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You need a

Residential Closing Attorney

if you are buying or selling a Co-op, Condo or House.

There are many attorneys who will hang up a Shingle as a Real Estate Closing Attorney, but it’s what goes on inside those doors during the Process of the Deal that separates one lawyer from the other. Each attorney has their own practice methodology, fee structure, expertise and experience. Our hope, through this web site, is for you to gain some insight into our practice.

As you will see, We are all in 100% from day one. The more we know, the better. The more involved we are the better we can help.

When we represent a Buyer

The Intake Interview

The Intake interview is one of the most important functions of representation. We listen, digest, appropriately determine the buyer’s needs and then chart a course of action. Questions concerning where they currently live and their timing objectives; their method of payment, i.e. whether by gifts, private funds or financing; if they are financing, have they been prequalified by a mortgage banker or broker? We and the Buyer talk about the condition of the residence, the obligations of a seller in connection thereto, the role and appropriateness of an inspection. We discuss with the Buyer the process and what we do and that we are there for them to rely upon, guide and advise.

Review and due diligence

If it’s a Co-op or Condo being purchased, we perform a level of due diligence. We review the financials and the building’s underlying docs. We review minutes of meetings of board of directors and interview management on whether the building is on budget, anticipated increases or assessments, capital projects, lawsuits, and so on.

The Contract Stage

“...you were nice enough to speak with me, and the advice you gave me in that 45 minutes was more on target and astute than anything I had heard from my lawyer in the previous three months.”

— A Buyer not too satisfied with his then present attorney

Contracts come in all different formats. There is always work to be done and it’s our job to work to get the contract into normal and acceptable shape with both parties having their normal and customary rights and obligations. We routinely see contracts coming in a form where the seller attempts to shift or insulate themselves from a customary seller obligation. It’s our job to push back to norm.

The Contract Performance Stage

Title Review; Board Approval (if it’s a co-op or condo); Loan Process (if financing). It’s a constant monitoring of rights and obligations.

Pre-closing

The next stage is pre closing: getting the deal ready for the closing date, money in a proper bank, estimate of funds, insurance requirements, scheduling, monitoring deadlines and expirations, preparing a closing statement, trouble shooting walk through issues, direction on funds.

Closing the deal

This is the final stage, scheduled on a closing date. All parties show up to execute documents. It’s a review of the documents, it’s an explanation of the documents to the client, it's a confirmation that title is proper, it’s a troubling shooting or negotiating of issues. It's a few stories and positive good state of mind, it’s a passing of the keys, it’s a culmination of hard work and a confidence that everything was done properly.

When we represent a Seller

The Intake Interview

Our intake includes gathering information on where the Sellers currently live. NYS Residents? US Citizens? When did they buy the home? Have they used the home as a primary residence in the last 5 years? Timing? Future plans? Loan to Payoff? Condition of the home? Are the appliances, electrical, mechanical and plumbing systems in working order? Were all improvements performed in compliance with the rules of the building and local laws? Water leaks, Bed bugs, etc.? The more we know, the better we can represent our Seller.

We talk with the Seller about transfer taxes, fees and expenses so there are no surprises down the line.

Contract stage

Once intake is complete, we move to the contract stage. It’s the obligation of the Seller’s attorney to draft the Contract. We don’t overreach in my contracts. NY practice dictates basic obligations and rights of the parties. We try to stay true to the basic tenets of a NY deal. A buyer’s attorney will usually send a rider; that can be an initial challenge as some Buyer’s lawyers will include a host of modifications or requested Seller representations in the hope that some of the requests will stick. It’s our job to promptly and expeditiously work through the provisions to arrive at a mutually acceptable deal.

Title

If it’s a Co-op being sold and the Seller has financing, the collateral (stock and lease) needs to be ordered at the beginning of the deal; whereas a condo or house payoff can be ordered once the closing date is set. The Buyer’s attorney orders title and we work through the reports to make sure we can deliver clean title at closing.

Monitoring and Enforcing

Again, thank you for all of your efforts and making the whole process run so smoothly. You came highly recommended & you did not disappoint.”

— Lorraine, Condo Seller UWS

During the process of the deal, we are monitoring obligations and enforcing where necessary. We are keeping our eyes on the Buy Side and making sure we are properly moving forward. If the Buyer is financing, we have the dates of compliance in our calendar.

Pre-closing

The pre-closing stage entails getting the deal ready for the closing date, ordering payoffs, scheduling, monitoring deadlines and expirations, preparing a closing statement, preparing transfer tax documents, trouble shooting walk through issues.

Closing the deal

This is the final stage, scheduled on a closing date. All parties show up to execute documents, it’s a review of the documents, it’s an explanation of the documents to the client, its a confirmation that title is proper, it’s a troubling shooting or negotiating of issues. It's a few stories and positive good state of mind, it’s a passing of the keys, it’s a culmination of hard work and a confidence that everything was done properly.

We Are Here to Help

We are centrally located in Midtown Manhattan. Use the form below or call us for a consultation and review of your deal. We can then work out a reasonable flat fee for your closing.

Send us an email now:

Purchasing an apartment in a New Development? Check out our website that focuses on New Developments:
NewDevelopmentAttorneys.com

212.297.6220
info@gregmaybaum.com

Greg Maybaum, Real Estate Closings
420 Lexington Ave, Suite 300
New York, NY 10170