REAL ESTATE LAW
REAL ESTATE LAWYERS WESTCHESTER, THE HUDSON VALLEY AND NEW YORK CITY
The firm’s real estate and commercial practice focuses on residential house, co-op and condo closings, multiple use property, investment property, commercial real estate closings, commercial leases and the sale and purchase of businesses. The firm represents buyers, sellers and lenders. The firm’s clients come from a wide geographic area, which includes, Westchester County, Putnam County, Dutchess County, Orange County, Ulster County, Rockland County, the five boroughs of New York City and Long Island. For more information, please click on the links below.
For more information contact Jamie Abrams at info@bassabramslaw.com or call:
914-271-9LAW (9529)
FREQUENTLY ASKED QUESTIONS
When is the home inspection (engineer's inspection done)? Before or after contract?
An inspection is scheduled after the parties have agreed upon the purchase price. Many lawyers and real estate agents prefer to have the inspection completed before the Contract of Sale is drafted.
Who gets the interest from the Contract Deposit at closing?
The Contract Deposit (frequently called the “Contract Down Payment”) is most often deposited in an attorney’s IOLA account. Any interest accrued is paid to a fund set up by the State of New York. Thus the contract deposit without interest is given to the party entitled to it, at a closing, to the Seller. If the transaction does not close, the deposit could be given to either the Seller or Purchaser depending on the terms of the Contract of Sale and why the transaction did not close.
If a survey is required, who pays for it?
If the Purchaser’s bank is requiring a new survey, the Purchaser pays for the new survey.
Should the Seller hire their own home inspector?
Generally it is the Purchaser who hires the home inspector, after the parties agree on a purchase price. However, the Seller may hire their own inspector to refute the findings of the Purchaser’s inspection. A Seller may also want to hire an inspector before the house is put on the market to know the condition of the building and determine whether they want to do repairs or sell “as is”.
What is the difference between title insurance and homeowner's insurance?
Homeowner’s insurance covers replacement of the building in case of fire, theft and damage. It also may provide insurance if someone gets injured on the property.
Title insurance insures your ownership in the real estate, that is, that the Seller has the legal right to transfer the property. The title company searches the land records in order to insure the chain of title. The title insurance policy is only up to the amount of the purchase price unless you opt for the “market rider”, which insures you to the fair market value of the property.
Is the closing date in the Contract of Sale the actual date of the closing?
No. Usually the closing date is “on or about” a date certain. Once the Purchaser’s lender is ready to close, the attorneys coordinate a closing date and time convenient to all parties. That date may not be the date in the Contract.
Do I need a lawyer to represent me if I am buying real estate in New York?
Yes. Although in some other states lawyers may not always be used for real estate transfers, lawyers are generally retained in New York State for real estate transfers.