• residential-matrimonial-trusts-estates-real-estate-lawyer-nyc-01
  • best-real-estate-lawyer-nyc-02
  • real-estate-litigation-surrogates-commercial-corporate-lawyer-nyc-03

Putting Our Client’s Interests Above All Others

top real estate lawyer nyc

At the law offices of David J. Aronstam, we specialize in all types of commercial, residential & corporate real estate law. Since 1992, we have delivered the highest quality legal services to clients from all over the country. We also have decades of experience in all areas of litigation, Trusts & Estates law, Family law, Business law, Matrimonial law and many others.

Admitted as a Barrister in South Africa in 1980, Mr. Aronstam has been practicing law in New York since 1984.  From 1984 to 1992, he was an associate at McLaughlin & Stern, a prestige boutique engaged in a general civil practice which was formed in 1896.  While at McLaughlin & Stern, he worked in all the departments of the firm and gained hands on and in depth experience in all areas of the firm’s practice which included civil litigation, real estate, securities law, corporate law, trust and estates and health care law.

best-real-estate-attorney-lawyer-nyc-google-maps

In 1992, Mr. Aronstam started his own firm as a solo practitioner and have practiced without interruption since that date.  He was counsel to Mandell, Freedman & Mandell, the premier commercial leasing boutique in New York City from 1992-2000.

“As a real estate lawyer, I believe that the integrity of my law practice is based solely on putting my client’s interests above all others. I am fully responsive to all my client’s needs and requests and base my fees around what will work for the client in the long term. I believe in building solid long-term relationships, rather than doing single items of work for each client. I am working hard to change the negative image so justly earned by the legal profession in this country.”

PRACTICE AREAS:

Residential Real Estate Transactions

Commercial Real Estate Transactions

Corporate Litigation

Commercial Litigation

Real Estate Litigation

Matrimonial Litigation

Surrogate’s Court Litigation

Family Law

Trust & Estate Administration

Attorney-Client Issues

Business Law

What should I look for in a NY real estate lawyer?

Finding a NY real estate lawyer assures that your purchase goes smoothly. This is particularly crucial in New York where the market is heavily regulated. Underlying claims, regulations, and controls impact every residential or commercial transaction. David J Aronstam knows how to navigate the turbulent waters with over 35 years of experience.

What do real estate attorneys do?

Real estate attorneys specialize in matters related to property transactions. Disputes, documents, and competing claims are commonplace in the industry. Everything from the price of a home purchase to claims related to repairs are disputed.

A real estate lawyer commonly prepares closing documents. Businesses often do not have the time to work out every loophole. Even in the residential space, laws saddle buyers with the task of ensuring the title.

We prepare the documents and offer representation when disputes grow beyond the capacity of either party. Landlords, tenants, and property owners have rights and should know how to exercise them.

How does New York regulate the real estate market?

New York is a complicated state. Lush forests and the Adirondack Mountains stand in stark contrast to one of the world’s largest municipalities. The needs of the purchaser and seller must be balanced within this environment.

The state provides a baseline which cities expand upon. Landlords must meet a standard of livability. Hot water must be available 365 days per year. Cutting of utilities is illegal as they fall under what is considered safe and livable. It is also illegal to simply evict a tenant in the city.

Contract law establishes rights to ownership. It is important to have a solid contract in place as the state follows the four corners rule. When a document is clear and complete, then the court throws out claims of a verbal contract.

New York City regulations

Our state’s cities are vibrant. Over ten million people choose to live in New York City. This leads to high rent prices and accompanying issues. Tenants have rights.

New York City goes one step beyond the state standard. Rent control may or may not impact what landlords charge. If an apartment becomes vacant, it becomes rent stabilized or dropped from regulation altogether.

Ordinances place limits on what a tenant can pay in certain situations. They attempted to limit skyrocketing prices. Apartments built between 1947 and 1974 fall under this scrutiny.

Our state’s largest city is not the only participant in these programs. Albany and Buffalo also regulate certain buildings.

Rent control and stabilization require a thorough understanding of your building and the law. Our team of lawyers works to assure that your rent falls within the confines of the law.

What should I look for in a NY real estate lawyer?

With the effects of high rent, high demand, and tenants’ rights, a New York real estate attorney needs to be well versed in the laws affecting commercial, industrial, and residential properties.

The Law Offices of David J Aronstam provides a needed intermediary when situations start to get out of control. Our attorneys look to resolve issues positively without damaging the reputation of either party.

