New Construction Real Estate Closings: $850

New Construction Real Estate Closings: $850

Buying a New Construction Condo or Coop is different than buying a “used” Condo or Coop. The closing attorney must do his/her due diligence properly before proceeding with the transaction.  Our new construction closing lawyers have handled many transactions involving new constructions and are well qualified to adequately represent any buyer of a new construction condominium or coop unit.

We charge a flat fee of $850 from contract to closing; the fee includes the services listed below.

FOR BUYERS OF NEW CONSTRUCTIONS:

  • Review, negotiation and explanation of the contract of sale,
  • Review of the offering plan and the limited warranty provided by the developer,
  • For buyers that will be getting financing, review of the mortgage commitment and correspondence with the lending institution,
  • Negotiating & resolving any issues (including “punch list” items) prior to closing,
  • Correspondence with the seller’s attorney, title company, and lending institution,
  • Preparation for closing, including reviewing the title search to ensure there are no liens and judgments against the unit,
  • Review of the certificate of occupancy for the building,
  • Review of any applicable tax abatements (including the 421(a) tax abatement),
  • Representation at closing.

NOTE: in New York, it is customary that the purchasers of a new construction condo or coop unit pay the sponsor’s closing costs. Purchasers should be aware of this when negotiating the purchase price. Feel free to Call Us for a more detailed explanation.

FOR SELLERS OF NEW CONSTRUCTIONS:

  • Preparation, negotiation and explanation of the real estate contract,
  • Resolving any issues (including “punch list” items) prior to closing,
  • Correspondence with the buyer’s lender to ensure the buyer is complying with the bank requirements in order to facilitate the mortgage process.
  • Correspondence with the buyer’s attorney and title company.
  • Preparation for closing, including obtaining payoffs for any liens and judgments against the seller and/or the condo unit.
  • Representation at closing.

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Our condo closing attorneys have handled many condo closings in all areas of New York , including all 5 boroughs of NYC (Manhattan, Brooklyn, Queens, Bronx and Staten Island), Long Island (both Nassau and Suffolk county), Westchester county and upstate NY.

Our real estate lawyers look forward to helping you. Call us today.

Please note that we also represent clients with respect to Condo Refinancing.

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