Legal Question in Real Estate Law in New York

Re: At what point in the buying process should a lawyer get involved, and other

You should have a lawyer now and at any time before entering into contract negotiations (or offers) for the purchase of property. You can easily commit yourself (unknowingly) if you are w/o knowledgeable counsel in advance.

Inspections usually occur after an offer, that will probably be accepted, but before signing the Contract of Sale or Purchase Agreement.

A "PreApproval" from a reputable lending institution for the sum being offered should be the most you present to potential sellers.

You are correct to believe that too much info, can "muddy" the waters.

Good luck,

Phroska L. McAlister,ESQ

Re: At what point in the buying process should a lawyer get involved, and other

Get an attorney involved sooner rather than later so you can get good advice.

Get an inspector who will look at not only the apartment, but the building and its systems (which you will be assessed for, if there are problems)

Get an appraisal from a licensed appraiser.

Don't disclose your income to the Seller, get pre-approved by a mortgage company or bank.

An attorney will probably want $1000-$1500 to do the job correctly.

Good Luck

Re: At what point in the buying process should a lawyer get involved, and other

At the outset, esp. with a FSBO.

The Board will require you to be approved by them.

The CMA is done by looking at the prices of others units in the building ... why not go/call the management company and inquire? What does the NY Times list as other prices for similar units?

Make the offer contingent on an inspection but remember, in a co-op, you own nothing except shares in the Co-op Corporation and have a proprietary lease.

The legal fee should be a function of the work done, not the cost of the unit...a reputable lawyer will charge that way.

Get your financing lined up also...a seller might want to see a pre-approval letter from a lender (even of you do not use that lender).

Call or e-mail with any questions at 1-212-764-5428 or [email protected]

Good Luck

RRG

Re: At what point in the buying process should a lawyer get involved, and other

You are probably going to pay the same fee for a lawyer whether you hire them at this point or later--so why wait. Purchasing a coop can be a bit tricky. There are some issues that need to addressed early on. Fees will range from $750 to $1500 depending on the attorney.

It is probably not a good idea to let the seller know what your income is. Instead, if you are planning on getting a mortgage, you should try to get �pre-approved� first. The process is fairly easy, particularly if you think that you will qualify for the mortgage that you anticipate applying for.

With respect to your question about comparables, it is not always easy to do. Each apartment may be different in one way or the other. However, you should be able to get a sense as to the value based on the other comparable apartments that you may have seen in the same area. You can also look at real estate listings on the web. You may also note that if you are applying for a mortgage, the bank will not give final approval until they have the apartment appraised. Final approval will be contingent upon an appraisal with a satisfactory value.

If you need further assistance, please feel free to give my office a call (212) 971-1384.