Real estate law in New York is complicated. The state provides a base which cities and towns expand on. Our law offices ensure that your rights as a landlord, tenant, or property owner are maintained.

Get in touch with us today to schedule an appointment with our veteran real estate lawyers in New York City.

David J. Aronstam, Esq.
Attorney at Law
85 Broad Street
28th floor
New York, New York 10004
(646) 759-0400
dja@aronstamlaw.com


Sources & Links

Court Excludes Parole Evidence Where Contract is Complete, Clear, and Unambigouous. Freiberger Haber LLP. 21 Aug 2017. https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/

7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018, https://www.avail.co/education/articles/7-important-facts-about-new-york-landlord-and-tenant-laws

New York Property and Real Estate Laws. FindLaw. 2019, https://statelaws.findlaw.com/new-york-law/new-york-property-and-real-estate-laws.html

Rent Control. New York City Rent Guidelines Board. 2019, https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page

Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018, https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp.

What’s a Co-op?

Whats a co-op? real Estate Attorney NYCA co-op often relates to an employee-owned business or similar community. However, in real estate law, any building owned by a corporation is a co-op. This form of property carries its own set of laws and regulations. The Law Offices of David J. Aronstam help resolve disputes and issues related to owning real estate in New York.

What is a Co-op?

Apartment prices are astronomical in New York, particularly in New York City. Potential homeowners look to keep costs low, especially if they plan on staying for the long term.

When you purchase a co-op property, you are buying stock in the corporation that owns the building. This company then leases the target property to you under a long-term lease. Costs of ownership are as much as forty percent less than that of renting or acquiring a condo.

Co-ops forgo the typical costs of condo ownership. Title insurance is not required, and it is not necessary to pay mortgage recording taxes. It may even be possible to deduct a percentage of monthly maintenance charges.

However, you are not buying the actual property and do not outright own your apartment. This often places the burden of a monthly maintenance fee on the owner. These charges are still much lower than rental or mortgage prices in the city.

Co-ops in New York City

Nearly 75 percent of properties in Manhatten are co-ops. Most property owners in this part of the city are part of a corporation.

While many New Yorkers live in a co-op, the elected board sets the standards regarding how the building is managed and who may purchase a unit. Thus, they have a large degree of control over real estate.

The terms of your contract limit what you can do with your share of the property. It is important to remember that you are entitled to a proprietary lease on your apartment and not to outright ownership.

Can I Sublet My Co-op?

Co-ops help prevent other businesses and investors from owning apartments in a building. Standards set by most boards ensure that property owners live in the space they pay for.

In many cases, officials allow for subletting for a certain time period. Typically, a member can rent their space for several months every two years. You may be required to sell your shares and thus your property if you exceed this amount of time.

In this way, corporations and short-term residents are prevented from obtaining a monopoly on the market and creating further price increases. People prone to transitory stays in any location are highly discouraged from participating in this form of property ownership.

Resolving Co-Op Disputes

Disputes happen. Co-op leases are contracts entitling you to a part of a corporation. This brings in an entirely different set of laws and regulations on top of those regulating property in the state or city.

Some of the most common disputes involve flexibility in your contract. At times, you may need to leave your residence for a prolonged amount of time. In other cases, maintenance fees may climb, or your local board may impose unreasonable requests.

In any situation, our law offices are available to help. David J. Aronstam started practicing law in 1980 and has an established record.

Get in touch with us today to find out more.

David J. Aronstam, Esq.
Attorney at Law
(646) 759-0400
dja@aronstamlaw.com

———

Resources

Court Excludes Parole Evidence Where Contract is Complete, Clear, and Unambigouous. Freiberger Haber LLP. 21 Aug 2017:
https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/

IS it Worth Buying a Coop in NYC? Hauseit. 2019:
https://www.youtube.com/watch?v=9drLEEO-SDE&app=desktop

Im, Julius. 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018:
https://www.avail.co/education/articles/7-important-facts-about-new-york-landlord-and-tenant-laws

New York Property and Real Estate Laws. FindLaw. 2019:
https://statelaws.findlaw.com/new-york-law/new-york-property-and-real-estate-laws.html

Rent Control. New York City Rent Guidelines Board. 2019:
https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page

Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018:
https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp.

