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

 

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