gregory attorney, ny who does coop closing

Do I need a real estate attorney for a NYC co-op closing?

We can help. Our experienced coop closing lawyers assist buyers and sellers with the purchase or sale of cooperative apartments in the New York area. Our coop closing attorneys charge a flat fee of $850 from contract to closing for all coop transactions; the fee includes the services listed below. FOR BUYERS OF COOPS. Review, negotiation and explanation of the contract of sale, …

How long does it take to close on a coop?

Cooper Gregory | Client Reviews of Attorneys & law firms, legal service plans from state of New York. Rate New York's attorneys or make an appointment at 20 Vesey St # …

Do Realtors show up on closing day in NYC?

We can help. Our experienced coop closing lawyers assist buyers and sellers with the purchase or sale of cooperative apartments in the New York area. Our coop closing attorneys charge a flat fee of $850 from contract to closing for all coop transactions; the fee includes the services listed below. FOR BUYERS OF COOPS: Review, negotiation and explanation of the contract of sale, …

What does a buyer's closing attorney do?

May 14, 2020 · The New York on Pause orders have not lead to dramatic delays either in obtaining lien searches or in filing UCCs in connection with the closing of New York City cooperative apartment transfers. [xii] According to various title companies, most New York counties accept e-recordings and utilize that option, so that no delays have occurred.

What does coop do at closing?

Representing the buyer at closing. Ensuring that the coop issues new stock certificates evidencing the buyer’s unit ownership and cancels the seller’s stock certificates, making sure that open liens and mortgages are paid off, and disbursing balance of the purchase price to the seller.

What is the purpose of negotiating a contract with a seller's attorney?

Negotiating contract terms with the seller’s attorney to protect the buyer’s interests. Going over finalized contract of sale with the buyer to make sure that the buyer understands his/her contractual rights and obligations.

What is a closing package?

Preparing a closing package for the seller that consists of the final settlement statement detailing closing costs and expenses, contract of sale, stock transfer documents and all other ancillary closing documents.

What is the purpose of drafting a contract of sale?

Drafting a contract of sale and negotiating it with the buyer’s attorney to protect the seller’s interests. Going over finalized contract of sale with the seller before signing to make sure that the seller understands his/her contractual rights/obligations.

Who determines the adjustments for a remote closing?

The purchaser and seller should determine all adjustments and the flow of funds well in advance of the remote closing. Unfortunately, remote closings may require additional time by both the managing agent and the parties’ attorneys, which may translate into additional fees payable to such parties.

What is remote closing?

Remote closings – also known as “virtual closings” and “escrow closings” – are commonplace in complicated, multi-state and multi-party real property transactions. They are typically facilitated by a title company, which receives all documents and funds and, following the carefully detailed and approved directions of the parties, ...

What are the services that are used to avoid in-person contact?

They should be relied on more than ever, as should videoconferencing services, all of which are essential to avoid in-person contact. Some of the common videoconferencing services include, but are not limited to, Skype, Facetime, Zoom, WhatsApp, Microsoft Teams, Jitsi, Amazon Chime, Cisco Webex and GoToMeeting.

What is sit down closing?

In a traditional cooperative apartment “sit down” closing, a purchaser, a seller, the purchaser’s lender (if there is financing), the payoff bank (if the seller has an outstanding loan that must be paid off) and their respective attorneys gather together at a managing agent’s office to sign and exchange documents and distribute funds. Often there are ten or more persons crowded into a small conference room.

Can a co-op facilitate remote closing?

In an all cash transaction, where the purchaser is not obtaining financing, the cooperative apartment corporation may facilitate the remote closing by permitting the purchaser to scan her signature on the co-op’s transfer documents, with the caveat that “wet” signatures are to be delivered within a specified time period.

Does NY have pause orders?

The New York on Pause orders have not lead to dramatic delays either in obtaining lien searches or in filing UCCs in connection with the closing of New York City cooperative apartment transfers. [xii] According to various title companies, most New York counties accept e-recordings and utilize that option, so that no delays have occurred. However, a number of title companies indicate they have encountered some delays – usually a day or two – in searching the records and in filing UCCs for cooperative apartment transactions when the properties are located in Westchester, Nassau and especially Suffolk counties. These delays are mainly due to the partial staffing of clerks’ offices during the New York on Pause orders.

Is wire fraud a standard practice?

As wire fraud has become more prevalent, such cautious actions should become standard practice. Given the occasional delays with the delivery of wired funds, practitioners should build in sufficient time to make sure that all wired funds reach the intended parties.

Who will draft the purchase and sale contract?

