
Most contracts require the Seller to guarantee that the electrical, plumbing, and heating systems are in good working order. Additionally, any appliances remaining in the property must also be in operational condition. These guarantees remain enforceable until the Seller transfers ownership to the Buyer. Once the sale is complete, the Seller is no longer responsible for these obligations.
B. Addressing Potential Issues for Sellers
A standard contract typically requires that the property be delivered vacant, clean, free of liens, judgments, and government violations, and in compliance with legal regulations at the time of closing.
To ensure clear title, the Buyer will order a title report, which outlines any outstanding judgments, unpaid taxes, liens, bankruptcies, building code violations, or parking infractions against the Seller and the property. Depending on the report’s findings and the terms of the contract, the Seller may need to resolve these issues before closing. If clearing the title is not feasible, the Seller’s attorney can assist in exploring alternative solutions.
Another key consideration for Sellers is vacating the property. If the Seller needs additional time to move out after closing, their attorney can negotiate a possession agreement, which grants the Seller a reasonable period to vacate while compensating the Buyer accordingly.
C. Review of Seller’s Closing Expenses
At closing, Sellers typically incur the following costs:
For Sellers of cooperative or condominium units, additional building association fees may apply, as required by the governing bodies of these properties.
A. Applying for Financing
Buying real estate typically involves more steps than selling, primarily because buyers often require financing to complete the purchase. Buyers must diligently pursue a loan for the amount specified in the contract and either secure the loan by the contract’s deadline or demonstrate that they were unable to do so despite making a good faith effort.
Once a commitment letter for a bank loan is obtained, the Buyer must promptly provide the bank with all required documents to finalize the loan approval. Many buyers find it beneficial to work with a mortgage broker to help expedite this process.
B. Reviewing Inspection Reports
In addition to financing concerns, Buyers should protect themselves by conducting thorough property inspections before signing the contract. These inspections typically include:
Completing these inspections before entering into the contract helps Buyers avoid purchasing a property with significant defects and strengthens their negotiating position.
In New York, Buyers are expected to inspect the property carefully, as real estate transactions generally follow an “as-is” principle—meaning the Buyer accepts the property in its current condition unless repairs are explicitly required in the contract. A final walkthrough is usually conducted before closing to ensure the property remains in the agreed-upon condition.
C. Reviewing the Title Report
After both parties sign the contract, the Buyer’s attorney will order a title search to verify the property’s legal standing. This includes checking for:
D. Review of Buyer’s Closing Expenses
Closing costs can vary widely, but Buyers should generally expect to pay 5% to 8% of the total mortgage amount in additional fees. Typical closing expenses may include:
Understanding these potential costs allows Buyers to properly budget for their real estate purchase.
People often assume that everything will go exactly as planned in a real estate transaction. However, unforeseen complications can arise. An experienced real estate attorney can:
For many, a real estate transaction is one of the largest financial deals they will ever undertake. As a result, having skilled legal representation is a wise decision.
The Law Office of Ronald D. Weiss, P.C. has extensive experience in real estate law. We are dedicated to providing clients with the knowledge and support they need throughout their transactions while representing them with diligence.
About Ronald D. Weiss, Esq.
Ronald D. Weiss is licensed to practice law in New York, including Brooklyn and Queens, as well as in Connecticut and the Eastern and Southern Districts of New York federal courts.
After earning his law degree from New York University School of Law in 1988, Mr. Weiss has:
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