NY Real Estate Closings
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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
(http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26943694) |
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.
(http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26945360)
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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.
(http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26964169) |
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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?
(http://www.autoadmit.com/thread.php?thread_id=2758272&forum_id=2#26965444)
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