Do You Need a Real Estate Attorney in New York City?
If you’re looking to buy or sell a home in New York, you’ll need to hire an attorney at some point - they’re a legally necessary party in a New York State real estate purchase, as an attorney must be present at the closing. A savvy buyer or seller, however, will hire a real estate attorney well before then, especially in New York City.
Why is it important to have a real estate lawyer when buying or selling in New York City?
Having a real estate lawyer on hand is a good idea in any home purchase - it’s always a good idea to have someone negotiate terms, draft contracts, and read the fine print. In New York City, where many people buy co-ops and condos and there can be arcane zoning laws, having an attorney can be a life-saver.
Co-op boards have notoriously complex finances and agreements, and building issues like a leaky roof or busted elevator can lead to huge expenses for you down the road. An attorney can read through the board notes and reports and catch things you might have missed - for example, a leaky roof that will cost hundreds of thousands to repair, which you’ll be partly responsible for as a member of the co-op.
Attorneys can also navigate complicated co-op, condo, and HOA rules and agreements before your purchase, saving you headaches on that front, too. If a building you’re looking at has especially draconian rules about noise, visitors, or construction, it’s better to fully understand them before signing a contract so you can walk away if needed.
Even if you’re buying a single-family home in an outer borough, a real estate attorney can be enormously helpful. Sharon Covino of The Law Office of Sharon K. Covino is a Staten Island local who knows the local laws and regulations of her area well. Having a real estate attorney who’s well-versed in your locality is imperative - they can look over the documents and answer any questions you have. Your town or HOA might have specific zoning rules that block you from erecting a fence of a certain height or building the pool you’ve always dreamed of - most people won’t know about these rules on their own, but an experience real estate attorney will.
Can a real estate attorney save me money or get the price of the property lowered?
In some cases, this may happen. For example, New York City has a list of rules on what legally constitutes a bedroom. Some brokers may tell you that if a room has a window, it’s legally a bedroom, and list the apartment as a two bedroom at a higher price.
However, an attorney will know that there are in fact multiple criteria for a legal bedroom in New York City including egress requirements, square footage requirements, passage requirements, and ceiling height requirements, and can double-check these measurements in the apartment. If the apartment is listed as a two bedroom but your attorney finds that the room is too small to legally be considered a bedroom, you may be able to negotiate a price reduction.
Does an attorney conduct real estate closings in New York?
Yes - in fact, it’s legally required for an attorney to be present at a closing in New York State. An attorney will usually schedule the closing, working with the different parties to coordinate schedules for the closing date. An attorney will conduct the closing, making sure it runs smoothly, that all documents are signed, checks are filled out, and that your questions are answered appropriately.
How does a real estate attorney help the buyer in New York State? How do they help the seller?
For the buyer, your attorney can review the documents of properties you’re serious about to conduct due diligence before you make a final decision. While your real estate agent can advise you on the market side of things, your attorney can advise you on how to best protect your investment from a legal standpoint.
For both parties, they’ll review, edit, and draft contracts, negotiate terms with the other party, settle any disputes that may arise, be there to answer your questions, ensure that the closing runs smoothly for you, and generally advocate for you throughout the process.
How do I find a good real estate lawyer in New York City?
The Law Office of Sharon K. Covino practices in Staten Island, Queens, New Jersey, and New York City, and focuses on Real Estate and Closings, including: contract negotiation, contract drafting, and representation at closings. Get in touch with us for a consultation.
The Law Office of Sharon K. Covino
Sharon K. Covino is a dedicated and fierce advocate for her clients. She founded The Law Office of Sharon K. Covino with the belief that clients deserve steadfast advocacy and supportive legal counsel. A Staten Island native, she’s well-versed in the area’ laws and regulations.
Ms. Covino is a seasoned attorney with extensive experience in both the New York City criminal and family court system. She focuses on aggressive representation for her clients, and has established a reputation as a knowledgeable, ethical, and trustworthy attorney.