RLTY Law LLC is a boutique real estate law firm operating throughout New York.
We act as legal counsel for the purchase, sale, and refinance of residential real estate in New York. This includes family homes, beach houses, apartments, condominiums, and country cottages. For new construction and renovations, we assist in negotiation with designers, architects and other professionals, as well as permitting. Additionally, the firm acts as an agent to provide title insurance which is usually required in land transactions.
Selling or purchasing real estate is most often one of the largest purchases and financial obligations one will carry during a lifetime. The challenges facing buyers and sellers of real property can be overwhelming. An experienced real estate lawyer can be of assistance in simplifying the process. We will protect your rights from the beginning of negotiations to the final closing.
We understand the excitement and anxiety involved in buying or selling a home and help walk our clients through every step of the transaction. Our team is dedicated to helping you achieve your ownership dreams!
We will also attend the closing on your behalf, provide an accounting of funds, and handle all post-closing matters including any necessary payoffs and recording of documents.
We also offer commercial real estate services to developers, owners, investors, purchasers, sellers, landlords, and tenants. We have handled matters involving residential subdivisions, office buildings, apartment complexes, industrial facilities, shopping centers, restaurants, and retail businesses. This includes the formulation of entities to develop, hold, and operate said properties. Our clients appreciate that we are also lawyers experienced in construction law when it comes to the negotiation of agreements involving construction contractors, architects, and other professionals.
Whether you are a seller or a potential buyer of a condominium apartment in New York City, having legal representation to help navigate your transaction is essential. RLTY Law specializes in residential real estate transactions, providing a smooth and efficient experience through decades of expertise and personalized client attention.
Condominium units, often referred to as condos, are a common form of residential property in New York City. While each owner owns a unit, the building’s hallways, elevators, and amenities are collectively owned and managed.
It is important to recognize the difference between co-ops and condos. Condo owners hold direct title to their individual units. In contrast, co-op residents don’t have direct ownership of their apartments; instead, owners have shares in a corporation that entitles them to reside in a particular unit.
New York City has specific laws and regulations governing condos which are designed to protect both unit owners and the condominium as a whole. Condominium associations are typically responsible for managing the building’s common areas and ensuring compliance with city regulations.
Real estate laws in New York City can be complex; therefore, it is essential for condo owners to stay informed and seek legal direction when necessary to navigate these difficulties. RLTY Law condo attorneys have extensive experience in New York’s condo rules and can provide valuable insights and assist in interpreting and adhering to these regulations.
Cooperative housing corporations (co-ops) are a unique housing arrangement in New York City real estate. Unlike traditional real estate transactions, in which a buyer purchases a piece of real property, in a co-op transaction, buyers purchase shares in the corporation that owns the building. These shares grant shareholders the right to occupy a specific apartment within the cooperative building. Living in a co-op is about being part of a collective entity with shared responsibilities and decision-making powers. Understanding the legal responsibilities and rights of co-op shareholders and board members is crucial.
RLTY Law has extensive experience providing legal services to co-op unit owners and prospective purchasers. Our team routinely handles both co-op and condominium transactions.
Cooperatives (or co-ops) are a type of residential property in which residents own shares in the cooperative housing corporation, which, in turn, owns the building. Each cooperative corporation has a board of directors, who are elected by the shareholders and typically composed of residents, who oversee the management of the building. As shareholders, residents are granted a proprietary lease for their specific unit and have voting rights in larger decisions for the property. Residents pay monthly maintenance fees that cover building expenses such as property taxes, maintenance, and sometimes utilities.
Navigating the purchase or sale of a cooperative unit in New York City requires the guidance of an attorney with expertise in co-op transactions. Cooperative apartment transactions require prospective purchasers to conduct more in-depth due diligence and sellers and owners to understand the cooperative corporation rules regarding the sale of their units. An experienced co-op attorney will guide buyers by thoroughly reviewing the co-op offering plan, most recent corporation financial statements, and recent board meeting minutes. The attorney will also advise the buyer of factors outlined in the co-op documents that will affect any future sale of the unit. RLTY Law co-op attorneys have extensive experience and can provide valuable insights and assist in interpreting and adhering to these regulations.
The earlier, the better. Because of our experience, we can help you with referrals to real estate agents and lenders who we know and trust.
If your contract is prepared by a real estate broker, it is important to hire your attorney to review the contract before you sign. In the alternative, be certain there is a provision allowing a certain number of days for your attorney to review the contract before you are obligated. We will review your contract and give important advice to protect you from issues you may not be aware of. In Fairfield County, it is customary for the Seller’s attorney to prepare the sale contract instead of the real estate broker.
Contingency dates are dates in the contract by which a buyer must get your mortgage commitment or inspections completed, such as building, well, septic, or radon inspections.
An inspection contingency gives the buyer the right to have the home inspected, and in some instances cancel the contract if the condition of the home is not satisfactory. If the buyer requires a mortgage to purchase the property, a mortgage contingency will give the buyer the right to terminate the contract if the buyer is unable to obtain the mortgage financing.
