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Purchase and Sale of Residential & Commercial Real Estate (Closings)

Whether you are first time buyer or an experienced investor, the Law Offices of Nathan Pinkhasov, PLLC can help you navigate through the maze of purchasing commercial and residential real estate in New York.

Our approach is to provide you with your all your options in order for you to make an informed decision.  Our knowledgeable staff thoroughly explains the closing process to you –from the review of the engineer report to contract review and negotiations to the actual closing.

Houses

With house closings, the crucial thing to understand is that, with the exception of certain representations1, the purchaser is buying a home in its AS IS condition.  As such, it is important to obtain an engineer report, including a termite inspection.  And if you are obtaining financing it is important to work with a knowledgeable lender or mortgage professional as you only get 30-45 days to obtain a mortgage.  We have a network of mortgage professionals that we can recommend to you.  We will hold your hand until we get you successfully to the finishing line – the closing.

Cooperative

We also represent clients with respect to co-op sales/purchases.  When you purchase a co-op, you are actually buying an interest in the corporation that owns the property and you receive a stock certificate. You become a shareholder of the corporation and have a lease over the apartment. Like any corporation, co-op buildings are run by an elected board of directors who determines the rules and regulations of the property.

Before you purchase of a co-op, it is imperative that you have us review the financial statements of the corporation and the related minutes to determine the financial stability of the building.  In addition, co-op buildings may have restrictions on subleases and resales, an unfriendly pet policy, and have owner’s transfer fees.

Condominium

The purchase of a condominium is unique in that a condominium has similarities and differences with the purchase of a cooperative apartment or a house.  With a condominium, you are actually purchasing real estate, unlike with a cooperative unit, where you are purchasing interest in the corporation that owns the property.  Condominium associations do, however, have a board of directors that makes decisions regarding rules and regulations of the association, as well as financial decisions of the company.

A thorough review of house rules, financial statements and bylaws is a key when considering purchasing a condominium.

Commercial Property

With commercial closings, the key is to conduct a thorough due diligence of the subject property.  As such, (i) we review and advise on engineer reports and environmental studies, (ii) review the rent rolls and applicable leases, and send collateral estoppels letters to confirm the information in the leases, (iii) conduct physical inspections to determine the legality of all structures; and (iv) review the title report, survey and prior alta policies.

 


1 The standard representation in the contract is that “the plumbing, heating, and electrical systems will be in working condition at the time of closing.”