What is the Difference Between a Condo and a Coop? Law Offices of Craig Delsack, LLC. 2019:
http://www.nyccounsel.com/real-estate-condos-coops/what-is-the-difference-between-a-condo-and-a-coop/

Condo, coop, or house. What’s the best value?

condo-coop-house-which-to-buy-attorney-nyc-01Are you trying to figure out whether to buy a Condo, coop, or house? This article should help you make your decision. New York City housing prices are high. The median home price in New York is $681,600. Tenants and owners want the most value for their money. Once you find the dream home with your reach, the law offices of David J. Aronstam helps eliminate hidden costs and obtain the value you seek.

Housing Prices in New York City

New York City real estate is expensive. Even after falling ten to twenty percent from a 2015 peak, the average price of a home is out of reach for many. The median price fell to an astronomical $999,000. Manhattan real estate prices fall directly in line with this trend.

Rental prices are no different. The median monthly payment is over $3500.

Overall, Manhattan price per square foot remains the most expensive in the country. The $1773 paid is nearly double that of San Francisco, the next most expensive city and quadruple that of Boston.

How do I find a valuable property in New York City?

nyc-condo-coop-house-which-to-buy-attorney-02With prices remaining so high, owners want the most for their money. Finding that value is difficult. Even the smallest apartment rents for more than a much larger space in Boston or Miami.

Potential homeowners should consider whether they are seeking the space of a home, the flexibility of a condo, or the lower expense of a co-op. Each type presents different benefits to buyers.

Buyers are complex. Their needs differ. You need to consider exactly what you want before making a decision.

Benefits of a Co-op

The most inexpensive option for buyers is a co-op. When purchasing a home in this type of building, you are receiving shares. Buying into the corporation grants you access to a proprietary lease.

Co-ops tend to be much less expensive than other options. The total expense is forty percent lower than for a condo.

While less expensive, this apartment type is not with everyone’s reach. A co-op is a perfect choice for long-term residents. Corporations limit the use of subletting and create strict bylines to ensure that shareholders do not intend to rent their apartment. You also do not own your home.

Benefits of a condo

Condominiums are like co-ops in that you receive access to an apartment-sized property. However, the similarities end there. As an owner, you have full access to your home regarding that you follow bylaws and pay dues.

Investors and short-term owners are not limited to the restrictions placed by a co-op board. Obtaining the right permits, allows you to rent your home while you are absent.

Still, a condo is more expensive. The attention of investors means that supply is much lower than demand.

Benefits of a home

attorney-house-purchase-vs-coop-condo-03Home ownership is by far the most flexible option. Owning a home grants access to a much larger space and the ability to avoid many of the requirements of condo ownership.

The increased space and amenities come at a cost. Homes are the most expensive option aside from luxury spaces in the city. Contract negotiations and assurances for spaces that tend to be over forty years old are also a major consideration.

Finding a real estate lawyer

No matter what space you are looking for, a real estate lawyer helps avoid significant complications. We prepare documents, help with mortgage transfers, and find the most appropriate solution to your situation.

The law offices of David J. Aronstam helps clients from inspection to closing. Get in touch with our top-notch real estate lawyers today.

(646) 759-0400

 


Resources

  • Court Excludes Parole Evidence Where Contract is Complete, Clear, and Unambiguous. Freiberger Haber LLP. 21 Aug 2017.
    https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/
  • Is it Worth Buying a Coop in NYC? Hauseit. 2019, https://www.youtube.com/watch?v=9drLEEO-SDE&app=desktop
  • 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018,
    https://www.avail.co/education/articles/7-important-facts-about-new-york-landlord-and-tenant-laws
  • New York Property and Real Estate Laws. FindLaw. 2019,
    https://statelaws.findlaw.com/new-york-law/new-york-property-and-real-estate-laws.html
  • New York Condo Association Rules. Griffen and Alexaner P.C. 2018, www.lawgapc.com/practices/community-association-law/new-york-condo-association-rules/
  • Rent Control. New York City Rent Guidelines Board. 2019, https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page
  • Sarac, Florentina. Condo vs. Apartment: Which One Should You Choose When Renting? Rent Café. 21
    Nov. 2018. https://www.rentcafe.com/blog/renting/condo-vs-apartment-which-one-should-you-choose-when-renting/
  • Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018,
    https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp
  • What is the Difference Between a Condo and a Coop? Law Offices of Craig Delsack, LLC. 2019,
    http://www.nyccounsel.com/real-estate-condos-coops/what-is-the-difference-between-a-condo-and-a-coop/

Combining Multiple Apartments in NYC. Do I need a Lawyer?

lawyer-to-combine-nyc-apartments-02How do you go about combining apartments in NYC? Combining an apartment is possible but tricky. Paperwork, fees, and mortgages are all a part of the process. However, once complete, landlords, renters, and homeowners are left with a more spacious and attractive living space. David J Aronstam knows that living quarters are tight in the city and is ready to help make your dreams a reality.

