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Real Estate Transactions
Real Estate Practice
At Figeroux & Associates, our team of real estate lawyers will guide you through the complex process buying and selling real property in New York. At Figeroux & Associates, we have been representing sellers and buyers with their purchase of co-ops, condominiums, single family, and multi-family homes for over fifteen years. No concern is too big or small for our team.
Over the years we have dealt with issues involving foreclosures, short sales, REO’s, difficult co-op boards, and condo issues with astounding success, and we look forward to representing you in your real estate venture.
From the moment you engage us, we make sure you are aware of every step of the process, the requirements, your options and the laws surrounding the real estate transaction. We collaborate with you and gather all necessary information and proceed to a smooth closing of your real estate transaction. Whether you are a first-time home buyer or more experienced in the real estate world, We provide guidance as to all aspects of a real estate transaction or litigation.
Important issues in real estate transactions are:
Litigation
As real estate attorneys, we have represented clients in Court proceedings on matters such as the validity of a deed where one party may have improperly induced another to sign deed documents. Such proceedings may result in constructive trust. We have also helped clients in litigation regarding encroachments and other title issues such as partition. We appreciate the concerns clients express in Court proceedings and try to advance their interests and avoid undue delay.
Landlord & Tenant
We have counseled clients in preparing and reviewing residential, commercial and store leases, and have protected their interests in landlord-tenant eviction issues such as primary residence, non-payment proceedings, hold-over proceedings and other lease disputes which often involve local rent stabilization or rent control issues. Given the rapidly changing real estate landscape in New York, having a qualified and experienced real estate contract and litigation lawyer is crucial. We represent both residential and commercial clients and provide personal attention to all matters.
Real Estate Contracts
You Need Attorneys Intimately Acquainted with Real Estate Contracts
A real estate contract is an essential part of any real estate transaction. The contract sets forth the rights and obligations of the parties and provides the foundation for the ultimate closing or finalization of the deal. Therefore, the provisions of real estate contracts concerning such issues as to title, price, financing, deed, closing dates, construction or improvements and certificates of occupancy must be specified to avoid disputes and delay. We work closely with our clients to help them negotiate and finalize their real estate contracts. We have represented clients with single and multi-family properties, co-op and condominiums throughout New York. For personalized attentive service and a free case evaluation you can contact us by telephone: 888-670-6791.
Title Report Information
What is a Title Report And How Much Attention Should I Pay to It?
A Title Report is simply the written analysis of the status of title to real property, including a property description, names of titleholders and the manner in which title is held (joint tenancy, etc.), encumbrances (mortgages, liens, recorded judgments), and real property taxes due. A title report is issued after the report is ordered and at the time of closing an up-to-date report is issued along with a title insurance policy.
It is important to pay attention to the report of the title since it may show property defects that would result in a cancellation of the transaction if not cured by the seller before closing. Typically, real estate contracts require that a seller provide a title that is verifiable and clear of encumbrances and liens and other defects. We represent both commercial and residential clients in real estate transactions.
This representation includes the purchase or sale of single or multi-family homes, cooperatives, and condominiums. We work closely with our clients in all aspects of each transaction including property inspection, real estate broker agreements, contract and lease preparation and negotiation, financing, title and survey issues, and closings.
Understand Your Real Estate Closing Costs
It’s no surprise that calculating real estate closing costs can challenge even the most mathematically astute. This is because of all the specialized fees, recording charges and taxes associated with purchasing a home. These include title service costs, recording fees, mortgage application fees, pro-rata property taxes, etc. All residential transactions have real estate closing costs well documented in detail in a standard HUD-1 form. However, closing costs are sufficiently complex and you should review, understand and be able to estimate these costs before you enter into a real estate transaction. You do not want to learn that these costs exceed your expectations or budget after you have signed a contract.
We are experienced real estate closing attorneys. We work closely with our clients and can help you save time, aggravation, and disappointment. We represent both commercial and residential clients in real estate transactions including the purchase or sale of single or multi-family homes, cooperatives and condominiums throughout New York.
Tenants in Common, Tenants by Entirety and Joint & Survivorship
Protecting Assets by Joint Tenancy And Tenancy in Common Advantages and Disadvantages.
It is important to know the manner in which title to assets or property is held. The title can be in one person’s name alone or the asset can be held in joint tenancy, tenancy by the entirety or as tenants in common. Each type of ownership has different requirements and consequences. An advantage to joint tenancy may be easy access to the entire property by both parties along with quick and simple transfer upon the death of one joint owner. However, a joint tenant can be restricted from transferring or selling his or her interest without the consent of the other owner which may lead to disputes.
The proper and appropriate type of ownership and the consequences of such ownership should be reviewed and determined when the property is first acquired and when a transfer or sale is contemplated. Estate planning considerations are also affected by property ownership. Tenancy in common joint tenancy issues is important to understand and resolve. We have many years of experience working closely with my clients on property ownership issues.
Advice for Home Buyers
An Experienced Attorney Can Assist the Home Buyer With the House Closing Process.
The goal of every home buyer is reaching the closing process. This is the necessary final step involved in sealing the deal on a home purchase. Once you find your perfect house, it is important to move quickly and have all the essential papers and steps completed efficiently. However, it’s difficult to move fast if you are a first time home buyer and/or you are unfamiliar with the process. And it’s a complicated process. More than likely, you’ll need a qualified real estate attorney or home buyer attorney.
As a home buyer, you will need to deal with many different documents at closing. The Contract of Sale will contain provisions relating to the closing date and place of closing. These particulars will need to be coordinated by your attorney with the attorney for the Seller, the mortgage lender and also the title company representative. Also, the mortgage documents and title papers must be reviewed and finalized at the closing. Most importantly, a complete analysis and break-down of the funds needed to close the transaction must be obtained including the amounts needed to finalize the purchase and to pay for all mortgage lender fees and title review and recording charges.
The closing process can be complicated, but an experienced real estate attorney or home buyer attorney can help you through it. We work closely with clients in all aspects of each transaction including property inspection, real estate broker agreements, contract and lease matters and negotiation, financing, title and survey issues, and closings. We represent both commercial and residential clients in real estate transactions. This representation includes the purchase or sale of single or multi-family homes, cooperatives and condominiums throughout the entire New York area. For all your real estate needs, contact us at 888-670-6791.