After the deal sheet has been circulated, the seller’s real estate attorney will begin drafting the purchase and sale contract. The buyer will typically have deference to the seller on timing and it is usually the seller who demands a quick close.

Why do you need to make sure other agents submit a fully documented offer?

Because of the potential consequences of losing that very real bid, you will need to make sure other agents submit a fully documented offer so you don’t waste time negotiating with someone who didn’t have a serious buyer.

What is a good faith deposit?

The good faith deposit can be written in the form of a personal check and is meant to demonstrate the seriousness of the buyer and to encourage the seller to stop showing the property. The good faith deposit is included with the purchase contract after it has been signed by the buyer.

What is a deal sheet?

The deal sheet is a standard Excel file which contains the contact information of all parties involved in the transaction as well as an overview of the deal: 1 Date and address of the property being purchased 2 Seller & buyer 3 Seller’s attorney and buyer’s attorney 4 Building management firm 5 Seller’s broker and buyer’s broker 6 Miscellaneous information about the transaction

Why is it important to have multiple bidders on a property?

For example, you may have a very well qualified cash buyer who may need to know whether their bid is accepted by tomorrow because they have two other outstanding bids on other properties.

What is proof of funds?

Proof of funds is usually in the form of a bank statement showing cash deposits in excess of the purchase price. The fact that the buyer has already transferred so much to sit in cash in one bank account is a testament to the seriousness of the purchaser.

Do real estate agents show up at closing?

In New York City, because real estate attorneys are so involved in the condo and co-op closing process, real estate agents frequently do not even show up on closing day to collect their commission checks (they typically stop by a few days later to pick up their commission checks from the seller’s attorney when it’s convenient for them).

What is a CTC loan?

When your loan has been fully approved, it is called “clear to close (or “CTC”).”This is a term you will likely hear frequently as we get near a closing .Remember that only the bank’s attorneys (not mortgage broker or the bank representative) will give the final clearance – your attorneys will be in constant touch with these attorneys and will keep you informed.

Is a pre-qualification letter a commitment letter?

Understand that a “pre-qualification letter” is NOT a Loan Commitment Letter .A Loan Commitment Letter is issued by the lender only after three checks have been done: (1) they have reviewed your documentation, (2) have done a credit report and (3) agree to fund the loan subject to additional conditions that may appear on the Commitment.

What is closing statement?

A closing statement is a spreadsheet of your exact closing costs and flow of funds for a real estate transaction that your attorney provides you shortly before closing day, when final figures have been tallied. Until a real estate closing statement has been prepared by your attorney, you will only be able to estimate what your NYC closing costs ...

Can a bank check bounce?

Bank checks must be taken out at your local bank branch by speaking with a bank teller. Bank checks cannot bounce because the funds are withdrawn at the time the certified check is created.

Is Hauseit LLC a real estate broker?

No representation, guarantee or warranty of any kind is made regarding the completeness or accuracy of information provided. Hauseit LLC is a Licensed Real Estate Broker, licensed to do business in New York under license number 10991232340. Principal Office: 148 Lafayette Street, New York, NY 10013.

Do you have to bring a certified check to closing?

It is possible that you won’t have to bring any certified checks at all on closing day . This can occur if all of the proceeds are already accounted for by other parties, meaning your lawyer has the balance of your down payment in escrow and your mortgage lender will be showing up with the balance of the funds.

What does a buyer's attorney do after a closing?

Once a real estate closing is complete, a purchaser's attorney will ensure that funds from the closing are properly disbursed. This includes paying sellers, disbursing commissions to real estate agents, and paying taxes for your property.

What is the role of a closing attorney?

Attending your closing is arguably your closing attorney's most important role in the closing process. During the closing, your attorney will represent your interests and explain to you the purpose of each document you are signing and what impact these documents have on your closing. Your attorney

What is the role of a seller's attorney in New York?

The role of a buyer's attorney, however, is to review the terms of the contract and explain these terms to the purchasers so that the purchasers understand the document which they are signing.

What is title insurance?

Title insurance is an insurance policy which protects both you and your lender from any costs which may accumulate if you were to have to defend the title to your property. Your attorney can help you obtain a title insurance policy for your home.

What happens if you find a cloud in your title?

If any clouds in the title are discovered, your attorney will determine the necessary steps to resolve the issues.

Who is Melvin Monachan?

Melvin Monachan is the founder of The Law Office of Melvin Monachan, PLLC, a full service, real estate law firm representing individuals, investors and corporate entities in all aspects of real estate law. On the transactional side, Melvin represents purchasers and...

Is a lawyer required to close a real estate transaction in New York?

Although a lawyer's assistance in a real estate closing isn't mandatory in New York, ...