Given that the city is one of the most expensive places to live in the entire United States, New York real estate is unsurprisingly complicated. Real estate statutes in New York involve an array of legal authorities and sources, with new real estate laws being passed all the time. This is why it is important to know what you are getting into before purchasing property. With a skilled New York real estate lawyer, making purchases will not only be easier, you will also receive assistance in negotiating all the moving parts and shifting rules related to commercial and residential property laws which buyers and sellers must adhere to.
The Top Reasons to Hire a Real Estate Lawyer in New York Include:
- Securing Purchase Financing: More often than not, home sales contain contingency clauses allowing the buyer to obtain financing with certain restrictions. In New York City and the surrounding area, however, commercial real estate deals do not regulate sales based on buyers securing financing. With the assistance of an attorney, you will be able to asses which options are right for you, and figure out if and how you can implement financing when purchasing real estate.
- Reviewing Property Condition Disclosure Statements: In New York, the Property Condition Disclosure Act forces residential property sellers give to buyers something called a Property Condition Disclosure Statement, or PCDS. Failure to comply with the Property Condition Disclosure Act mandates a $500 credit against purchase price. A lawyer will be able to make sure all the necessary statements are provided in accordance with the law.
- Performing Environmental Assessments: A NYC real estate lawyer will help ensure any property you are buying is up to environmental code and asses the property’s history by reviewing public records.
- Recommending Insurance Coverage: After an environmental assessment, you may want to enlist a lawyer to help you find strong environmental insurance to allocate risk for various hazards.
- Exchanging Purchase Money Mortgages: As mentioned above, not necessarily all real estate deals require financing. In some cases, a seller may accept a purchase money note and mortgage in exchange for a portion of the purchase price. These can essentially be used as an alternative method of financing, which defer income payments on a part of the purchase price until payment can be received in full. While the logistics of purchase money mortgages can be difficult to figure out, the process is generally much easier with a skilled lawyer by your side.
- Forming a Corporate Entity: In commercial transactions, many buyers may find it beneficial to form a corporate entity or LLC. Owning property under such entities can protect shareholders or company-members from liability in relation to business operations, in addition to providing various tax benefits. A NY real estate lawyer will be able to draw up all the pertinent documents needed for this process.
- Negotiating the Sale: Most real estate contracts in New York, whether they pertain to commercial or residential property, are subject to intense and in-depth negotiations. A knowledgeable attorney will be familiar with all the underlying forms and riders, and generally be able to expedite the potentially lengthy negotiating process.
- Closing Outstanding Obligations: At the end of a real estate transaction, you will want to have an experienced real estate attorney to fulfill various closing obligations, including loan commitment contingencies, title reports and surveys, and various due diligence to be paid to loans, mortgages, and other service documents and contracts.
For a Brooklyn real estate attorney who knows how to assist you throughout every step of the purchasing process, contact Belushin Law Firm, P.C. Our firm will be able to prepare, negotiate, and draft all manner of real estate transaction documents for you, from purchase and sale forms, to contract riders, to letters of intent, to term sheets, to rights of recusal. The world of New York real estate moves fast, and if you want to claim property in this city, you have to move fast too. Call Belushin Law Firm, and hire an attorney to help make New York real estate a little less complex for you.
For a free consultation, dial (888) 918-9890, or contact our firm online.