How do I combine apartments in NYC?

You need more space. Perhaps your family is growing, or you live in a micro-apartment. It can be cheaper to use the space next door if the apartment next door is available.

Combining apartments allows you to stay where you are without breaking the bank. The life you built is available without compromise.
New York City allows for tenants and landlords to combine spaces. The government removed the need for a certificate of occupancy in 1968. The change affects both old law and new law tenants in all muti-home dwellings.

Combinations may be vertical or horizontal. You may combine up to three floors or two adjacent apartments. This allows tenants flexibility in finding an agreeable space.

What are the benefits of combining an apartment in NYC?

attorney-how-combine-apartments-in-NYC-01Combining apartments gives you more space without compromising the life you built. The same parks, restaurants, schools, and bars are within reach. There is no need to move aside from any short-term storage during the renovation.

For some, the dream of potentially doubling the number of bathrooms and bedrooms in your space is exciting. This process is particularly helpful for those with a new family.

Are there downfalls to combining apartments?

Some buildings do not permit combinations, a process that is up to the landlord or co-op corporation. There are some other downfalls to consider as well.

Upon renovation, your dream home may contain awkward corridors and some bizarre corners. Some walls may not be broken down.
The process itself is not always straightforward. Codes, pipes, gas lines, electricity, and more are all a major factor in any construction project.
While extra space is nice, there are some limitations to what your new apartment can have. Only one kitchen is allowed in a combined space. This may require that all plumbing be removed.

Overall, value is not a real decision maker. Not all layouts make sense or increase upside. Instead, the process is about creating living space.

Finding a lawyer

best-real-estate-attorney-lawyer-nyc-google-maps
NYC Real Estate Attorney David J Aronstam

If you are still interested in combining your apartments, there are legal issues and ordinances to follow. The city enforces numerous codes. Minimum thermal ratings, mechanical code, plumbing code, and the fuel gas code are several that need to be met in any renovation.

The entire process is paperwork intensive as well. A PW1, PW3, and TR1 form are required to before completing any construction. Avoiding complications requires that all technical documents be complete. The department of buildings plan examiner reviews and signs off on every plan.
You need to understand the laws and regulations impacting your project. A lawyer helps cut through the clutter, getting you working towards more space with ease.

We help our clients approve and draft plans. With over thirty-five years of experience, we have seen nearly everything. Get in touch with our highly regarded law office today to start the process of combining apartments in New York City.

David J. Aronstam, Esq.
Attorney at Law
(646) 759-0400

 


Resources

Combining Apartments: Alteration Applications. City of New York. 2019, https://www1.nyc.gov/assets/buildings/pdf/code_notes_combining_apt.pdf
Miller, Jonathon. Combinations: Creating a Larger Manahtten Co-op or Condo. Miller Samuel Inc. 20 Apr 2014, https://www.millersamuel.com/combinations-creating-a-larger-manhattan-co-op -or-condo/
Want, Carol. Combining Apartments in NYC: Everything You Need to Know in 2019.Sweeten Stories. 25 Jan. 2019, https://blog.sweeten.com/renovation-101/reno-101/combining-apartments-in-nyc/
Zimmerman, Sofia. Thinking of Combining Apartments? Here’s What You Need to Know. 15 Nov 2017, https://streeteasy.com/blog/combining-apartments-nyc-what-to-know-is-it-difficult-duplex -triplex/

Issues that come up in house sales

The average age of a home in the United States is now over 31 years. Meanwhile, the housing market continues to explode in New York, driving prices higher. A lawyer cuts through the clutter and gives you an edge in negotiation. With over 35 years of experience, David J. Aronstam understands how to meet your needs.

Should I perform a home inspection?

Aging houses come with a variety of unique problems. Over time, once pristine systems degrade to a point where they are unusable. Air conditioning units, lawns, plumbing, and electricity are not immune to the symptoms of age.

Even if an owner performs their inspection, you should also obtain as much information as possible. Every nasty surprise comes with a cost. Infrared roof inspections look for the smallest crack. Inspectors also analyze vents for air quality, find bad insulation, and more.

Each piece of information gives you and your lawyer an edge in negotiation. It also allows you to request repairs before closing rather than once you in possession of the property.

What do I need to know when closing a home deal?

