New York Residential Real Estate Attorney

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New York Residential Real Estate Lawyer - Residential Real Estate Attorneys

Real estate is an integral part of the economy in New York City. Between August 2018 and August 2021, the median sales price of residential properties increased by 29.9%. This means that there is a lot at stake in real estate transactions throughout New York City. Though our primary offices are in New York, investors, buyers, and sellers from across the globe trust our services and rely on us to protect them at every stage of a transaction.

If you plan to buy or sell a home or property in NYC or surrounding areas anytime soon, you will want to work with an experienced New York residential real estate lawyer. Likewise, if you are looking at an international sale or purchase, we can assist with that as well. Hiring an attorney who specializes in NY real estate can protect your rights, make the process easier by ensuring that all contracts and documents meet legal requirements, and identify any potential problems with the agreement to prevent future legal complications.

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Avenue Law Firm’s team of experienced legal professionals is with you every step of the way. We have dedicated our practice to helping our clients receive the best legal representation every step of the way. If you need legal assistance with real estate law, personal injury law, and business law in New York, contact us to today.

Real Estate Property Law 101: What You Need to Know

Real estate law concerns the buying, selling, and leasing of land and structures, either for commercial or residential purposes. This field of law encompasses two main elements: statutes and regulations. Each aspect of real estate law could have an impact on your transaction, which is one reason why investing in a New York real estate attorney is so crucial.

  1. Real Estate Statutes
    Real estate statutes are laws passed by Congress that govern the real estate industry. For example, there are statutes governing mortgage lending practices. Federal law provides limited legal protection for property owners in certain situations, so state governments have enacted additional legislation to fill in any existing gaps or provide more specific requirements for certain types of transactions. Because each state has its own set of rules on how mortgages should be structured and regulated, the process of buying a home in New York can be significantly different from the process of buying a home in  California.
  2. Real Estate Regulations
    Regulations refer to agency interpretations or guidance documents issued by government agencies. For example, the IRS may issue guidelines for tax deductions available to homeowners. Industry organizations and trade groups also stipulate their own regulations that real estate brokers and salespersons must follow during real estate transactions. When you sell or purchase a home, a New York residential real estate lawyer can help you understand and adhere to these complex statutes and regulations.

Common Issues in New York Residential Property Deals

A residential property is one of the most critical assets for any individual. It can be a home, an office, apartment, or any building that you use daily. In New York City, there are many different types of properties that you can buy, and these properties have their own set of requirements. For example, if you want to buy a condo in Manhattan, this borough has its own unique set of regulations that must be met before you can purchase this property. On the other hand, if you want to buy land in Queens, then different rules would apply. All New York residential property deals involve specific standards that you must follow before investing in a property.

Because of these differences, it is difficult to make sure you are following all the appropriate rules and regulations. If you encounter a problem during the purchase of property, it can be quite costly to resolve. Continuing with the previous example, you may think that you are fulfilling all the legal requirements for purchasing a condo in Manhattan, only to later realize you missed a few important details that change the price significantly. It is vital to stay up to date on these laws and regulations before buying any property in New York City.

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Should you hire Avenue Law Firm, you can rest assured that you are getting top rated legal representation every step of the way. We know how important it is to understand your rights and responsibilities in every transaction, and we are here to help.  Call us today if you need legal assistance or advice in regards to real estate transactions, personal injury law, or business law.

Why Do I Need a NYC Real Estate Lawyer?

A New York residential real estate lawyer can help you in the following ways:

