what to ask when pick a real estate attorney for coop

by Oral Gleason 8 min read

What is the worst thing about owning a co-op?

Ask family members and trusted friends if they have an attorney they have used in the past that deals specifically with real estate law. Your real estate agent may suggest one as well. Once you have a few names (however you got them), the real work begins. You will want to conduct a phone interview and ask as many questions as possible. Describe your particular situation and ask if …

How much does a real estate attorney charge to sell a house?

May 25, 2019 · Ask a lawyer who deals with this area, and you will have the expected results. 2. Experience matters. Your real estate lawyer should have several hundred or better yet, thousands of transactions ...

Do I need a real estate attorney to negotiate a closing?

You want to have an expert on your side, who is competent and familiar with the hurdles and nuances of New York City real estate law. Levin Law Group real estate attorneys will review the transaction summary sheet, fully investigating the co-op’s corporation, finances, building and unit you are purchasing.

How do I find a real estate attorney to represent me?

May 13, 2021 · Some of the most frequently forgotten questions to ask your real estate attorney in NYC are whether they have and how much they have of professional liability insurance and fidelity bond coverage. Often times simply due to prohibitive cost, law firms do have coverage but a very low amount. A low amount of coverage won’t do most home buyers ...

Do you need a lawyer to buy a coop in NYC?

The right mortgage broker can help you determine the right amount you are able to spend and find financing options that are best for your needs. A Lawyer: If you are buying a co-op in NYC, an NY co-op attorney is an essential part of your co-op buying team.Jun 4, 2021

What is the process of buying a coop in NYC?

10 Steps to Buying a Co-op in NYCGather Your Team of Professionals. ... Obtain a Pre-approval. ... Go Apartment Shopping. ... Confirm That You Qualify. ... Submit Your Offer. ... Sign the Contract. ... Begin the Mortgage Application Process. ... Prepare and Submit Your Board Package & Wait for the Board Interview.More items...•Feb 1, 2022

How do I get out of a coop contract?

Review your co-op's bylaws. ... Draft a letter of intent to drop your membership and leave the co-op. ... Sign your letter of intent in front of a notary. ... Meet with co-op officials within a week of your move out date. ... Pack your belongings ahead of time.

How much is a real estate lawyer in NYC?

How much will you pay in real estate attorney fees for closing? Generally speaking, real estate agents will estimate that attorney fees in NYC will range anywhere from $1,500-$4,000 per transaction.Jan 8, 2022

What questions should I ask when buying a coop?

Questions to Ask the Coop: Am I permitted to rent or sublet my apartment? If yes, how long may I sublet my apartment? Are there conditions that I must satisfy to be permitted to sublet my apartment?Mar 28, 2018

How long does it take to close on a coop in NYC?

On average, it takes about 60 days from acceptance of an offer to close on a New York City co-op, according to James Woods, Esq., managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyers, sellers, and cooperative representation.Oct 21, 2021

What happens if you leave a coop?

When leaving a co-op profile, if there's still at least a member on it, the Private Island will still remain available for them. All the player's items and progress on the co-op profile will be removed and is salvageable by their co-op members.

Can you back out of coop?

Yes, you must speak with your attorney immediately. If papers have been signed and money has exchanged hands, then it will be very difficult for the buyer to recoup his deposit. He would have to sue you, and that costs.

Can you make money from a co-op?

In short, purpose and profit are interlinked. Many co-ops distribute profits back to their members — it's a common feature of co-operatives, and reason enough for the business to want to make sure it is profitable. But that's not the only reason why co-ops should do more than just break even.Jul 9, 2020

What do real estate lawyers do?

What Does A Real Estate Attorney Do? Real estate attorneys know how to, and are legally authorized to, prepare and review documents and contracts related to the sale and purchase of a home. In some cases, a real estate attorney is also the person who'll be in charge of your closing.Mar 7, 2022

Can seller pay closing costs in NY?

Who Pays Closing Costs in New York? Both the buyer and the seller can pay the closing costs in New York. However, when both of them have to pay, the buyer pays more than the seller.

How much are closing costs in NY?

Average Closing Costs in NY for Buyer Average closing costs in NY for the buyer are between 1.5% and 5% of the purchase price. How much are closing costs for the seller in NY? Unfortunately, they are slightly higher that the costs for buyers, ranging from 8% to 10% for sellers.Jul 6, 2018

What is the future of real estate?

