SALES AND PURCHASES

My job as your attorney in a real estate sale is to help you make the deal with minimal risk. And there are risks if your deal is not structured carefully:

If you are the seller, you risk:

If you are the purchaser, you risk:

• Buying a property that has undesirable features
• Getting tied into the deal even though your lender does not issue you a loan
• Becoming saddled with a defective title

I am proud to have participated in the drafting of the standard printed portion of the contract for the sale of a cooperative apartment and to have participated in the drafting of the mortgage contingency clause in the standard printed portion of the contract for the sale of a house.

• Representing a Seller
• Representing a Purchaser
• Sublets of co-op and condo apartments

REPRESENTING A SELLER

Representing you as the Seller, I

• Negotiate your listing agreement with the broker
• Discuss your imperatives
• Advise you as to closing costs
• Help you vet your prospective purchaser
• Carefully prepare and negotiate a contract that is clear, precise and tailored to your particular transaction
• Explain the contract to you
• Assist you in clearing any clouds on your title
• Prepare closing documents
• Represent you at the closing, scrutinizing all checks and documents
• Compile a closing statement and binder of all the closing documents, so you have a permanent coherent record

Contact me when you are ready to list your property with a broker.

REPRESENTING A PURCHASER

Representing you as the Purchaser, I

• Discuss your needs
• Coordinate a due diligence investigation of the property
• Advise you as to closing costs
• Scrutinize the contract prepared by the Seller’s attorney and negotiate on your behalf for necessary changes
• Explain the contract to you
• Scrutinize your mortgage/loan commitment and negotiate on your behalf with the bank for necessary changes
• In a coop purchase, discuss with you what type of title report/lien search to order
• Carefully examine the title report/lien search report and make sure that encumbrances on the Seller’s title are cleared
• Prepare closing documents
• Represent you at the closing, scrutinizing all documents. If you are financing the purchase with a mortgage/coop loan, your closing is two closings in one – one on the sale and the other on the mortgage/coop loan.
• Compile a closing statement and binder of all the closing documents, so you have a permanent coherent record

Contact me when you have agreed on a price with a seller or your bid was accepted.

SUBLETS OF CO-OP AND CONDO APARTMENTS

If you rent out your cooperative apartment, that is a sublet because you yourself occupy the unit as the tenant under a (proprietary) lease.  If you own a condominium apartment and rent it out, technically that is not a sublet because you are not a tenant yourself – you own the apartment outright.  For the sake of simplicity, however, in the discussion below, both types of rentals are called “sublets”.

The rental of a coop or condo apartment involves multiple issues beyond just the amount of the monthly rent and security deposit and the length of the lease term.  These issues are not addressed in the standard form for a sublease.  Examples:

• Broker’s fee
• Consent of the board of directors/managers
  • Time frame
  • Payment of costs of application
• Consent of lender
  • Time frame
  • Payment of costs of application
• Move-in and move-out procedures
• Rental increases over the term of the lease
• Pass-through of increases in expenses
• Third-party guaranty
• Extensions and renewals
• Rights to terminate the lease
• Voting rights at unit owners’ meetings
• Furnishings
• Utilities
• Alterations
• Repairs
• Compliance with building rules
• Restrictions on tenant’s activities
• Assignment of lease
• Further sublet
• Liability insurance
• Disclosures
  • Lead paint
  • Bedbugs
  • Sprinkler system
• Window guards
• Damage by fire, flood or other casualty
• Events of default
• Holdover penalty
• Your rights upon a breach by the tenant
• Sovereign immunity of tenant
• Attorney fees
• Limitations on your liabilty as landlord
• Procedures for giving of notices
• Your right to market the apartment

Representing you, as the sublessor, I

• Discuss the deal with you
• Examine the offering plan and the coop corporation’s or condo association’s procedures for rentals
• Carefully prepare a lease that is clear, precise and tailored to your particular rental
• Explain the lease to you

PROFESSIONAL ACTIVITIES

I am a member of the Real Property Law Section, the Committee on Title and Transfer and the Committee on Condominiums and Cooperatives of the New York State Bar Association and of the Real Property Law Committee of the New York County Lawyers’ Association.

I was an active participant on the committee of the New York State Bar Association that drafted what became the standard contract for the sale/purchase of a cooperative apartment.

I invite you to examine the information presented about real estate law on the Frequently Asked Questions page of this website, and the Glossary of commonly used terms for Real Estate Law.