An Introduction To Real Estate Law In New York

An Introduction To My Firm, Fier Law Office – The Skill & Experience You Need In New York Real Estate Law

I have been in practice since 1985 and have led my own law firm since January 1990. Fier Law Office primarily handles commercial and residential real estate transactions in the State of New York, and from this office, my team and I represent purchasers, sellers, and lenders with the highest level of professional excellence.

One of the reasons why I chose to specialize in real estate is that there are no winners and losers in this area of the law. When I first started practicing law, I was in a district attorney’s office working as a criminal prosecutor. After that, I went to a firm where we only filed lawsuits against people and corporations. Up to that point, my whole legal career was focused on winners and losers.

That’s part of the reason that I was so compelled to begin my own firm and focus specifically on real estate law. When purchasing or selling real estate, there should never be a loser – really, everyone should be a winner. This commitment is a cornerstone of our legal practice at Fier Law Office: We want everyone to leave their real estate transaction feeling great about the process and their new position moving forward.

Real Estate Law In New York 101

The biggest difference between residential and commercial real estate has to do with its use. Residential real estate law is used for people to reside in the property as their home. On the other hand, commercial real estate is either a property that is held for income purposes or used for another commercial purpose (such as a store).

Residential real estate transactions involve the purchase and sale of single-family (and up to four-family) residences with the intention that the property will be lived in as someone’s home. When residential property is purchased by a person who does not intend to live in the home, this is often done as a commercial venture or in an effort to secure an investment property. In these cases, the law is different as it pertains to financing and how you go about drafting a contract.

New York: An “As Is” State

New York is an “as is” state, which means when you purchase real estate, you’re getting the property “as is” – unless it’s stated differently in your sale contract. As a result, everything about the property has to be detailed regarding your expectations of what you are getting and what you’re expecting to give in your transaction. Such specification about real estate matters does not happen in a lot of other states, but it does in New York.

New York: An Attorney State

New York, unlike many other states, is an attorney state. To explain what that means, consider purchasing real estate in South Carolina where you don’t need an attorney to do so. You can complete the entire transaction through a real estate broker. While real estate brokers in South Carolina hire an attorney for preparing the transferred documents, the attorney is not part of the negotiation of the contract of sale.

In New York State, on the other hand, almost all hire an attorney to complete the purchase or sale of residential real estate property…

In an attorney state like New York, there are two attorneys involved in real estate transactions, and each attorney is going to negotiate the best they can for their clients in any particular circumstance. This means the person selling the property to you will have an attorney working in their best interest. So, not only is finding an experienced attorney a legal necessity, it is a huge benefit, as your attorney will comb through the contracts to ensure that your best interests are protected at every step of the way.

The Documents You Need To Sell A Property

If the seller is an individual, we will need your driver’s license, your social security number, and the deed. This way, we can confirm that you’re a person who can sell the property by making sure that the property title matches up to the identification that you have.

As an example, consider a situation where a couple buys a piece of property when they were not married and then got married years later. In this case, we would need documentation to show the transfer from a single person to a married couple so that we can transfer that property smoothly and easily.

If the seller is a trust, we need a copy of the trust agreement. We have to know the terms of the trust agreement to know that we have the right to sell this property and whether there is anything within the trust agreement that we must adhere to in order to sell the property.

If the seller is an estate, then we need to have proper letters from the surrogate court showing that you are the person who’s allowed to enter into a contract to sell that property. (These documents must be obtained ahead of time, before you pursue a sale.)

If the seller is a corporation, we need corporate resolution paperwork showing that the governing members of the corporation have looked at the sale terms, and have agreed that the property can be sold. (These documents must be obtained ahead of time, before you pursue a sale.)

The Documents You Need To Purchase A Property

Any buyer needs to be assured that the seller has the right to sell the property. So, when you are looking to purchase a property, your attorney will be looking for documents from the seller that confirm that they are a person who can sell the property. (This is done by making sure that the property title matches up to the identification that they provide.)

Additionally, it is beneficial if the seller can get a copy of the survey ahead of time, as this allows the buyer to look at what issues might arise out of the sale of that property that can be taken care of immediately.

Finally, a title search needs to be ordered as well. This step lets the person buying the property know that it is free and clear for them to purchase and will be sellable for them at a later date.

With the guidance of a skilled attorney for Real Estate Law Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy.

For more information on Real Estate Law Cases in New York, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (631) 585-4343 today.