The future of your real estate transaction depends on the questions you ask. A real estate attorney who answers confidently can make your life easier. The right real estate legal professional can answer your questions, review documents, and argue cases for you in court. Don't wait any longer. Get the right attorney who will fight ...

What to do if a real estate agent lied?

If you purchased a house but the home inspector and selling agent lied, you'll need to take them to court.

What happens when you meet with a lawyer?

When you meet with a lawyer for an initial consultation, you get to hear them talk and see how they handle questions. As a possible client, they are going to roll out the red carpet for you.

Who is Bryan DeBruin?

Bryan De Bruin is a Real Estate and Business Law attorney serving Greenville, SC and the surrounding upstate. Bryan is proud to guide clients through the legal process and makes sure that every client understands each phase of their case, so that they are prepared for what happens next.

Can you pass off a real estate case to another lawyer?

Getting passed off to another lawyer doesn't feel personal or helpful . Real estate cases can be humiliating. People who are guarded about their personal dealings and transactions don't want lots of strangers knowing their business.

Why do you need a real estate attorney?

For buyers, the following are all great reasons to seek legal counsel: Out of state/town home purchases. Purchasing a short sale. Purchasing a bank-owned property or foreclosure. Purchasing commercial real estate. Purchasing an estate.

What are the scenarios where you may wish to employ a real estate lawyer?

If you are selling property, the below are all scenarios where you may wish to employ a real estate lawyer: Selling a property you inherited. Selling a property during a divorce or separation. Selling a property with a lien. Short-selling a home. Selling a home with multiple owners.

How to sell a house with a lien?

If you are selling property, the below are all scenarios where you may wish to employ a real estate lawyer: 1 Selling a property you inherited 2 Selling a property during a divorce or separation 3 Selling a property with a lien 4 Short-selling a home 5 Selling a home with multiple owners 6 Selling a home with known problems (structural problems, mold and so forth)

Should I use a real estate lawyer for a home purchase?

While you can opt to use a real estate lawyer for a simple home purchase or home sale, some homeowners forego this step in order to save money. If you are an experienced purchaser you can certainly rely on your real estate agent, but it never hurts to have an expert in legal matters on your side, just in case. ...

What happens if a real estate transaction does not work out?

Should the real estate transactions not work out, pending litigation is usually the end result. Real estate lawyers represent their clients in real estate litigation. This includes drafting legal pleadings to file with the judge, participating in hearings and trial with the judge, and filing appeals if necessary.

Why is my offer rejected?

Failure to do so may result in your offer being rejected because it wasn’t communicated properly, or worse yet, being accepted and since your offer wasn’t drafted properly, you’re negatively impacted. Upon acceptance of buyer’s offer, it is customary for the seller’s attorney to prepare the Contract of Sale.

What does "due diligence" mean in a contract?

This means the lawyer will examine legal title issues, environmental issues and reports and any of the contracts or other documents involved in the transaction.

What is the role of a real estate lawyer?

One of the key roles a real estate lawyer plays is that of document drafter. Real estate attorneys prepare deeds for conveyance transactions, leases and rental agreements, purchase contracts and financing agreements.

Why do real estate lawyers act as guardians?

This then allows the real estate lawyer to act as guardian for their clients to make sure the clients don’t end up in any legal pitfalls.

Is a real estate attorney familiar with the New York laws?

Not only is a real estate attorney familiar with the steps involved in the process, but will be familiar with the New York laws involved and can advise you while steering you in the right direction to best accomplish your goals.

Is it important to hire a real estate attorney?

Finding a real estate attorney or hiring a real estate attorney is very important. Just because a lawyer says they are a real estate attorney, does not mean that they are competent enough to accomplish what you need. You’ll need a real estate lawyer familiar with compound interest, annual interest rate, home sales, ...

How much experience do real estate lawyers need?

Experience matters. Your real estate lawyer should have several hundred or better yet, thousands of transactions and several years of experience. This means that the lawyer will have pretty much seen it all and can provide the right guidance and advice during the course of your transaction. 3. Choose an honest lawyer.

What is Hammond partnership?

Hammond-Partnership. Real estate and property law also comprise the financing aspects of property, such as mortgages, liens, and foreclosures. If you have purchased or are thinking about purchasing real estate property, whether you are considering a house, a commercial building or a piece of land, you may want to consult with a real estate lawyer ...

What is an action in court?

An action in court involves the lawyer’s payment, court costs and other costs. If you have already hired a lawyer from the very beginning, you won’t have this kind of problems anymore. Obviously, hiring a lawyer costs, but in this way you will save much later expenses. Please login to follow content.

