The goal of Rosenthal & Markowitz, LLP real estate attorneys is to work with clients, both buyers and sellers, to ensure the smoothest possible Closing.
Transactions Involving First-Time Home Buyers
First-time home buyers might need education and TLC about the wrinkles in the home-buying process in New York. What is often handled by realtors in other states is handled by real estate attorneys in New York.
When buyers work with our real estate attorneys at Rosenthal & Markowitz, we can educate them on the nuances of the law so they can avoid costly surprises. Here are just a few of the issues to be addressed:
- There is a state mortgage tax. This tax often takes buyers by surprise. They may have saved thousands of dollars for their down payment and anticipated Closing costs. If buyers are financing, they willl also need to pay a mortgage tax.
- Contract nuances. The contract may be a 10 to 20-page document even for a residential home transaction. We will raise issues with you as part of the contract negotiation process – to ensure buyers are getting what they anticipated and sellers know what they are responsible for. We educate our clients about the contract terms and work with them to make sure the contract only contains what is expected and agreed to.
- Clear title. Buyers must know what, if anything, affects the title they will be taking. The process begins before the contract is signed and continues with the title report and policy. One issue with title is purchasing a home with a basement. Basements can raise issues of Certificates of Occupancy, square footage, dampness and radon. All
these issues must be raised and dealt with.
- Contract provisions to protect the buyers’ investment. Contracts cover issues about roofs, leaks, dampness, working appliances, certificates of occupancy, permits and certificates of completion. The interests of buyers are very different from the interests of sellers and Rosenthal & Markowitz attorneys work with each client to get as
much protection as possible.
Transactions Involving Seasoned Sellers
Even Sellers who are moving to find new opportunities – to be near children and grandchildren or relocations for a new job – must deal with the stress of packing and getting ready for the move (and finding a residence in the new location). Moving after a spouse’s death, or selling a residence as part of an estate, can be even more fraught. Real estate is not just about title and legal papers. It is about people and financial and physical security. We are proud that we do as much hand holding as contract writing, to make each transition as easy as possible.
Normally, our attorneys represent only one side of a transaction. We have been approached by people where one family member wants to sell to another family member. We can do this if all parties sign a waiver and consent so that we can represent one side of the transaction, but the sale can be as non-adversarial as possible.
The Law Office of Rosenthal & Markowitz Can Help
For more information about how we can help buyers or sellers in real estate transactions, contact us at Rosenthal & Markowitz, LLP, to schedule a consultation.