Negotiation is an intricate process. Both parties seek to obtain the best deal possible. While a home inspection creates complete and accurate disclosure, parties can make certain assurances in any resulting contract.

Typically, the seller generates the first draft of a proposal which the buyer then reviews. Chain of title, mortgage documents, and tax returns are also useful. You should obtain as much information as possible without being overly invasive.

Using a lawyer in the home purchase process

Lawyers help you avoid creating loopholes in a resulting contract. They provide both parties with enforceable repercussions if a party fails to uphold their end of the bargain.

New York is a four corners state. The contract trumps any claim of a verbal contract. Therefore, each party should create as a complete a document as possible. Typically, the seller generates the first draft of a proposal which the buyer then reviews. Chain of title, mortgage documents, and tax returns are also useful. You should obtain as much information as possible without being overly invasive.

We help clients obtain the total picture without jeopardizing rapport built during negotiation. Each party wants the best prices possible.

Obtaining an assurance when buying a house

At times, a seller needs to meet certain requirements before closing a deal. They must address issues discovered during the inspection process. There are also times when a buyer obtains a promise of an enhancement prior to sale.

Conditional contracts are not unusual. An entire area of law surrounds these promises. Lawyers ensure that documentation is in place to preempt alternative contracts. When it is in the best interest of each party to meet specific conditions, you should contact a lawyer.

Housing Finance

Once the seller meets assurances and parties agree on a price, the buyer often needs to obtain a loan. Sellers must also pay off mortgages.

Lenders require extensive documentation compared to before the crash. We help clients give only what is necessary to ensure that their sale proceeds without conflict.

In any situation, a lawyer helps when purchasing a home. Our legal professionals have decades of experience in the hot New York real estate market.


Contact us today to find out more.

David J. Aronstam, Esq.
Attorney at Law
85 Broad Street 28th floor
New York, New York  10004
(646) 759-0400
dja@aronstamlaw.com


Resources

Barry, Sean. NAHB: The median age of US housing continues to climb. ConstructionDive. 2017 Jan. 6. https://www.constructiondive.com/news/nahb-the-median-age-of-us-housing-continues-to-climb/433512/

Court Excludes Parole Evidence Where Contract is Complete, Clear, and Unambigouous. Freiberger Haber LLP. 21 Aug 2017. https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/

Im, Julius. 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018,

7 Important Facts About New York Landlord and Tenant Laws

Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018, https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp

 

Do I need a lawyer for my NY real estate purchase?

A lawyer is not a necessity when purchasing a home. However, there is no reason to avoid obtaining professional help. Home prices rose 6.8 percent in 2018. The state continues to be a popular choice for buyers despite a small population decline. The law office of David J. Aronstam help prepare documents, complete contracts, and obtain the assurances helping you find your dream home.

What do real estate attorneys do?

Real estate attorney help clients obtain property without a significant burden. We help clients obtain the most value from your home at the lowest cost even while charging a fee.

We look over lending documents, assure that permits are obtained, review claims and title to help avoid conflicting claimants and close loopholes in your closing contract. This grants peace of mind and can help avoid hidden costs.

How can I protect myself in a real estate contract?

The average home in the United States is over 31 years old. This increases significantly in places such as Buffalo and New York city where famous brownstones were built over one hundred years ago.

Old homes come with significant problems. Unclean vents and ducts may create a toxic environment. Lawn, interior, and structural issues left unchecked worsen with time. A home inspection provides a deep understanding of these issues while a lawyer can create a conditional contract giving you the right to purchase a home.

Breaking a contract carries legal ramifications. The entire economy revolves around the ability to uphold promises and honor contracts. As a four corners state, any terms left out of a document are not considered to be part of the agreement.

Can a lawyer help me if I am selling a home?

Lawyers help buyers and sellers alike. We specialize in real estate law and help everyone equally.

Sellers face an equally monumental task. They need to transfer title and other elements of ownership to their prospective buyer and assure that the price is paid.

The contract is important for both parties. Sellers want to ensure that the condition of the property on sale is clear and avoid paying for loopholes and mistakes in the future. Fraud is a serious concern.

Sellers may also need to rectify issues in their property or meet the demands of the buyer. Lawyers place precise terms in the contract to avoid overburdening the seller.

Lawyers provide peace of mind to all parties involved. In the case that a contract is breached, or the price is left unpaid, we represent our clients in court.

Financing a home

One of the more unknown features that a lawyer helps with is obtaining a mortgage or funding for a home. The average down payment on a home in the state of New York is ten percent.

