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NY Real Estate Closings
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Date: December 16th, 2014 6:25 PM Author: Aqua round eye bros any experience with these? Buddy's dad is an attorney outside the city and said would teach me the ropes - but prefaced it by saying it's not rocket science, and I would have the hang after attending a couple closings with him. This seems like cake money if you can get the business? (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26943679) |
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Date: December 16th, 2014 10:15 PM Author: Arrogant talking death wish library is he offering to let you shadow him/be his bitch for a few weeks or is he offering to take you into his practice and transition it to you?
if the former... fuck that unless you're planning to already go solo. if the latter... maybe you can ride on shitboomer coattails, go for it. |
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Date: December 17th, 2014 2:14 AM Author: Aqua round eye Shadow, I'm currently solo (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26946987) |
Date: December 16th, 2014 6:26 PM Author: Amethyst hall they are not hard but you've got to get business. helps if you have any realtor friends. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26943681) |
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Date: December 17th, 2014 2:32 AM Author: Aqua round eye This guy said to visit agents, had out cards and say I'd do closings for 500-650 (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26947041) |
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Date: December 16th, 2014 6:27 PM Author: duck-like silver gay wizard Fill in the blank. Sign. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26943684) |
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Date: December 16th, 2014 6:30 PM Author: Amethyst hall CORRECTION: - have paralegal fill in the blanks. - review - sign - collect closing attorney fees |
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Date: December 16th, 2014 6:32 PM Author: duck-like silver gay wizard (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26943710) |
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Date: December 16th, 2014 10:30 PM Author: Hideous peach locus Real Estate closing are surprisingly a minefield and the largest cause of malpractice claims for practitioners. The actual closing process is not hard, but the contract and pre-closing side of it is another story and requires you know a thing or ten.
The form contracts the NYSBA has are for a pre-bubble universe. In a post bubble world where nothing closes in 60 days you need to heavily modify the standard mortgage contingency clauses. 60 days is a joke. Ask for 120. You probably wont get it, but its best to ask. If you dont get it you have to call and email on day 58 or so for an extension because you will need it. Let the shit go hard without asking for more time and you open yourself to a malpractice claim so you have to calendar each contract and make sure you call like clockwork and fire off emails to cover your ass.
Every mortgage broker will also ask you to put in a sellers concession clause -- you can't have those in NY and underwriters dont know or give a shit that this is the case so mortgage brokers will insist on it and underwriters will approve it and you will lose your license.
The mortgage contingency stuff and the sellers concession shit are the two biggest issues.
But in NY there are other minefields -- like adjustments for water. Water bills are NOT accurate. You have to have a meter reading day before or day of or your client could easily find themselves stuck with a $8k water bill and then they sue you. Out on Long Island its private water so its not an issue but in the city its a big issue. Newbies are all to happy to accept "last months" bill and not schedule a reading. That is a mistake.
Then you have all the issue with illegal extensions in NYC. You have to read the title report closely. Work without a permit is NOT a restriction on title, but it is a major restriction on use. The title company and the bank may let you close, but then your client finds the Building Department wont let him do any work. Have fun!
The form contracts dont touch on Department of Buildings shit at all -- only title. This is because they are written by people in Albany where this is not an issue. In NYC its a big issue. Use restrictions should be worked into a rider to the K. You cover your ass that way. Most lawyers actually don't do this, but they should.
And then there are surveys. 99,9999% of lawyers cant read them. Learn.
That's actually about 85% of it. You need a good limited purpose retainer specific for closings, and you have to pay attention to little shit.
