Our attorneys at Pryor Law have decades of experience in handling all aspects of real estate law. Whether you’re looking to buy or sell a home or are involved in a real estate dispute requiring litigation, the real estate attorneys at Pryor Law have the experience and dedication to guide you through your legal matter. Our partners at CI Elite Home Services can help you locate a property that fits your needs, and our real estate attorneys at Pryor Law can help ensure your transaction proceeds problem-free. Contact us today for a free, no-obligation evaluation to discuss your real estate matter.
Real Estate Transactions
Whether it’s for commercial or residential use, the purchase or sale of real estate is often convoluted and challenging to navigate. Real estate transactions typically involve contract negotiations, sale agreements, title examinations, and much more. Our real estate attorneys at Pryor Law are highly experienced and provide our clients with quality legal services to ensure your real estate transaction proceeds smoothly. We can help mitigate and resolve any problem that may arise, such as a lien on a property or closing day issues, to ensure the transaction process goes forward without any issues.
Real Estate Contracts
A contract is the foundation of all real estate transactions, whether it is for residential or commercial use. Real estate contracts set forth the terms of the transaction in a formal agreement to ensure you are protected if a dispute were to occur, and an incorrect or poorly drafted contract of sale can cause profound financial implications for both buyers and sellers. A typical contract of sale states the price of a property, closing date, certification of occupancy validity, and many other obligations or contingencies related to a property’s sale. For example, if a seller wishes to purchase a new home before completing the sale, a real estate contract should include provisions that make the sale contingent on their ability to close on a new home.
Real estate contracts often evolve as negotiations proceed; problems with the structure of the property or the title of the property may arise during the transaction, requiring additional amendments or provisions to be included in the contract. For this reason, both buyers and sellers should retain the services of an experienced real estate transaction attorney.
Real Estate Closings
Real estate closings are required in New York State and typically occur 60 to 90 days after the contract of sale has been signed, and escrow has been accepted. Real estate closings ensure that both the buyer and seller in a real estate transaction have completed their necessary commitments to ensure a clean title transfer and require an abundance of time and effort by both parties {1}.
In New York, real estate closings begin with a title search and examination through public records to verify a property’s legal owner and determine any liens or debts owed against the property. Mortgages, estates or trusts, and other information related to the property’s title are accessed, prepared, and reviewed by the closing agent. Once all necessary documents have been prepared, a closing date is scheduled with both parties of the transaction. On the day of the closing, the seller signs the property’s deed along with a closing affidavit. During this step of a real estate closing, the buyer signs the new title and mortgage as the seller pays off any debts related to the property. Adjustments will also be made so that each party pays its share of relevant expenses for the property. For example, if the closing is on the 15th and a month has 30 days, both parties will pay for half of the monthly expenses for the month of the closing. After the signing has been completed, payment is made by the buyers, and transaction documents are recorded in the property’s county clerk.
Zoning Restrictions
Zoning restrictions and regulations are important to consider before purchasing real estate, as they determine how a property can be used. Most properties are zoned for commercial, residential, or mixed-use. Each municipality has varying subdivisions of each type of zoning. This can present grave problems for buyers looking to redevelop a parcel of land. For example, a buyer may purchase a single-family home to remodel as a multi-family property. Although this may be considered a residential property, local zoning codes may prohibit these modifications, thus jeopardizing your investment. When addressing a potential zoning issue, it is essential to consult with an attorney with in-depth knowledge of local zoning regulations. Our real estate attorneys at Pryor Law frequently work with architects and other professionals to review zoning regulations to ensure any issues that may affect your real estate investment are brought to light and handled accordingly.
In addition to the services outlined above, the real estate attorneys at Pryor Law and our partners at CI Elite Home Services can also help with the following transactional matters:
- Leases and sublets
- Financing and mortgages
- Property inspections and surveys
Real Estate Disputes
In addition to real estate transactions, the attorneys at Pryor Law handle real estate disputes, which may arise with neighbors, co-owners, or other interested parties. Even if a real estate transaction proceeds without any problems, issues or disputes may arise down the line. Our attorneys at Pryor Law handle a variety of residential and commercial real estate disputes, including the following:
- Foreclosures: Lenders and financiers often foreclose upon a property when owners fail to make mortgage payments. Additionally, municipalities may foreclose upon a tax lien.
- Contract Disputes & Breach of Contract: Contract disputes arise when a party to a real estate transaction fails to carry out their obligations under the contract. These disputes can be resolved through mediation or arbitration; however, litigation may be required in some instances. Some examples of contract disputes include undisclosed title or financing problems, failure to pay the contract deposit, and much more.
- Mechanic’s Liens: A mechanic’s lien is a legal tool used by licensed contractors, suppliers, and other related parties to recover unpaid fees. Whether you are a contractor, subcontractor, or property owner, we can help establish, enforce, or dispute your mechanic’s lien. Click here for the New York Mechanic’s Lien laws and regulations.
- Lease Disputes and termination: Whether it’s a commercial or residential property, disputes may arise between landlords and tenants regarding payment or rent escalation, property maintenance, or other issues involving the terms of a lease.
- Ownership and title disputes: Ownership and title disputes typically occur between owners with diverging interests. When a property is owned by several parties such as family members, separated couples, or real estate investors, associated disputes may arise. Resolving ownership or title disputes can be resolved in several ways and may require litigation.
- Eminent Domain: Eminent Domain is a legal mechanism used by the government to take private land for public use. Often, the governmental entity doing the “taking” does not fairly compensate the property owner. Therefore, an experienced real estate attorney is required to sue to recover the full value. Pryor Law has obtained seven figure judgments in eminent domain cases.
- Broker/Agent disputes
Real Estate Litigation
The real estate attorneys at Pryor Law specialize in resolving real estate disputes that may lead to litigation. Disputes requiring litigation often involve hefty damages, making the services of an experienced real estate attorney invaluable. Unlike most real estate law firms in New York, our attorneys at Pryor Law are experienced trial lawyers. We will take your case to trial if the opposing parties do not offer reasonable terms to settle your dispute.
The attorneys at Pryor Law are dedicated to protecting your legal interests in real estate negotiations, transactions, and disputes. Whether you are looking to buy or sell a property or need an attorney to resolve a real estate dispute, consulting with an experienced real estate attorney is crucial. We work closely with our clients to ensure their legal rights are protected. Call us at (718) 829-0222 or fill out our contact form for a free, no-obligation consultation to discuss your real estate matter. We are located in the Bronx, NY, and our experienced real estate attorneys are ready to fight for you.
{1} “Clean title” means that the title insurance company has done its due diligence and has determined the sellers are the sole owners, and no other individuals or entities are making claims against the property.
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Pryor Law
292 City Island Ave., Bronx, NY 10464
Phone: 718-829-0222 | Email: info@pryorlaw.com
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