Unlike in the past, lenders want to assure that the people they loan to can pay back what they owe. Banks and other institutions require extensive documentation and proof of income before they are willing to hand out hundreds of thousands of dollars. A credit score is simply not enough.

We help clients prepare documentation and avoid giving away too much information. Your privacy is critical and can affect future decisions.

Home ownership is not a light matter.  A lawyer helps in every step of the purchasing process. Get in touch with an expert NYC real estate lawyer to help you close a successful real estate transaction.

David J. Aronstam, Esq.
Attorney at Law
85 Broad Street 28th floor
New York, NY 10004
(646) 759-0400
dja@aronstamlaw.com


Resources

What should a real estate lawyer be experienced in?

what-should-nyc-real-estate-attorney-be-experienced-in-01What should a real estate lawyer be experienced in? Real estate lawyers help clients prepare documents, obtain proof of income, and negotiate contracts. Your lawyer must understand how to find and close loopholes and promote your interests throughout the entire process. David J. Aronstam has over thirty-five years of experience dealing with real estate in New York and beyond.

What is a real estate attorney?

A real estate attorney is well versed in contract law. Finding loopholes, creating assurances, and enforcing terms make up the bulk of our work.

We also help clients prepare the documentation required to obtain property. Purchasing real estate is complicated. Lenders want proof of income or wealth. In our high demand market, assurances must be made without being superseded by another buyer.

Can a lawyer help me obtain certain assurances in a real estate contract?

top-new-york-real-estate-lawyer-02Contracts should not be one-sided. The average age of a home in the United States exceeds 31 years. Electrical and plumbing components break, and infrastructure degrades over time.

Once you find the perfect location, a home inspection may reveal defects that the seller should fix. However, if the property is highly desirable, this may not always be possible.

A lawyer should be able to draft a conditional contract giving the buyer first rights to a property based on specific assurances. New York allows for conditional agreements.

What goes into a contract?

Promises, assurances, and contracts form the basis of nearly every economy. Contract law started here before the country even existed. Your lawyer must know what goes into a deal and willing to spend the time and effort to promote your interests thoroughly.

Our law offices carry thirty-five years of experience in real estate to every client. We understand that each situation is unique and are ready to thoroughly prepare the documents you need to avoid a future headache.

Unique laws and bylaws in New York City

The big apple is a vibrant community. People from all over the world want to be a part of our city. A hot real estate market led to rising prices.

Both the city government and the people sought to control rent and limit price increases starting in the 1970s. Old and new tenant law governs prices for multi-home dwellings.

Co-op apartments are a practically non-existent form of housing outside the city. A board of directors’ places restrictions on who purchases shares and the rules they need to follow.

Real estate lawyers in the city need to know how to navigate this environment. Contracts bring new dimensions not found in the rest of the state.

Beyond the purchase

nyc-real-estate-law-expert-lawyer-03Matters related to your home purchase extend beyond the final purchase. These issues range from managing defects to obtaining financing.

New York requires sellers to provide a disclosure statement. Any significant defect must be known at the time of sale. Failure to reveal problems is actionable.

Once you decide to purchase a property, there is also the need to secure funding. Lenders want to know that you can pay your mortgage. They want proof of income and assets.

Our team prepares every document and deals with any unforeseen circumstances. Get in touch today for an advocate in the real estate market.

David J. Aronstam, Esq.
Attorney at Law
85 Broad Street 28th floor
New York, New York  10004
(646) 759-0400
dja@aronstamlaw.com

Purchasing a house in New York, do I need a lawyer?

do-you-need-lawyer-purchase-house-new-york-01Purchasing a house in New York, do I need a lawyer? Although not required when making a home purchase, a lawyer gives buyers and sellers an advantage in a home purchase. A real estate lawyer can help you achieve every item on your New York real estate closing checklist without conflict. David J. Aronstam has over thirty-five years of experience in this area of law and can help with any contract or negotiation.

Rising prices in an aging market

The average age of a home in the United States continues to climb. At 37 years in 2015, repairs are not uncommon. Constructed completed on more than half of owner-occupied buildings in the country before 1980.

These homes require attention. Ducts need to be clean, roofs repaired, and interiors thoroughly inspected. The closing checklist is extensive, and your dream home may require some attention.

Meanwhile, the exploding prices grip the nation. The cost of homes exceeds the point reached before 2008. Sellers aim to achieve the highest price possible. Closings are hotly contested.

