Real Estate
The firm's Real Estate practice is divided between two areas: Institutional Lending and Commercial/Residential Real Estate. Our representation of institutional lenders is our fastest growing practice area. Likewise, our residential and commercial real estate practice continues its rapid growth. Whatever your need, we are committed to giving you the highest quality legal services.
COMMERCIAL AND RESIDENTIAL REAL ESTATE
We represent both buyers and sellers of residential real estate, condominiums, planned unit developments and cooperative apartments in addition to negotiating and drafting agreements relating to commercial real estate purchases, sales and leases.
PUTTING YOUR TEAM IN PLACE
RESIDENTIAL REAL ESTATE TRANSACTIONS
The purchase or sale of a home involves not only the buyers, sellers and their attorneys, but also involves the listing and selling real estate brokers, a home inspector, a mortgage banker or broker, an institutional lender, a bank attorney, an appraiser, a title company, a surveyor and an insurance agent.
While the decision to buy or sell a home can often be a stressful experience, with an experienced team working on your behalf, your real estate transaction should go very smoothly. With Meyer & Spencer, you will be assured that:
a Partner in the firm will handle your transaction from contract to closing
you will have an immediate turnaround time on your contract and that no deal will fall through as a result of undue delay
you will have access through referrals to a wide range of experienced real estate professionals with whom Meyer & Spencer has done business
you will have an in-person consultation with your attorney and you will be apprised of all of your rights and obligations under the contract
SELLING A HOME
Generally, the first step in selling a home should involve a consultation with an experienced real estate broker who can advise you on market conditions, the value of your home and strategies for making your home stand out above others. Once the price and terms are reached with the buyers, you should immediately provide your attorneys with a copy of your deed, title report and survey as these items will greatly assist your attorney in drafting the new contract. Since an offer to purchase is not binding until all parties have signed the contract, diligence on your part and the part of your attorneys can prevent the disheartening scenario where the buyers change their mind and find another home. Your estimated costs are listed as follows:
| Broker’s Commissions | 4-6% |
| Recording Fees | $100-200.00 |
| Payoff “pickup” Fee | $200.00 (per lien) |
| NY State Transfer Tax | — $2.00 for every $500.00 |
| NY City Transfer Tax (if applicable) | 1% |
| Attorneys’ Fees | $1,500 |
CO-OPS - - CONDOS
The costs involved in buying or selling a co-op or condominium are similar to that of a residential home. Since a managing agent is usually involved in these transactions, there are usually additional application fees. The seller of a co-op can often face paying a costly "flip" tax.
PURCHASING A HOME
After reaching an agreement with the sellers, the buyers should retain the services of a qualified home inspector and accompany the inspector on his or her tour of the property. The inspection should include all aspects of the property, including, but not limited to, structural, electrical, plumbing, water, radon, termites, and septic and oil tanks. If the inspection passes to your satisfaction, the Seller’s attorney will prepare and forward a copy of the proposed contract to your attorney for review. Your estimated costs are listed as follows:
| INITIAL COSTS: | |
| Engineer/Inspector Report | $ 500.00 |
| Termite Inspection | $ 100.00 |
| Septic Tank Inspection | $ 100.00 |
| Attorneys’ Fees | $1,500.00 |
| Down Payment | 10% |
| LENDER’S COSTS: | |
| Loan Application | $350.00 |
| Credit Report | $ 50.00 |
| Appraisal | $375-750 |
| Bank’s attorney | $750.00 |
| Miscellaneous | $300.00 |
| Points, Tax Escrows, prepaid interest | varies |
| TITLE COSTS: | |
| Title Insurance- Approximately .75% of Purch. Price | |
| Departmental Searches | $450.00 |
| Survey | $850.00 |
| Mortgage Tax | 1.05% of mortgage |
| Recording Fees | $100.00 |
| Miscellaneous Fees | $250.00 |
| Gratuity to Title Closer | $ 50.00 |
Buyers will also be required to pre-pay one year’s premium on homeowner’s insurance and will have to reimburse the Seller for any pre-paid taxes.
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