  • They can review and prepare all information related to your purchase. This involves interpreting real estate laws, regulations, and policies, as well as developing specific contracts and agreements. When buying or selling real estate, you will come across a lot of new information, and some of it may be confusing. A lawyer can help you understand the language of the real estate world, facilitate the transfer of titles and funds, ensure you meet your contractual agreements, and prevent you from facing surprises at closing.
  • They provide security. In addition to being knowledgeable about the real estate industry, NYC real estate lawyers can also help you feel secure in your specific investment. By entering a deal with legal representation, you’ll have a knowledgeable, skilled advocate who can identify any risks associated with this acquisition, protect your interests, and deliver the best possible outcome in your case.
  • They can help you avoid scams and fraud. When buying or selling real estate, you may face people who want to take advantage of your situation, from fake companies who promise financial relief to real estate agents who misrepresent their credentials scammers who attempt identity fraud. While most of us feel like we could see such a scam, that’s not always the case. Unfortunately, some of these frauds can be quite sophisticated. A lawyer can offer expert counsel to prevent these incidents from occurring. If you are affected by a scam or fraudulent deal, they can help you seek legal recourse against the other party to recover damages.
  • They can negotiate effectively. Lawyers are not only valuable for their legal knowledge but also their negotiation skills, in and outside of the courtroom. Retaining the services of a New residential real estate lawyer provides a significant advantage during the deal-making process because they can ensure you achieve a contract that minimizes risk and maximizes reward.

They have a strong network of professional contacts. Experienced lawyers have extensive networks featuring other real estate professionals, so they know the right people to contact to streamline the process. This is particularly beneficial if you want to close a deal quickly without worrying about missing any crucial aspects of the arrangement.

While it is not required by law for a transaction to be handled by an attorney, it is often the best course of action. It is common for both a buyer and seller to hire a New York residential real estate lawyer to handle a home transaction. Legal matters can get very complicated, especially when it comes to real estate transactions. Many problems can substantially lengthen the process or prevent it from being finalized.

For example, if you buy a condo in New York, there is more than contract law to consider. You need an attorney who understands condo association rules and regulations and the laws that govern them. In another scenario, you may think you are purchasing a home that is free and clear of any liens or claims because the seller did not disclose this information, only to discover later in the transaction that the property has an outstanding mortgage or a lien. A lawyer can represent you in this dispute and help you reach a speedy resolution.

The cost of hiring a New York residential real estate attorney can vary depending on the complexity of your case. On average, a NY real estate lawyer fee will range from $1,500 – $4,000 for each real estate transaction.

Some factors that can influence this cost include:

  • The type of real estate transaction.
  • The complexity of your case.
  • Your location. The cost of hiring a real estate attorney in New York City can be much more expensive than hiring one outside the city.
  • The type of services to be provided by your lawyer. Some lawyers will charge an hourly rate, while others base their fees on a flat rate or percentage of the profits in your case.
  • The number of transactions you expect to complete.
  • The number of real estate attorneys that are competing for your business.
  • The experience and expertise of the real estate attorney you choose. An experienced lawyer can complete your transaction efficiently than a novice, which can expedite the process and minimize costs.
  • The costs of the closing, including real estate taxes and other fees you are responsible for paying. Before signing a contract for their services, ask your lawyer about these expenses and whether they are included in real estate agent or closing fees.
  • If you have a legal dispute with someone, your attorney may charge an hourly rate or require that you pay the fees in advance of litigation.
  • If you are planning to sell any property, your lawyer may require that you pay a percentage of the profits made from your sale.
  • If you are planning to buy any property, the seller may require that their lawyer be paid a percentage of the property’s sale price.

Having the best legal representation is key when it comes time to close on your property. Your first step is to compile a list of New York residential real estate lawyers who work in your area. You can begin by talking to your friends, family members, or colleagues about the experiences they’ve had selling or purchasing a property, then do your own research online. Reading their website is helpful, but you will likely see the most positive testimonials from pleased clients. Checking Yelp and Google reviews can provide a more well-rounded perspective.

