Single Or Multi-Family Home Sale – I Am Selling A Single Or Multi-Family Property And Have Questions
If you are selling a home, your first question should be, “Have I done any construction or alterations that might have required a building permit?” If you did not get approval, don’t hide this fact. It could delay the closing, by months in some cases. Work with your Realtor and attorney to legalize the work performed. This will allow you to sell the unit without undue delay.
If you are selling an investment property, and do not need all of the money you will be receiving from the closing, purchasing a new investment property is highly recommended. Commonly called a 1031 transfer, this strategy can enable you to defer the taxable gain and further enable you to purchase a more lucrative property. A 1031 transfer allows you to use the money you would have paid in taxes as part of the purchase price.
If this is also your primary residence, an important consideration is whether you should sign a contract to purchase a new home while your current home is still in contract. The answer to this question is it depends, and there are several considerations. You cannot sell such a major investment without working closely with trusted advisers, so the best time to speak to an attorney is before you ever list the home for sale.
Our Platinum Property Transfer System enables you to sell your property without having to come to the closing. If you are being relocated out of the area, you might prefer to close by giving power of attorney to your attorney. This will allow the closing to occur without the need for you to travel to attend the closing. We use powers of attorney to permit investors, doctors, attorneys, and celebrities to transfer properties without stress.
Our concierge practice allows you to sell real estate with minimal involvement, if you so desire. Simply put, we allow you to do what you do best. Self-employed clients often earn many times more than what our legal fee is by being free to focus on their careers or businesses.
You will receive regular updates in a systematic and organized manner. After the closing, your money will be wired directly to your account, or we will deliver bank checks. We will send you copies of all documents signed at the closing in a professionally sealed binder.
John has written an e-book, Big Apple Guide to NY Real Estate Transactions. It is available to answer questions that you may still have. Please provide your first name and email in the box below to download it now. We are attorneys and not salespeople. Nobody will ever call. There is no obligation. John simply asks that you email him to tell him what you liked or did not like about the book.
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