Unless notice is given to the seller prior to the contingency date that a buyer’s condition is not met, the buyer can no longer use the failure of the contingency as an excuse to cancel the contract.
Title insurance ensures that you own your home free of any claim, lien, or encumbrance except those noted on the policy at the time it is issued. If this information is incorrect and a claim against your ownership is made, the title insurance company pays the costs of attorney’s fees to defend you against this claim and, if the claim is found to be valid, the title company will either pay the claim (up to the amount of the policy) or undertake to correct the defect in title, at their expense. Lenders will require you to purchase a Loan Policy which protects their interest in the property, but this policy does not protect you. An Owner’s Policy is purchased to protect the buyer’s interest in the property. Rates for title insurance policies are set by each state and are based upon the mortgage amount and purchase price of the home. In Connecticut, attorneys act as agents for title insurance companies, and we will arrange for the issuance of your title policy.
The buyer pays a one-time title insurance premium at closing.
These are just some of the hidden defects that a title insurance policy can protect against:
Home inspection fees:
$1,000.00 for a general building inspection.
Underwriting:
$995.00
Title Search:
$300.00-$400.00
Appraisal:
$400.00-$600.00
Origination: based on loan type/amount
Title Insurance, Lender & Owner:
.35% of purchase price
Attorney’s Fees:
$850.00-$2,500.00, call or email us for a flat fee quote.
Recording Fees:
$200.00-$400.00
Prepaids:
You may be required to prepay interest on your mortgage, escrows, and seller adjustments.
Agent Commissions:
Typically 5-6% of the sale price
State Conveyance Tax:
.75% of the sale price up to $800,000.00,
1.25% of the sale price between $800,000.00 and $2.5m,
and 2.25% of the sale price over $2.5m.
Town Conveyance Tax:
usually .25% of the sale price though some towns charge more
Attorneys’ Fees:
$850.00-2,500.00, call or email us for a flat fee quote.
Recording Charges:
~$200.00
Sellers may choose not to attend the closing and typically pre-sign the closing documents, giving a limited power of attorney to the lawyer representing them. If the seller does not attend the closing, it is important seller is available in case unforeseen issues arise at the closing. It is more common for buyers to attend the closing since many lenders require a borrower to attend a closing. Exceptions can be made, but only if a lender gives prior permission. If there is no lender, then it is usually acceptable.
Buying and selling real estate has become more complex in recent years. Owning a home is not only a large financial investment, but an emotional one as well. Having the right team on your side is imperative to ensure a smooth transaction.
RLTY Law has developed the following guides for people looking to buy or sell real estate in Connecticut:
Whether you’re actively property hunting or just starting to consider ownership, it’s never too early to find a New York real estate agent to guide you in your search. In addition to finding and showing you properties, it is the responsibility of your real estate agent to protect your interests as a buyer. An experienced agent will help you make offers, negotiate contracts, and navigate the closing process.
The NAR Settlement of 2024 has had major implications in the buying and selling process. It is now legally required that buyers must sign a representation agreement in advance of any property showing that outlines commission responsibility and amount. This will include the NYS Agency Disclosure.
Mortgage pre-approval is a lender’s conditional offer to lend you money to buy a property. It is a good idea to get pre-approved for a mortgage about ninety (90) days before buying a home, giving you enough time to find a home, make an offer, and start the closing process.
Most sellers in New York will ask for a mortgage pre-approval letter before showing you their property. It demonstrates that you are financially qualified to make an offer and can give you an advantage over buyers who do not have one.
Pre-approval can be as simple as a short phone call or Zoom meeting with your lender or mortgage broker, a credit check, and sending them your proof of funds.
The first step in any real estate transaction is to find the property of your choice and make an offer. In New York, a contract for the purchase and sale of real estate must be in writing; thus, a verbal offer creates no binding obligation upon either party. If your offer is accepted, it’s time to hire RLTY Law. If your offer is rejected, you can either make a counteroffer or move on to a different property.
Everything is negotiable in an offer; it will speak to who is responsible for paying commission.
Once your offer is accepted, it is time to hire a real estate lawyer. In Connecticut, buyers and sellers of real estate always retain an attorney to oversee the transaction; the attorney’s job is to guide the parties and handle the legal paperwork.
RLTY Law strives to make each client’s closing as seamless and successful as possible. Our attorneys and paralegals have handled thousands of real estate closings. The principals and predecessors of RLTY Law have been practicing real estate law for over fifty (50) years. This experience allows us to anticipate and successfully resolve a myriad of issues that can arise during the closing process.
We have multiple offices to best meet the needs of our clients. We believe in a hands-on approach, and we work with clients to ensure that their rights are protected during the course of real estate transactions. We are committed to helping our clients.
We are also title insurance agents and provide our clients with a full range of title services including title searches and title insurance. From contract negotiation to title review and, ultimately, the closing, our job as your attorney is to make your real estate transaction smooth and efficient in every aspect.
The majority of real estate contracts in New York provide that the seller is selling the property in “as is” condition. That means that the buyer will assume the responsibility for any repairs that need to be made. As such, it is important to know the condition of the property before signing the contract.
