914 271 9529

DUE DILIGENCE

Due Diligence is about getting as much information about the house and neighborhood that you want in order to make an informed decision about purchasing it. You may decide that you do not want all the information discussed below. The issue is about your comfort level. What information do you care about? What issues matter to you?

As your attorney we want to make sure that you know as much about the property as possible before signing the Contract of Sale. Since New York State is a “caveat emptor” (buyer beware) state, we can help you find out as much about the property as possible before you sign the Contract.

Some questions to consider are:

  • Is the house you want to buy regulated under local historic or architectural regulations? This could mean you need prior approval before changing the outside color of the house or you may be limited in the style of outside renovations you can make.
  • Is the house/property located in or near wetlands or steep slopes? This could mean that you are limited in the type of expansion or building you may want to make to the house in the future.
  • What are the set back and side yard requirements? Most municipalities have zoning laws which require that your house, or deck must be a certain number of feet from your property line. The local law and the position of your house, will determine which side an addition or deck can be added.
  • Is the property encumbered by restrictions? Many subdivisions have “Covenants and Restrictions” that “run with the land” which can limit the square footage of the buildings or require approval or modifications to the existing buildings. It is possible that when land was subdivided the grantor made some decisions about the future neighborhood and wrote those conditions in the deed. You may find that you like these conditions and feel that they will ultimately protect your investment. You may find that they are too onerous and you do not want to be bound to community rules. The important issue is that you find out before you are sitting at the closing table.
  • Are you buying a co-op or condo? It is important to review the House Rules and Regulations so that you know what to expect once living there.
  • Are there environmental issues to be incorporated into the Contract? Is there an underground storage tank on the property? Will you feel more comfortable having it removed rather than tested?
  • Are there registered sex offenders in neighborhood?