Frequently Asked Questions Pertaining to Real Estate Matters

"We offer a flat-rate fee for our residential real estate clients to provide clarity and help with budgeting. When purchasing a home or cooperative/condominium apartment, it’s important for clients to accurately account for all transaction-related expenses. Our flat rate allows buyers to easily assess total costs and determine whether the property fits their budget. Sellers also benefit from this approach, as it helps them estimate their net proceeds and plan for their next housing decision.

In New York City, only one type of real estate tax is due, payable to the City of New York. In contrast, Westchester County typically requires taxes to be paid to at least two jurisdictions: the County and the school district where the property is located. Additionally, there may be an extra tax for a village within Westchester County. Tax due dates vary based on the type of tax and jurisdiction. For example, in New York City, the tax year starts on July 1, with taxes due quarterly on July 1, October 1, January 1, and April 1. In Westchester County, taxes follow the calendar year (January 1 - December 31) and are due on April 1. School taxes in Westchester County are for the period starting July 1, with payments due on September 1 and January 1.

The title company handling the transaction performs a tax search to determine the amount of real estate taxes owed, their due dates, and the last payment made. Using this information, our attorneys calculate taxes based on the actual closing date. For example, if the seller paid $1,460.00 for Westchester County taxes covering January 1 through December 31 (with a per diem rate of $4.00, calculated by dividing $1,460.00 by 365 days), and the closing occurs on August 31, the seller will be reimbursed $4.00 for each of the 122 days from August 31 to December 31, resulting in a compensation of $488.00. Our attorneys ensure that the seller is compensated for taxes paid beyond the closing date, while the buyer receives a credit for taxes paid prior to the closing.

The property disclosure statement is a questionnaire that sellers of residential property may complete to provide details about the condition, characteristics, and potential hazards of the home. Estate sellers are exempt from this requirement. The questionnaire typically includes around forty questions. While sellers in upstate New York generally complete this form, it is more common for sellers downstate to not provide it. If the completed form is not provided to the buyer, a $500.00 credit is applied to the purchase price at closing.

Title reports and lien searches serve the same purpose: they verify that the seller legally owns the property being sold, identify any mortgages or share loans encumbering the property, and check for any judgments against the parties or liens on the property. In the case of a lien search, the cooperative or condominium building is also examined to ensure there are no concerning records. Our attorneys order the title report or lien search once the contract has been signed by all parties.

We have extensive experience handling transactions involving both condominium and cooperative units. We guide purchasers through the due diligence process, including reviewing the Offering Plan, By-Laws, meeting minutes, and financials. We address unique issues such as sponsor-controlled buildings, construction defects, flip taxes, pending litigation, building violations, unit alterations, financing for new construction, tax abatements, parking, storage units, and other condo and coop-specific considerations. After closing, we continue to assist owners in navigating condo and coop rules as new issues arise.

No unit is too large or small for our firm. Our goal is to give each transaction the attention it deserves.

In addition to handling purchase and sale contracts, we have extensive experience drafting lease agreements for single-family homes. Our leases cover a wide range of properties, from penthouse apartments in the city to estates in the country. We stay up to date with the ever-evolving residential landlord/tenant laws in New York, ensuring that our leases comply with current regulations. Understanding that each leasing situation is unique, we tailor each agreement to meet the specific needs and details of the deal.