New clients: please list the firm's contact information on the contract. Thank you!
The Buying & Selling Process
Contract negotiations & execution
Client works alone/with agent.
The fully executed real estate purchase and sales contract is forwarded to the attorneys. Buyer pays deposit.
Attorney approval
Attorney reviews the contract and makes changes with the opposing party.
Most New York real estate purchase and sale contracts provide for a 3-day attorney approval period.
Due diligence
Both parties may only be released from the contract if a contingency clause cannot be satisfied.
Common steps:
* Title searches including municipal searches
* Obtain a mortgage
* Appraisals
* Inspections
* Survey
* Exchange entity documents
Renegotiations
Address any issues that arose during the due diligence phase
For the purposes of the inspection, a substantial defect is defined as any single item that could reasonably cost more than $1,500 to repair.
Closing
Both parties should attend a final walkthrough to address any last minute issues at the property.
At the closing, buyer supplies certified funds and executes transfer documents with the seller. Keys and codes are exchanged and the new owner is encouraged to change the locks. The parties transfer private utility services accounts such as National Grid and Spectrum.
Other real estate issues
Refinance and reverse mortgage, commercial and residential leases, trust/LLC ownership, gift transfers
For closing services, please list Di Ma's Law Firm PLLC as your attorney on the real estate contract.
New York State real estate forms & tips
Some of the documents and issues I review with the clients.
Rent vs. Buy?
This is a personal decision. Here is a complimentary online calculator provided by Pro National Title Agency.
Did you know about IRS's primary home exclusion?
Never forget about taxes, insurance, and repairs!
TP-584
Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax.
RP-5217-PDF
New York State Real Property Transfer Tax Form, must accompany the deed upon filing with the County Clerk.
LET'S TALK ABOUT TITLE INSURANCE...
What the heck is it & is it the same as homeowners insurance?
Title insurance protects the buyer against losses that result from an error in the title. This is a one-time purchase, usually at the closing time, and is different from homeowners insurance. An owner’s title insurance policy can protect against the following list of legal issues:
★ Property survey errors
★ Boundary disputes
★ Errors on the property deed
★ Conflicting wills
★ Claims by an ex-spouse who did not authorize the sale
★ Claims related to a forged Power of Attorney
★ Liens from contractors, taxing authorities, or previous lenders
★ A former owner’s unpaid child support
★ Encroachments
★ Improperly recorded documents
Homeowners insurance provides coverage to repair or replace the home and its contents in the event of damage and is renewed annually. Lenders usually require both types of insurance. Buyers should be well-informed if declining coverage.
Do I have a good title?
Before your closing occurs, I will order a title search on behalf of you and any lenders. The title company searches for public records related to your new property to try to find any title defects - liens, easements, or encumbrances that could affect your or the lender’s property rights.
Liens: placed on the property by a contractor, tax authority, or lender.
Easements: a third party’s right to use your property pursuant to a written agreement.
Encumbrances: liens and easements, zoning laws, restrictive covenants imposed by homeowners associations, and leaseholder rights.
The title company searches public records including deeds, mortgages, divorce decrees, child support orders, court judgments, and tax records. I will work to fix any defects revealed in the title search.
What are Lender’s & Owner’s title insurance policies?
A lender’s title insurance policy protects the financial interests of your lender. The lender usually requires you to purchase this title insurance any time you take out a new mortgage. A discount may be available if you are refinancing a loan that is less than 10 years old.
An owner’s title insurance policy protects you. For an owner’s policy, the coverage amount is usually equal to the purchase price or future market value and remains in effect for as long as you or your heirs own the property.
In New York, the fees for title searches and policies are standard. I work with title experts who possess a robust understanding of the legal requirements and are experienced with diverse lenders.
Do I really need to buy title insurance?
Insurance of any kind will always be something clients hope to never use. It is a small price to pay to protect your financial interests in case anyone challenges the title after you close on your new property. If you decline title insurance during your real estate closing, please do so with full awareness of the risks.
Happy buying & investing!