How can a lawyer help me build a house?

attorney-legal-to-build-house-new-york-02A real estate lawyer irons out the fine points of a contract, closing loopholes and providing peace of mind. It is customary for the seller’s attorney to draft the first draft of a sale. The buyer needs to ensure that the proposal is fair.

Your attorney also helps establish title to the home. As we other fields, we resolve claims and help recreate the chain of ownership. Liens and violations of ordinances create a headache for any buyer.

When the deal closes, your attorney helps review documentation such as deeds, tax returns, and mortgage documents. Failing to obtain any of these documents properly leads to complications down the road.

The role of a lawyer does not always end once the deal closes. Negotiation often produces specific guarantees. With the average of age of a home, these assurances relate to everything from duct and yard repair to plumbing and electricity.

Your lawyer is crucial if a party fails to uphold their end of the bargain. We help to enforce the terms of your contract.

Understanding the lending process

mortgage-lending-for-ny-house-purchase-attorney-03Housing prices are astronomical. Lenders want to assure that they will get their money back. Unlike in the 2000s, they request extensive proof of income and even require character references. Establishing substantive proof of your ability to pay helps avoid the same issues leading to the 2008 crash.

We help our clients prepare documentation and avoid any pitfalls in the lending process. You should never give any more information than you need to any lending institution. We also help you gain an understanding of the total cost of your future purchase.

Do I need a lawyer to buy a house?

It is not necessary to use a lawyer when buying a house. However, not using a lawyer allows problems to grow uncontrollably.

We strive to ensure that each party achieves a fair agreement. Expert training and experience allow us to identify and overcome issues in the purchase process quickly. Never get caught with a bad title or in unlivable conditions.

If purchasing a house in New York, do I need a lawyer? No, but you should consider hiring one. The team at the law offices of David J. Aronstam are ready to assist. Get in touch today to find out more.

Condo or Coop

condo-vs-coop-nyc-attorney-lawyer-purchase-buy-01Choosing between a Condo or Coop in New York depends on the needs of the buyer. Coop apartments are cheaper than condos but are tightly controlled by the board. The law offices of David J. Aronstam helps potential homeowners and renters navigate the complex market in the city.

New York City Housing Market

The market in New York City is cooling down. A drop-in population across the state has not dampened the overall market. However, after peaking in 2015, prices across the boroughs continue to decline.

Today, the average price of a condominium in Manhattan is slightly lower than $1 million. The ten to twenty percent drop over the past several years is not slowing down.

However, housing in the city is expensive. With the economy growing and unemployment low, people continue to migrate to and from the area. Supply remains incredibly tight as demand is steady.

What are the benefits of coop housing?

nyc-attorney-to-purchaes-coop-specialist-02Coop housing places control over a building in the hands of a corporation. You purchase shares in the company which grants access to a proprietary lease.

This form of ownership keeps investors and migratory tenants from receiving shares. An elected board creates restrictions and decides what happens when they are violated. Most coop housing limits the number of days an apartment can be sublet. Typically, it is possible to sublet for several days over a two-year period.

Overall, this form of housing is perfect for long-term residents. Prices are forty percent lower on average than for a condo. Some coop apartments take care of utilities and maintenance as well. However, this is not always the case.

However, you do not own the property and are subject to the rules of the corporation. You need to know the requirements for tenancy.

What are the benefits of a condominium?

A condominium offers complete ownership and flexibility. The only limitations are those set by the association governing such tasks as garbage collection and maintenance.

The ability to sublet your apartment with only a permit makes this form of housing attractive to investors and short-term residents. With housing prices remaining high and the typical attractiveness of New York City, you are likely to recoup or even gain more than what was paid for your condo.

Which type of housing should I choose?

top-nyc-attorney-purchase-condo-03Your plan for your new home is crucial to making the right decision. Short term residents with fleeting jobs or those looking to set up a rental property should purchase a condominium. Others who plan on staying may benefit from the lower cost of a coop apartment.

Coop housing also comes with a more rigorous approval process. Even after going through in-person interviews with the board and showing the required paper trail, you may be rejected. Most foreign buyers do not have enough proof to be vetted.

The down payment for a coop is normally 20 percent, double that of a condominium. Even if you put down the money for shares, the restrictions placed on ownership may exceed what you can afford.

Meanwhile, the flexibility of a condominium and lower down payment comes at a cost. Real estate is expensive in the city.

Do I need a lawyer?

Choosing between the two types of housing can be difficult. We help clients obtain the proper documentation and better understand any contract they are about to enter.

