A To Z New York Real Estate Law FAQ

Dear readers,

Everyday New Yorker’s come into our law offices for real estate law consultations. Below we will analyze the most frequently asked questions we receive in an effort to make your initial search for real estate law services significantly easier.

When you meet with a prospective real estate attorney, you’ll want to make sure you ask the right questions to help gauge their experience in the field and how relevant their skills are to your needs. First, ask about how much experience they have with real estate transactions in the city. Be sure that their experience aligns with your needs. For example, the attorney could only have commercial real estate experience, while you may be involved in a residential transaction.

Have them walk you through the entire real estate transaction process from start to finish. This can help you better understand what to expect in and out of court, as well as what specific areas they will be assisting in. Also, ask about what potential legal issues they may foresee happening after they review the details of your case. If you agree with their plan to combat these issues, it’s a good sign that they might be the right real estate attorney to hire for your case.

With that said here are the most frequently asked questions:

What Are The Costs Involved In Retaining A New York Real Estate Lawyer?

The cost to hire an estate lawyer in New York City varies significantly based on how complicated your case is and how many years of experience they have. In addition to total cost, the structure of your payments is also important to understand. Attorneys can charge by the hour, per service, or fund the case through a retainer fee. Ask about these fees upfront to ensure they meet your budget.

What Are The Closing Fees In NYS Real Estate Transactions

As an example for the greater NYS region, real estate attorneys in Queens, NY are most likely to charge a flat fee when handling a real estate closing. This will vary based on how complicated the transaction is and where the property is located in the city. The fee will be increased or decreased based on the specific services needed, such as reviewing contracts, conducting title searches, preparing closing and mortgage documents, or even representing a client during the closing meeting.

Is “Do It Yourself” Real Estate Contracts A Bad Idea?

There is no legal requirement to hire a lawyer while purchasing real estate in New York. However, it is still highly recommended. Having an attorney who understands the ins and outs of real estate law in the city can help ensure the transaction is conducted as smoothly as possible without any other stakeholders taking advantage of your rights. Because these transactions can be expensive, an attorney can provide peace of mind that no costly mistakes will be made.

How Do NYS Transfer Taxes Work?

In any real estate transaction in NY, a certain level of transfer tax is imposed on the sale or transfer of the piece of property. This figure is calculated based on how much money the house sold for. It must be paid to the local county where the property is located. While the transfer tax is usually paid for by the seller, it can be negotiated during the buying process. Work with an attorney to ensure that all transfer tax requirements are met.

For your convenience, our plethora of real estate services are available at multiple offices throughout the five boroughs including Manhattan, Queens, Brooklyn, Bronx & Staten Island. Contact us today to set up a completely free legal consultation at one of our many real estate law offices near you.