Step 18 To Selling Your Home: Attorney review

In NYC, the role of the real estate attorney is more involved than in many other states. Your attorney is essential in reviewing the contract, ensuring all conditions are met, and protecting your interests through the entire process.

Attorney Review and Contract Changes

Once an offer has been accepted, your attorney will review the contract of sale to ensure it protects your rights and is in compliance with local laws. Typically, attorneys for both the seller and buyer will negotiate the terms of the contract, making any necessary changes or adding additional clauses.

Some common additions include:

• Personal property: A clause stating which items will remain with the property (e.g., appliances, fixtures, or other items).
• Closing date and terms: Defining the exact date of the closing and the specific responsibilities of each party.
• Contingencies: Ensuring contingencies such as a home inspection or financing clause are clear.

Your attorney will negotiate these terms with the buyer’s attorney, and once agreed upon, both parties will sign the contract.

Special NYC Considerations:

1. Co-op Buildings:
   • If you’re selling a co-op, the buyer’s attorney will request approval from the co-op board. This approval process can take several weeks and may include submitting financial statements, references, and a full board interview.
   • Your attorney will coordinate with the board and ensure all required documents (e.g., financial statements, application forms) are submitted.
2. Condominiums and Townhouses:
   • For condominiums or townhouses, your attorney will request documents from the condo or HOA, such as the offering plan (a legal document detailing the building’s structure and rules), and financials (to verify the building’s fiscal health).
   • If necessary, your attorney will order a Title Search to ensure the property is free of any liens or encumbrances that could complicate the sale.
3. Title Insurance:
   • Your attorney will also be responsible for ensuring Title Insurance is in place. Title insurance protects you against any issues with the property’s title that might arise after closing, such as unresolved liens or ownership disputes.
4. Closing Documents:
   • Before the closing date, your attorney will review the closing statement (also called the HUD-1 statement or closing disclosure), ensuring that all credits, debits, and fees are properly accounted for.
   • They will also prepare the deed, which legally transfers ownership to the buyer, and ensure that you are provided with the proper documentation at the closing table.
5. Coordinating with the Lender:
   • Your attorney will work closely with the buyer’s lender to ensure that they meet all financial requirements before closing. This may include ensuring that the buyer has been fully approved for their mortgage and coordinating any necessary adjustments to the mortgage loan documents.
6. Post-Closing:
   • After the closing, your attorney will ensure that the deed is recorded with the city and the transaction is legally documented.

Fees:

• Typically, a real estate attorney in NYC charges anywhere from $1,500 to $2,000 for a straightforward residential transaction, though fees can be higher depending on the complexity of the deal (such as a co-op transaction). The fee is usually paid at closing.