The Platinum Property Transfer System is a system that makes buying or selling real estate, in whichever form, efficient. You can buy a cooperative apartment, a condo, a home, or a commercial property, or you could sell any one of those. I’ve created checklists for each type of transfer to make sure nothing falls through the cracks.
What Types Of Cases Does Your Firm Handle Under Real Estate Law?
We handle everything from a one-bedroom apartment to a $40,000,000 apartment building.
What Basics Should I Know When It Comes To Selling A Cooperative Property?
The first thing you need to know is that if you have a loan on the apartment, you probably need to order the stock and lease for delivery to your closing at about the same time that you sign the contract. It could, depending on the bank, take six to eight weeks just to get the stock and lease delivered from the lender to their attorney.
What Basics Should I Know When It Comes To Purchasing A Cooperative Property?
Dress for your board interview as if you’re going to a funeral. In addition to that, you are to assemble a purchase application that makes it easy for the board members to believe that you are going to be a welcome member of the community. Organization is key.
Why Should I Hire An Attorney To Oversee A Real Estate Transaction?
Just as you probably wouldn’t want to do your own root canal or bypass operation, you probably do not want to act as your own attorney in buying or selling real estate, even for a residential purchase. It’s typically the largest investment an individual will ever make in their lifetime. You should consult with an attorney. Real estate should always be looked at as a major investment, even where you’re buying it to occupy the unit.
Should I Hire An Attorney For Purchasing A Single Family Home Or Can I Use A Title Company Or an Escrow Service?
A title company or escrow service doesn’t work for you; they’re not acting in a fiduciary capacity. There’s no obligation for them to put your interests above their own. An attorney has a fiduciary obligation and is bound by ethical laws to put your needs above his own. He is looking out at every stage of the transaction for how to best protect you and achieve your objectives.
Should I Use A Standard Listing Agreement Or Should I Have My Attorney Draft A Custom One?
You can use a standard listing agreement, but you should always have that agreement reviewed by your attorney. The attorney can make minor modifications that go from making the agreement one sided to very fair.
What Could Cause A Real Estate Transaction To Fall Through And Could I Be Held Liable For Issues Against The Bank, The Title Company Or The Attorney?
Typically, in New York, the seller’s attorney would send out a one-sided contract in favor of the seller. The contract could say that the purchaser waives their right to have the down payment refunded in the event that they fail to close or the mortgage application is denied. It could say that the purchaser agrees to close within 30 days, even though the typical bank application takes 45 to 60 days. That’s the paramount need for having an attorney. It’s those pitfalls that could lead to a buyer losing their entire down payment or, at the very least, tying up the money in litigation for a year or more.
For more information on Platinum Property Transfer System In NY, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (212) 748-9477 today.
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