Can a real estate lawyer customize a sale purchase contract?

A real estate lawyer can issue some special clauses and will be able to customize the sale-purchase contract, which an agent certainly can’t. Any transaction involving specific details should be supported by a lawyer specialized in the field of real estate. 6. Examine lawyer reviews.

Can a real estate agent do what a lawyer can't?

In some transactions it is recommended to go to a lawyer, it will not only rely on the legal advice given by the real estate agent. Sometimes real estate agents do not have the necessary legal training, and their contracts are usually just standard forms. A real estate lawyer can issue some special ...

Should I call a lawyer too late?

Don’t call a lawyer too late. Many times it happens to call a lawyer when you already signed a contract and found clauses that you don’t like, or when you have already been sued for debt recovery, and now you are looking for a lawyer to help you.

What to do if your reserve does not reflect?

If your reserve after closing does not reflect that, you may need to consider a different mortgage structure to either reduce the down payment or lower monthly payments. Otherwise, you may have to be more realistic about your maximum co-op purchase ability.

How long does it take to get a mortgage commitment letter?

You have about 30 days to obtain a mortgage commitment letter from the date the sales contract goes into effect – providing the institution that granted your mortgage pre-approval has the co-op on their approved lending list.

What is a co-op in NYC?

Co-ops have a unique ownership structure a single corporation owns the entire building. Instead of a deed, buyers get shares, or stock certificates, in the corporation, and a proprietary lease that allows buyers to occupy a specific unit. The process of purchasing a co-op in NYC is rather different than your traditional home or condo-buying ...

What happens if you don't have a broker?

If you don’t have a broker, you are faced with the big possibility that the seller’s broker, whose fiduciary responsibility is to do anything legally in their power to find angles in the deal that will be in favor of the seller, not you. Unfortunately, many buyers don’t seek broker representation, even when there is no cost for them. ...

What happens if you sign a non-mortgage contract?

Finally, if you sign a contract that is non-mortgage contingent, you will be in breach of contract if you can ’t find a willing lender, in which case not only will you lose the co-op , but also you may lose your deposit.

Why is my renter's board dismissing my application?

It could be because the board may believe that your intention is to rent your unit, and if that is the case, check that the building is investor friendly before signing the sales contract.

Can a delay in a mortgage cause a higher mortgage rate?

The delay can cause the mortgage lock to expire, which can lead to, among other complications, the buyer being forced into a higher mortgage rate . Your experienced NYC real estate lawyer can assist with lien search, and, if any issue is detected, make sure that the seller’s attorney is handling it.

What happens if a paralegal shows up at closing?

Just remember, if a paralegal shows up to represent you at closing, you will be at a disadvantage in all likelihood versus your counter party who has their lawyer there. Your counter party’s lawyer will be significantly more experienced and senior versus the paralegal and you will most likely lose on every item of contention.

Why do lawyers cut corners?

Sometimes, a lawyer may try to cut corners because of the heavy workload he or she is facing. You will need to discern this for yourself when interviewing a real estate attorney to see if he or she is currently very stressed out over having too much work.

Why do lawyers do due diligence?

However, there have been cases of lawyers who provide low quality work or abbreviated due diligence either because of inexperience or lack of motivation because of the discounted fee they are charging. Sometimes, a lawyer may try to cut corners because of the heavy workload he or she is facing.

Why is the field of law so complex?

That’s because the field of law is so complex that the experts in each niche generally focus solely on their sector. There is simply too much depth of knowledge and competition in law for a lawyer to be simultaneously an expert in multiple fields!

What does it mean when you buy a condo in NYC?

If you’re buying a condo or co-op in NYC, that means they will review the building’s financial statements, board minutes and original offering plan. They will review and negotiate the purchase contract on your behalf and order and review a title report or coop lien search.

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.

Is title insurance a closing cost in New York City?

As you may recall from your research on NYC closing costs, title search and title insurance are some of the biggest closing costs in New York City! Therefore, it is entirely possible for a lawyer to charge a low rate for their services because they are making much more money from the title company.

Why are there more co-ops than condos in NYC?

There are significantly more co-ops than condos in NYC. Greater supply equates to lower prices, all else equal. Co-ops are not generally purchased by investors and foreign buyers due to subletting restrictions which makes them harder to rent. Less demand equates to lower prices, all else equal.

Why is it important to buy a co-op in NYC?