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Date: December 16th, 2014 10:33 PM Author: Hideous peach locus Oh, and co-ops bring their own set of headaches. Have fun dealing with the board and reviewing proprietary leases. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26945381) |
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Date: December 17th, 2014 2:18 AM Author: Aqua round eye Jesus what if I stick to areas outside the city, like white plains? (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26946996) |
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Date: December 17th, 2014 4:32 PM Author: Aqua round eye Steve? (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26950502) |
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Date: December 17th, 2014 3:13 AM Author: racy cowardly center shitlaw steve could go pumo and i'd instantly recognize this scholarship. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26947172) |
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Date: December 18th, 2014 3:02 PM Author: navy house electric furnace 180, would read again. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26956902) |
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Date: December 19th, 2014 6:36 PM Author: drunken cuckold selfie i havent even read it yet but i already know i agree with this poast (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964181) |
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Date: December 19th, 2014 9:46 PM Author: racy cowardly center (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26965351) |
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Date: April 8th, 2015 2:16 AM Author: irradiated travel guidebook multi-billionaire u used to brag about making an extra $20K a year on closing and half-assed chapter 7 filings u greedy heeb (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#27646309) |
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Date: December 18th, 2014 2:59 PM Author: Aqua round eye what's the going rate for closings in nyc? (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26956887) |
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Date: December 19th, 2014 6:19 PM Author: Hideous peach locus $1200 sellers side. $800 or $1000 buyers side. Some people ask for $1500 if its a co-op because those are a bitch. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964096) |
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Date: December 19th, 2014 6:23 PM Author: beady-eyed indigo shitlib damn, based on your description above, doesn't seem worth it (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964118) |
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Date: December 19th, 2014 6:34 PM Author: Hideous peach locus It's not that bad. Every deal the issues are the same. It's volume practice and when you get to know all the pitfalls its purely mechanical You just have to know what you are supposed to be looking for and be methodical as fuck about it. Shit only goes bad when you dont cover your own ass with emails. If the schmuck buyers lender is taking too long and the deposit goes hard its not your problem so long as you fired off the right "WARNING YOU'RE ABOUT TO BE FUCKED" email beforehand.
In the beginning you just need someone to hold your hand. I've actually just covered 85% of the shit that comes up.
The stuff I left out is mostly the basic mechanicals -- mortgage tax, mansion tax, ACRIS headaches, and how to read a title invoice (hint: you have to check their numbers because they make mistakes) and do the adjustment maths you need to do at the table. Its not rocket science, but you need someone to hold your hand the first few times.
One of the most important things actually is just to remind your client to bring ID to the closing. You need to have a mechanized process in place so none of these shitty little things escapes you. |
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Date: December 19th, 2014 6:38 PM Author: drunken cuckold selfie possible to set up a high vol "practice" like this and just make a nice easy 200k a year? not in ny but lets say some other eastern shitlib state like PA or MD (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964190) |
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Date: December 19th, 2014 6:40 PM Author: Hideous peach locus Possible. I've done this. I do +/- 10 closings a month now. Get to know real estate agents and mortgage brokers. It will take years. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964198) |
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Date: December 19th, 2014 10:02 PM Author: Aqua round eye Are you solo? That's a lot of money, 10k//mo??
How much prep time does a closing take? The actual closing is only 2 hours right?
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Date: January 10th, 2015 12:43 AM Author: Aqua round eye (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#27090130) |
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Date: January 10th, 2015 2:15 PM Author: Aqua round eye (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#27092002) |
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Date: January 12th, 2015 2:44 PM Author: Aqua round eye (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#27103339) |
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Date: December 19th, 2014 6:47 PM Author: Hyperventilating cruise ship Few states actually have a lawyer at closing. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964241) |
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Date: December 19th, 2014 7:04 PM Author: drunken cuckold selfie fma
what state to go to to cop dat kikey middleman surcharge? |
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Date: December 19th, 2014 7:11 PM Author: Hyperventilating cruise ship New York. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964357) |
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Date: December 19th, 2014 6:39 PM Author: beady-eyed indigo shitlib sounds like you just need a good secretary/paralegal. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964194) |
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Date: December 19th, 2014 6:49 PM Author: Hideous peach locus In the beginning you are doing 100% of the work. The paralegals who know this shit well are all working for title cos and banks in-house and making $65-75k. A title closer for a title company can do 2 or 3 closings a day and they get $200 for each one. $400-600 a day on a good day or $200 on a bad day. Not bad for a chick with an associates degree. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964254) |
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Date: December 20th, 2014 6:46 PM Author: Aqua round eye More steve (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26970256) |
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Date: April 8th, 2015 2:09 AM Author: Crimson Startled Stain My landlord just asked if I could do this for her. Have zero experience. Go for it? (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#27646275) |
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Date: April 8th, 2015 2:11 AM Author: Pungent smoky stag film ...what could go wrong? (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#27646280) |
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Date: April 8th, 2015 2:11 AM Author: racy cowardly center seems like a major conflict to represent your LL in a RE deal
zero experience isn't the issue. |
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Date: April 8th, 2015 2:13 AM Author: Crimson Startled Stain Meant Former LL. I moved out on the 1st. (http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#27646288) |