If you are buying a single-family home, it is highly recommended that you hire a licensed home inspector to inspect the house for any defects. The inspector should also search for termites and other wood-destroying insects. If you are buying a co-op or a condo, an inspection is optional.
In New York, the seller’s attorney usually prepares the Contract of Sale. Once RLTY Law receives the contract, we will call you to schedule an appointment to go over it in detail, which can be done in-person, via telephone, or Zoom. After our discussion, we make any necessary changes and you sign four (4) copies of the contract. At this time, you also write a check for the down payment to the seller’s attorney or broker.
Upon receipt of the fully executed contract, we forward a copy to you so that you may begin your mortgage application process.
If you are obtaining a mortgage, submitting your loan application in a timely manner is the first critical step to having your mortgage approved. The loan application cannot be officially submitted until a fully executed contract is provided to the bank.
Selecting the right lender can have a crucial effect on your closing costs and closing date. Please ask us regarding our experiences with particular lenders.
If you are purchasing a co-op or a condo that requires board approval, you must fill out and submit a board application (usually with a processing fee). Your agent should facilitate the board package preparation process, collecting the documents needed to execute. Co-op boards typically retain the right to reject an applicant for any or no reason and with no recourse available to the prospective buyer.
Many boards will not review an application until the buyer has received a commitment letter from the bank. This often delays the process if your lender works slowly, which unfortunately, is often the case.
View the general components of a board package here {link to NY FAQ}
In order to schedule a closing, the following conditions must be satisfied:
Prior to attending the closing, you should schedule a “walk-through” to inspect the property. During the walk-through, you must ensure that the property is in the same condition that it was in when the contract was signed.
The closing is a “meeting” where the deed (or stock certificate for a co-op) and other legal documents are given to the buyer and money is given to the seller.
The following individuals usually attend the closing: the buyer, the seller, RLTY Law for the buyer, the seller’s attorney, the buyer’s bank’s attorney, the seller’s bank attorney (in co-op transactions only), the Title Closer (in non-co-op transactions only), the real estate brokers and the Managing Agent (in co-op transactions only).
The closing customarily takes place either at the seller’s attorney’s office or at the buyer’s bank attorney’s office. In co-op transactions, the closing always takes place at the office of the Managing Agent.
After your closing, you become the official owner of the property.
An experienced agent can help you navigate your local market, view your property with an unbiased eye and provide you with the information you need to enhance marketability and maximize price.
In addition to finding you a buyer, your real estate agent will help you market the property for sale, field offers, negotiate contracts, and navigate the closing process. The NAR Settlement of 2024 has had major implications in the buying and selling process. It is now legally required that buyers must sign a representation agreement in advance of any property showing that outlines commission responsibility and amount. This will include the NYS Agency Disclosure.
The first step in any real estate sale is to gather and eventually accept an offer. In New York, a purchase and sale contract for real property must be in writing; thus, a verbal offer creates no binding obligation upon either party. Offers in today’s marketplace will articulate if the seller is paying part or all of the buyer’s agent commission.
Once you accept an offer, it is time to hire a real estate lawyer. In New York, buyers and sellers of real estate almost always retain an attorney; the attorney’s job is to guide the parties and handle the legal paperwork.
RLTY Law strives to make each client’s closing as seamless and successful as possible. Our attorneys and paralegals have handled thousands of real estate closings. The principals and predecessors of RLTY Law Partners have been practicing real estate law for over fifty (50) years. This experience allows us to anticipate and successfully resolve a myriad of issues that can arise during the closing process.
We have multiple offices to best meet the needs of our clients. We believe in a hands-on approach, and we work with clients to ensure that rights are protected during the course of real estate transactions. We are committed to helping our clients.
In New York, the seller’s attorney usually prepares the Contract of Sale. Once RLTY Law is retained as your legal counsel, you or your real estate agent provides us with certain information necessary to prepare the Contract of Sale. We then draft and send the contract to the buyer’s attorney.
The buyer’s attorney then reviews the contract and negotiates the terms. We discuss the terms with you and assuming all parties are in agreement, the buyer signs four (4) copies of the Contract of Sale and mails the contracts along with the down payment check payable to our office.
Upon receipt of the contract, we schedule an appointment for you to sign (or, alternatively we may mail or email the contract to you for signature, if you prefer). Once you sign the contracts, RLTY Law Partners deposits the down payment into our escrow account. We then mail two (2) fully executed contracts back to the buyer’s attorney.
After the buyer’s attorney receives the fully executed contract, the following conditions must be satisfied:
The closing is a “meeting” where the deed (or stock certificate for a co-op) and other legal documents are given to the buyer and money is given to the seller.
The following individuals usually attend the closing: the buyer, the seller, the buyer’s attorney, RLTY Law for the seller, the buyer’s bank’s attorney, the seller’s bank attorney (in co-op transactions only), the Title Closer (in non-co-op transactions only), the real estate brokers and the Managing Agent (in co-op transactions only).
The closing customarily takes place either at the Seller’s attorney’s office or at the buyer’s bank’s attorney’s office. In co-op transactions, the closing always takes place at the office of the Managing Agent.
After the closing, the buyer is then the official owner of the property.
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