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Real Estate Lawyer

Started by breadandroses
about 6 years ago
Posts: 4
Member since: Apr 2015
Discussion about
I am hoping to buy the property I am currently renting, and the owner wants no brokers involved (translation: no commission) Its a condo and I already live here so I don't think my Board app will be awful. But I need a really good real estate lawyer. How do I go about finding one in NYC? Does one interview a real estate lawyer? Go strictly on recommendation? Thank much for any advice!
Response by 300_mercer
about 6 years ago
Posts: 10577
Member since: Feb 2007

You do not need to worry about Board app as you long as you fill out all the information needed. It is a boiler plate transaction. So any reasonable real estate lawyer will be fine. You do not need a really good one who will charge by the hour. Ask you friends and colleagues for a reference.

Main checks are no open DOB issues, actually taxes and whether they have been paid, monthly common charges and upcoming assessments, review the financials and of course getting title insurance with lien search. You know the building day to day already.

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Response by 30yrs_RE_20_in_REO
about 6 years ago
Posts: 9880
Member since: Mar 2009

I'll just tell a story about "the owner doesn't want any brokers." Back in 1988 one of my agents came crying to me because a buyer who she had been working closely with found something on their own and it was a good deal because it was direct with an owner who wasn't working with any brokers. I told her find out what it is - tell the buyer "What if we have a listing in the same building which is better for less money?"
And it worked - she found out it was a unit at 77 Bleecker St..... which had been on the market for quite a while... asking less money through brokers than the buyer had negotiated as the purchase price.
My point simply being Caveat Emptor - if you don't want a broker involved make sure you do your own research and don't just take an adverse party's word that the only reason is the fee.

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Response by UptownSpecialist
about 6 years ago
Posts: 139
Member since: May 2013

Don't underestimate the board application- though with a good attorney it shouldn't be too much of an issue. It's not as boilerplate as it looks as more and more managing agents are treating condo and co-op applications nearly identically in terms of what they expect to see in the application. Sometimes the ego has to be taken down a peg- and a good attorney can help with that.

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Response by KeithBurkhardt
about 6 years ago
Posts: 2987
Member since: Aug 2008

What 30 said. Most owners definitely price with an emotional premium. If you email me off board I'll be happy to send you a very good attorney referral. If you need assistance with the condo application, look up a company called Amp board package preparation.

Best of luck!

Keith

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Response by streetsmart
about 6 years ago
Posts: 883
Member since: Apr 2009

I have a very good Real Estate attorney, also reasonable

Please email me for the name: ellensilverman@esfundingco.com

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Response by breadandroses
about 6 years ago
Posts: 4
Member since: Apr 2015

Yes, 30, I'm not pleased about cutting out a broker. I would not do it this way if it were my choice. I feel like its flying without a net

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Response by nyc_sport
about 6 years ago
Posts: 809
Member since: Jan 2009

The owner says no broker just because he/she does not want to deal with the seller pays concept that is universal in our real estate market. There is nothing stopping you from retaining (and paying on your own) a broker or other market professional to guide you as you wish.

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Response by 300_mercer
about 6 years ago
Posts: 10577
Member since: Feb 2007

Makes sense. Why not hire a broker/appraiser to give you pricing advice or any other advice you need? Use Miller Samuel for appraiser. They are the most respected.

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