Get in touch today to better understand the housing market in New York City.

David J. Aronstam, Esq.
Attorney at Law

85 Broad Street 28th floor
New York, New York  10004
(646) 759-0400
dja@aronstamlaw.com

Points to Consider When Buying a Condo in New York City

legal-points-for-buying-condo-new-york-city-01What are some points to consider when buying a condo in New York city? Rent prices in New York City are astronomical. The average studio rents for over $3000 per month. The price of such an apartment is nearly three times as high as the mortgage on the average home in the United States.

Condos offer a more affordable alternative to renting in the city. With over 35 years of experience, David J. Aronstam stands ready to help solidify the contracts and resolve disputes in your quest for affordable living.

Are there alternatives to renting an apartment in New York City?

attorney-condo-purchase-nyc-02Apartments are expensive. This issue is not new. In fact, price controls from the 1970s targeted the skyrocketing cost of rent. In part due to this, New York City is one of the three most expensive locations in the country. The market devised several solutions to deal with prices for those seeking long-term ownership.

Condos and co-ops are the perfect solution to home ownership. While co-ops reduce costs by over forty percent, they carry strict regulations and place your shares under the control of an elected board. Condos may or may not reduce the price of living. If you are renting from a condo owner, the prices will surely be the same. However, depending on how much you are willing to pay up front, your cost of ownership can be drastically lower.

Buying a condo in New York City

At any given time, there are more condominiums on the market than co-op housing. They provide easy access for certain buyers looking for a permanent home in the city.

Condominiums in New York City are not inexpensive. The average price is nearly $800000. Still, for those with long term plans and a significant amount of capital can capitalize on potentially lower monthly rates.

What laws govern condomiums?

legal-points-buying-condo-nyc-03When buying a condo in New York city, the contract between the buyer and seller establishes price and can help guarantee the condition of the property. As a significant investment, it is necessary to cover every base. Buyers may want certain assurances and sellers want their exchange to work smoothly.

Owners and prospective owners may choose to rent their property as well. Investors are not discouraged from buying a condo as is the case with co-op housing. In this case, the state provides certain restrictions.

Condominium associations are governed by Article 9-b of the Real Property Act. Not every building is automatically considered a condominium under the Condominium Act either. A declaration and bylaws are required by state law.

Any transfer, governance, or obligation is managed by the Real Property Act and state law. Landlords must obtain insurance and offer leases for nearly one year. They must also deal with the condominium association. Rules imposed by the homeowners association are enforceable.

Contract and dispute resolution

Once a contract forms, disputes are not uncommon. Loopholes may cause an understanding to fall apart in court. New York is a four corners state. The contract is taken at face value but loopholes allow intent to take precedence.

I am an expert in resolving disputes without further damaging the relationship between parties. I help buyers, sellers, and associations reach common ground and cover every base in any property transaction.

If you are looking for a property or embroiled in a dispute, I can help. I am an expert New York City property attorney today.

David J. Aronstam
(646) 759-0400

https://aronstamlaw.com/

———

Resources

Court Excludes Parole Evidence Where Contract is Complete, Clear, and Unambigouous. Freiberger Haber LLP. 21 Aug 2017.
https://fhnylaw.com/court-excludes-parol-evidence-contract-complete-clear-unambiguous/

IS it Worth Buying a Coop in NYC? Hauseit. 2019,
https://www.youtube.com/watch?v=9drLEEO-SDE&app=desktop

Im, Julius. 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018,
https://www.avail.co/education/articles/7-important-facts-about-new-york-landlord-and-tenant-laws

New York Property and Real Estate Laws. FindLaw. 2019,
https://statelaws.findlaw.com/new-york-law/new-york-property-and-real-estate-laws.html

New York Condo Association Rules. Griffen and Alexaner P.C. 2018, www.lawgapc.com/practices/community-association-law/new-york-condo-association-rules/

Rent Control. New York City Rent Guidelines Board. 2019, https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page

Sarac, Florentina. Condo vs. Apartment: Which One Should You Choose When Renting? Rent Café. 21Nov. 2018. https://www.rentcafe.com/blog/renting/condo-vs-apartment-which-one-should-you-choose-when-renting/

Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018,
https://www.investopedia.com/ask/answers/101314/what-do-real-estate-attorneys-do.asp

What is the Difference Between a Condo and a Coop? Law Offices of Craig Delsack, LLC. 2019,
http://www.nyccounsel.com/real-estate-condos-coops/what-is-the-difference-between-a-condo-and-a-coop/