The only way to truly select the right attorney is to schedule a consultation with them in person to discuss the services they provide and review the specifics of your case. A New York residential real estate lawyer should be:

  • Experienced in real estate law and a record of successful results
  • Willing to answer your questions and explain any legal lingo that may confuse you in a way that you can fully understand
  • Committed to regularly communicating with you about the progress of your case, including promptly responding to your calls and emails
  • Prepared to provide references from past clients that they have represented successfully
  • Ready to admit if your case falls outside of their expertise and give referrals for other attorneys that may be able to assist you, such as lawyers who specialize in foreclosure defense or bankruptcy law

Let Our Residential Real Estate Attorneys Help You with Your Transaction

Buying or selling a home is probably the most significant financial transaction that anyone undertakes in their lifetime. While this can be an exciting time, without the proper legal guidance, the process can be frustrating, overwhelming, and far more expensive than necessary. Even if there are no obvious disagreements between the buyer and seller, it is advisable for each party to hire their own legal representation for the transaction. This ensures that both parties can protect their rights, avoid common pitfalls, and efficiently handle any issues that appear.

At the Avenue Law Firm, our team of New York residential real estate lawyers represent buyers, sellers, and financial institutions through every stage of the transaction, from drafting a Purchase and Sale Contract through obtaining the final Title Insurance Policy.

We offer our clients comprehensive and responsive real estate legal representation in the following transactions:

  • Real Estate Sales Transactions
  • Closings
  • Construction Contracts
  • Leases
  • Mortgage-Based Financing Transactions

In addition to real estate transactions, we can also assist with other residential and commercial real estate issues, such as:

  • Land use
  • Easements
  • Zoning
  • Permit appeals
  • Tax-Free Exchanges
  • Foreclosures
  • Real Estate Tax Protests
  • Breach of contract
  • Buyer-seller disputes
  • Landlord-tenant disputes

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The real estate markets of the borough of New York City are incredibly complicated and highly volatile. Manhattan in particular is one of the most highly prized real estate markets in the country. If you’re planning to buy a home in Manhattan, sell your current home, or upgrade to a new residential property, you need a Manhattan residential real estate lawyer who can guide you through your transaction with confidence. The right attorney can have a significant influence on the quality of your experience with your real estate transaction.

Avenue Law Firm has years of experience navigating the complex real estate market of Manhattan. We understand the challenges facing those planning on buying or selling homes in Manhattan and strive to provide robust and detailed legal guidance to every client we represent. Entering any real estate transaction can be nerve-wracking, but legal counsel you can trust allows you to approach the situation with peace of mind.

Buying or selling a residential property in Manhattan does not only involve difficult financial issues, but also requires entering the complex arena of New York City’s property laws. You should be able to rely on your real estate agent to provide some guidance and direction as you navigate your transaction. However, your agent may not be able to provide all the legal information you will require to make a fully informed decision. Some real estate agents are beholden to professional limitations and ethical concerns that prevent them from divulging critical information to their clients in some situations.

Hiring a Manhattan residential real estate lawyer is an investment into the success of your transaction. If you’re buying a property, your legal team can conduct the necessary due diligence that ensures you are entering the agreement fully informed. They can uncover any legal issues you will face as you close on the property and provide valuable contract review services. If you’re selling, you can rely on your Manhattan residential real estate attorney to ensure the sale suits your needs and that you obtain a fair price for your residential property. Ultimately, it is always best to enter any residential real estate transaction in New York City with legal counsel on your side.

It’s also important to remember that you will require legal representation for certain aspects of some residential real estate transactions. For example, New York law prevents real estate agents and brokers from creating sales contracts. Additionally, brokers and agents cannot provide legal contract review to the parties involved in a real estate transaction. For these issues, you need legal counsel you can trust from an experienced Manhattan residential real estate lawyer. They can not only help with drafting contracts and carefully reviewing them, but also provide additional legal support throughout every phase of the transaction.

Any real estate transaction in New York will be costly, and it’s natural to feel hesitant about investing in legal representation when you are already spending a lot of money on your real estate transaction. Most real estate attorneys charge their clients by the hour. This means that the more time an attorney spends working on a case, the more expensive it will be for the client in terms of their legal fees.

Some Manhattan residential real estate attorneys offer flat fees for specific legal services. They may charge a set rate for contract drafting or contract review, and some real estate attorneys specialize in closing procedures. Whatever your situation entails, you need to ensure the Manhattan residential real estate lawyer you’ve chosen has experience handling cases like yours. They should also provide the ongoing support and guidance you need to complete the transaction successfully. Always carefully review a potential attorney’s billing policy before signing a contract for their representation.

