The reality is, you need an attorney to represent you in the purchase of a co-op o condo in New York City. That being said, you would be well advised to have legal representation when looking for NYC co-ops and condos for sale. Do you know how to read a Title report? Are you prepared to review and approve financial reports, assessments and adjustments? Do you know the meaning of the legal language in the documents you will be signing at Closing?
A good Real Estate Attorney will protect your interests in the following areas:
- Review and negotiation of the real estate contract
- Explanation of the real estate contract and mortgage commitment
- Resolving issues including repairs, termite damage, etc.
- Correspondence with the Seller's attorney, title company and mortgage company
- Preparation for Closing, including obtaining the Title
- Review of mortgage commitment and title commitment
- Representation at Closing
TOP 3 MISTAKES BUYERS MAKE AND HOW TO AVOID THEM
- Have the Property Inspected by a Professional Engineer
Many buyers think that the bank will inspect the condo or co-op for sale they are looking to buy or rely on their visual observations to conclude that it is in good condition. Beware. Most Contracts of Sale provide for the house to be sold "as is." Only a qualified engineer can detect potential structural or other problems that may require major repairs. Co-ops and Condos for sale in NYC and, particularly, brownstones and lofts, which tend to be older structures, are especially prone to technical difficulties. Do not cut corners. Hire a seasoned expert to make sure your NYC co-op or condo does not turn into a “money pit.”
- Make Sure your Broker and your Lawyer really represent You and Not the Seller.
Many buyers assume that the lawyer recommended by the Developer or Seller of the co-op or condo for sale represents them and are shocked to discover that they actually represent the Seller. Make sure you are represented first by a broker and then by an attorney who owes you, and only you, a complete allegiance. You are not saving any money by being unrepresented so you might as well get all the representation and advice you need.
- Understand the Home-Buying Process
Many buyers of co-ops or condos are completely unprepared for the purchasing process and have no clue as to what they are signing. A good real estate attorney will answer all your questions and assist you with each step of the process, including securing financing, production of all necessary paperwork and preparing you for the possible delays in Closing to make sure that you end up in your dream condo or co-op without a glitch.
Most first-time buyers do not anticipate common delays in Closing of their co-op or condo due to Sellers' inability to move out or other potential issues and, as a result, are faced with major life disruptions. Whatever your pre-closing housing situation is, make sure you allow some flexibility with your move-in date so that you don’t end up having to stay in a hotel or are forced to employ some other expensive last-minute resolution.
To discuss these and any other Real Estate legal issues call for a free 20 minute initial consultation. We will be happy to set you on the right track so that when you purchase your co-op or condo the process will fun and stress-free.