Reliable Legal Counsel On Purchases And Sales Of Real Estate

Buying and selling residential real estate can often be a confusing and difficult-to-navigate process, particularly if you are a first-time homebuyer. In most cases, it is a good idea to consult with an experienced real estate attorney in order to ensure the process goes as smoothly as possible. In fact, for New Yorkers, hiring an attorney is common and a necessary part of any residential real estate transaction.

Since even the smallest mistake during a real estate transaction can create costly problems down the road, you need a knowledgeable lawyer by your side – you need help from the Napolitano Law PLLC.

Whether you are looking to buy or sell, attorney Phil Napolitano will use his 25 years of legal experience to personally guide you through the real estate process. We have seen it all when it comes to New York residential real estate, so contact us today and schedule your free initial consultation. You can reach us online or call our Bronx office at 718-414-6175. Se habla español. We have bilingual staff on hand.

Real Estate Buy-Sell Processes: The Basics

While every real estate transaction is different, a great many deals involve some of the same common steps, including:

  • Purchase offer/agreement: Once a potential buyer finds a home he or she wishes to buy, the first step is to make an offer on the house. This may or may not be done in writing and is often done with the assistance of licensed real estate agents/brokers. Most purchase offers contain various contingencies, meaning the buyers can get out of the agreement if certain conditions are not met, such as the house failing an inspection. At this time, the buyer and seller may also negotiate the terms of the sale, including the price and closing date.
  • Inspection: After an offer is accepted, many buyers elect to conduct a professional inspection of the home. As mentioned above, if the inspection reveals significant issues, the buyer may have the option of walking away from the deal. Once the buyer is fully satisfied with the condition of the home, the parties will enter into an official contract.
  • Contract signing: A real estate contract is a complex legal document and should never be signed without the representation of an attorney. Upon signing the contract, the buyer will tender a down payment which will typically be held in escrow by the seller’s lawyer.
  • Mortgage approval: If the buyer is getting bank lender financing, he or she will need to apply for a mortgage. It is crucial to complete this step in a timely manner, as it can take a month or more to get lender approval. The buyer should always provide the lender with all required documentation and information, especially since he or she does not want to jeopardize the deal by failing to get financing in time.
  • Title search: A title search is typically done on the property during the mortgage application process, which is necessary to ensure there are no existing liens on the property or defects in the title. All seller liens should be addressed and cleared up before closing. Even if the buyer is not using bank financing, he or she must still conduct a title search, which the Napolitano Law PLLC can assist with. Once the title is clear and the lender approves financing, a closing is scheduled.
  • Walkthrough: A day or so prior to closing, the buyer will want to do a final walkthrough of the property to make sure it is still in the same condition it was the last time he or she saw it. He or she will also want to make sure the seller completed any agreed-upon fixes/repairs.
  • Closing: At the closing, the buyer and seller will sign and receive all final closing paperwork, including the title and all loan documents. While all of these documents may seem daunting, attorney Phil Napolitano will carefully explain each. Be prepared to also pay what is owed at the closing, including closing costs and any balance of the down payment.

Do You Have Questions About Buying And Selling New York Real Estate?

Most people do not buy or sell real estate every day, so they are unfamiliar with many important aspects of the process. Whether you are located in the Bronx or elsewhere in New York, it can help to understand the following:

How can an attorney help with buying or selling real estate in New York?

Buying a piece of real estate may be the biggest financial transaction you ever make. An attorney can assist with title searches and make certain that the property is free from encumbrances that could affect a property’s use or value – and debts that could transfer to the new owner. They can also review contracts for issues affecting their legality and terms that are uniquely disadvantageous.

New York has long had some of the most complicated seller disclosure requirements in the nation. In addition, the Property Condition Disclosure Act enacted in 2002 was amended in 2024 to eliminate the ability of sellers to avoid answering detailed questions about their property in exchange for a $500 credit to the buyer, putting further emphasis on a seller’s obligations to provide full and fair disclosures to would-be buyers. Sellers can best protect themselves from future litigation over improper disclosures by obtaining early legal guidance.

Do I need an attorney to review a real estate contract?

New York state law requires you to have an attorney to process all contracts and represent your interests at closing. Having an attorney assist with your negotiations, prepare the initial sales contract and review the final contract before it is finalized is not only legally necessary but the best way to protect your interests.

What is an attorney review?

It is critical to reserve the right to have an attorney review any binding real estate contract. In general, each contract prepared by a real estate professional is “subject to attorney review” within three to five business days. If the review reveals issues that create disagreement between the buyer and seller, last-minute changes can be proposed by either side. If the parties cannot agree, the contract becomes void.

Get In Touch With A Real Estate Attorney

Whether you are buying, selling or leasing a residential or commercial property, the Napolitano Law PLLC will guide you from start to finish and explain what you can expect, both procedurally and financially. We can help draft, review and execute all relevant agreements. Even if you have already made or accepted an offer, it is not too late to call us at 718-414-6175 or send us an inquiry online. We can even assist with foreclosures and short sales.