Avenue Law Firm strives to ensure our legal services are reasonably priced and accessible to those who need them. We understand that your current real estate transaction is likely to pose significant financial concerns, and we aim to keep our legal services fairly priced for every client. We’ll review the details of our billing policy with you in close detail before you sign anything.

Buying a new property in Manhattan can be an exciting and life-changing experience. However, you cannot let excitement overtake your judgment when it comes time to settle a purchase agreement. A Manhattan residential real estate lawyer can provide detailed guidance as you complete your purchase. They can also assist you in conducting extensive research that ensures you can make a fully informed purchase.

While Manhattan real estate can offer some tremendous opportunities to buyers, there are always risks in every purchase transaction. For example, if you’re buying a new home in Manhattan, you probably want to know if the property has any history of lead paint, asbestos, or bed bug infestations. Even if these issues have apparently been resolved, it’s still vital to know what you’re buying and to understand as much of the property’s history as possible.

Your attorney can also search for liens against a residential property, helping you avoid any legal entanglements caused by the previous owner. When it comes to the price of your purchase, the property’s sale price is typically dictated by the agents and brokers involved in the deal. The agents representing the buyer and seller can negotiate a price, but your Manhattan residential real estate attorney can verify that the purchase price is fair. For example, a property could be listed as a three-bedroom residence, but one of the “bedrooms” may not meet the applicable criteria for a bedroom. This type of discrepancy can potentially lead to a price cut that you wouldn’t have secured if not for your attorney.

New York state law requires attorney participation in real estate transactions to ensure the integrity of every purchase and sale. If you’re upgrading to a new residence or selling your Manhattan real estate, you also need assistance from an experienced attorney who can help you ensure that you receive an appropriate sale price. You will also need their assistance in preparing your sale contract and reviewing the contract to ensure you meet all applicable New York property statutes.

Having the right attorney represent you as you sell your residential property can help you avoid future legal issues related to the property. For example, your attorney can review all contingencies included in your sale contract, assist you in performing any preliminary appraisals, inspections, and other steps necessary for ensuring a fair asking price, and ultimately guide you through the sale process. Your Manhattan residential real estate attorney can also help you identify potential red flags from a buyer’s proposal. Hiring an attorney when you’re selling residential real estate in New York provides peace of mind throughout the transaction. They can also protect you by ensuring you follow all applicable New York property laws in your sale.

Avenue Law Firm has extensive experience in assisting our clients’ complete residential real estate transactions in Manhattan. We take time to carefully evaluate every client’s needs to ensure we address every issue a transaction presents. Some of the legal services we provide for residential real estate transactions in Manhattan, NY include:

  • Contract preparation and review. New York state law requires a residential real estate contract to be drafted by an attorney. Avenue Law Firm can help you draft a purchase or sale contract, and we can also review a contract drafted and supplied by the other party in your transaction.
  • Due diligence. It’s essential to make an informed decision when it comes to residential real estate transactions. Our team can conduct thorough research to ensure you are fully informed about every legal issue present in your current real estate transaction. For example, if you purchase a property that has a lien against it, this can pose significant challenges for the foreseeable future.
  • Purchase agreement review. Once you are ready to purchase or sell your residential property, our team can conduct a final review of the agreement to ensure every party has met their legal obligations. While your real estate attorney does not technically have any influence over the final price, they can ensure the price is fair based on the legal statutes that apply to the property.
  • Property history research. If you’re buying a property in Manhattan, you want to know as much as possible about the property’s history. We can help you recover records of past renovations, inspections, appraisals, ownership transfers, pest infestations, and any citations for harmful chemicals.
  • Preliminary legal requirements. When you buy or sell a property in Manhattan, you will likely need to arrange appraisals and inspections. New York law dictates whether the buyer or seller is responsible for arranging and paying for these preliminary steps. Your Manhattan residential real estate lawyer can help you coordinate any appraisals or inspections you must arrange to proceed with your transaction.
  • Closing. You need legal counsel you can trust to complete the closing process for your residential real estate transaction. We can ensure your closing meets all applicable New York property laws and that you have as much information as possible to complete the process correctly.