The main reason why buying a co-op in NYC is a good idea is because they are generally 10% to 40% less expensive than condos of comparable size and quality. Co-ops are less expensive for two main reasons: There are significantly more co-ops than condos in NYC. Greater supply equates to lower prices, all else equal.

How long does it take for a seller's attorney to respond to a contract?

After your lawyer has delivered the signed contract and contract deposit to the seller’s attorney, you will typically have to wait a day or two for a response. If the seller’s team is professional, they will quickly counter-sign and return the fully executed contract to your attorney within a business day or two.

How long does it take for a co-op to close?

The co-op closing timeline is typically two to three months from the date ...

How much debt to income ratio for co-op?

Most co-ops will require you to meet strict financial requirements which may include a debt-to-income ratio (DTI) between 25% and 30% as well as post-closing liquidity of one to two years. Co-op apartments in NYC generally have restrictions on how often you can sublet, and they typically charge owners a subletting fee.

What happens if your rate lock expires?

If your rate locks expires, you may have to pay a significant penalty to extend your rate lock. It may make sense to start all over with another lender if the penalty is significant. However, if market rates have become lower since you locked rates, your lender may just waive the penalty.

What is a co-op apartment?

Unlike condominium apartment owners, co-operative apartment owners are technically shareholders of a corporation that owns the entire apartment building. Co-op apartment shareholders are given a proprietary lease that lets them reside in the apartment that they purchased.

Why do you need an attorney for real estate?

An attorney helps you protect your investment and assets while ensuring you’re conducting your side of the transaction legally — which can prevent costly missteps. Real estate attorneys are required in many states, but even if you aren’t legally required to use an attorney while selling, it can be a good idea.

What is a real estate attorney?

Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Selling a home is a complex process ...

How much does a real estate attorney charge?

How much does a real estate attorney cost? How much you’ll pay for real estate attorney fees depends on your market and how involved they are in the transaction, but they typically charge a flat rate of $800 to $1,200 per transaction. Some attorneys charge hourly, ranging from $150 to $350 per hour.

What to do if you inherited a home?

An attorney can help you navigate the complexities. Estate sale: If you inherited the home you’re selling, hiring an attorney to sort through ownership documents can ease the burden, which is especially helpful when you’re grieving the loss of a family member.

Do you need an attorney for a closing?

In 21 states and the District of Columbia, attorneys are legally required as part of the closing process. Attorney-required states include: As a best practice, if the other party in your transaction has a lawyer representing them and supporting their best interests, you should too.

Who is responsible for underwriting title insurance?

Title company: A representative of the title company is responsible for underwriting the title insurance and transferring the clean title of the home to the buyer.

Who hires an inspector to inspect a house?

Inspector: The inspector is hired by the buyer. Their job is to make sure the buyer knows about everything that may need to be repaired on the home. Sellers also sometimes hire an inspector to do a pre-inspection so they can make any necessary repairs before putting the house on the market.

What is flip tax?

The corporation's bylaws will state how that flip tax is calculated. The method is likely to be either: a percentage of the purchase price. a percentage of the seller's profit, or. a fixed amount per share.

How long does it take to get a co-op loan in New York?

Co-op contracts usually specify the number of days that you have in which to submit your application and the event that will trigger the running of those days. In New York, if you are getting a mortgage, you typically have three business days from receipt of a loan commitment letter, and for all-cash deals, ten business days from delivery ...

What documents are included in a co-op contract?

Those documents might include the offering plan, certificate of incorporation, bylaws, proprietary lease, house rules, minutes of shareholders' and directors' meetings, ...

What happens when you buy a co-op apartment?

When you buy a co-op apartment, you are not buying the apartment itself , but rather shares in the corporation that owns the building. In exchange, the corporation will grant you a proprietary lease to occupy the apartment. Given that buying a co-op is not a traditional real estate purchase, the contract of sale must address different issues ...

Is flip tax a fixed amount?

a fixed amount per share. If the corporation for the co-op apartment you are purchasing charges a flip tax, your contract should specify that paying it is the seller's responsibility.

Do you have to attend a board meeting to apply for a co-op?

As part of the application process, your co-op contract likely will require you to attend an interview with members of the board. The board is unlikely to decide upon your application until its next monthly board meeting.

Is buying a co-op a real estate purchase?

Given that buying a co-op is not a traditional real estate purchase , the contract of sale must address different issues than if you were buying a condo unit or house. This article addresses contract clauses unique to co-ops and what you as a purchaser should watch out for.