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Potential complexities of New York real estate transactions

If you want to buy or sell real estate in New York, it may involve complicated negotiations and legal processes. There are unique laws that cover financing, vacant land transactions, land-use approvals, zoning and many other real estate issues. New York contains a diverse mix of real estate, including traditional residences, apartment buildings, farm land, commercial properties and cooperative apartments. Here at Bashian P.C., we have helped many clients successfully navigate New York real estate transactions.

If you are planning to purchase property, there are several steps you may need to complete before signing the closing papers. Depending on the type and location of the property, you may need to obtain inspection reports, land surveys, environmental data and title reports. Homeowners association agreements may also apply to residential properties. There may be important financial and investment documents related to buying and selling cooperative apartments.

Leasing and sub-leasing may require detailed negotiations. Once you have reached an agreement with everyone involved, you usually need to draft a specific document detailing all the terms of the leasing arrangement. There may be different requirements for residential and commercial leases. Zoning and land-use laws may also affect the terms of your purchase or lease. For example, you may have to work with municipal organizations on issues relating to historical and architectural review.

Financing may be another aspect of a real estate transaction that benefits from legal representation. Financing agreements may impact both the buyer and seller, especially when there are unique lending situations such as VA loans or FHA 203K Rehabilitation Loans. When conventional options are inadequate, refinancing may require you to use unique procedures, such as Consolidation and Extension Mortgage Agreements. Our web page on real estate transactions may provide more detailed information on these topics.

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