Every real estate transaction in Manhattan requires meeting specific New York property laws and regulations that apply specifically to the boroughs of New York City. You may need to navigate complex mortgage lending laws, adhere to highly specific legislation that applies to your property, and account for other legal concerns like tax obligations and even environmental regulations.

New York State law requires attorneys to participate in real estate transactions to ensure every transaction meets applicable laws and regulations. You cannot handle this on your own. You need legal counsel you can trust to ensure your transaction unfolds smoothly and legally at all phases. Since you need to find an attorney to complete your purchase or sale anyway, it’s best to take time to locate an experienced attorney. They should provide the responsive and detailed guidance you need to complete your transaction with confidence and peace of mind.

The attorneys at Avenue Law Firm specialize in providing boutique-level legal counsel to our clients facing difficult real estate transactions in New York City. We have years of experience focusing on real estate law and provide every client with the full scope of our professional resources and experience. Our team stays updated on the latest emerging real estate trends and new information pertinent to buyers and sellers throughout the boroughs of New York City. We can carefully review the details of your impending transaction in Manhattan to ensure you make the most informed decision possible.

It’s natural to feel hesitant about paying for legal representation when you are already facing a potentially expensive real estate transaction. First, you must remember that New York law requires an attorney to draft and review any real estate transaction. While you can rely on your real estate agent to provide detailed guidance throughout your transaction, you will eventually need to consult an attorney regardless of whether you think it’s necessary. Choosing the right attorney means you will not only meet the legal requirements of your case, but also have access to reliable advice and support through the entirety of the transaction.

When you choose Avenue Law Firm to represent you as your Manhattan residential real estate attorneys, you can rely on our team. We will provide a complete range of professional legal services throughout every stage of your transaction. We understand the anxiety and concern that any Manhattan real estate transaction can create. Our goal is to help you through this situation as efficiently as possible.

If you are ready to find out more about the benefits of experienced legal counsel for your impending real estate purchase or sale, we are ready to assist you. Contact Avenue Law Firm and schedule your consultation with an experienced Manhattan residential real estate lawyer today.

Testimonials

Peter is an absolute professional who takes pride in what he does, communicates effectively and promptly, and genuinely cares about his clients. We feel very fortunate to have worked with Petro to close on our apartment in Manhattan. He led us through the process and has even taken the time to answer our questions after deal closing. He provides excellent legal services at a very reasonable price. Highly recommend him and his team.
Marra A
This firm went above and beyond to secure a real estate contract for us. They were so detail oriented and added beneficial clauses that I did not know existed. It really left me feeling a strong sense of security with the contract. I will absolutely be using them again.
George P
Peter Zinkovetsky is my go-to attorney for all my real estate needs! This year we used his law firm for two real estate transactions (NYC and Hamptons) and couldn’t be happier. The entire team is extremely responsive, knowledgeable, and super easy to work with. Look no further!
Igor B.
Excellent service! I had Peter Zinkovetsky for my co-op apartment sale, and the entire process was easy and smooth. He is knowledgeable, helpful, responds immediately and his team is great as well. I highly recommend him!
Dmitry S
The firm worked very hard to secure the terms we needed for our fitness studio. Regardless of the barriers the landlord put in our way they fought him tooth and nail and now we have an incredible fitness facility thanks to their uncompromising service!
Fitness Boutique

Discuss Your Real Estate Transaction with a Professional Legal Team

To ensure you can protect your rights and interests during your next real estate transaction, contact Avenue Law Firm today. Our team of New York residential real estate lawyers have the skills and experience to help you with every aspect of your transaction. With knowledge of both US and international real estate negotiations, no matter where in the world you are buying or selling real estate, we can help protect your bottom line. We don’t rely on dated techniques and processes. We leverage cutting edge technology so that any transition is done speedily, accurately, and with our clients in mind.

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