is lawyer necessary when selling condo apartment

In addition to hiring a real estate agent before buying or selling, most buyers also will consult with an inspector and pay for an appraiser. Another expert who can play a pivotal role in the transaction is a real estate attorney.

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Do I need a real estate attorney when buying a home?

Mar 13, 2022 · When in doubt… Some experts, however, believe you should always hire a real estate attorney, no matter the circumstances. “It is an added level of protection for both sides in covering the seller...

What does a real estate lawyer NYC do when selling an apartment?

Buying & Selling Condos or Co-ops | Lawyers.com Homeowners Association Law Buying & Selling Condos or Co-ops Whether you're buying or selling a condo or co-op, you'll have to do your research and take into account factors that you wouldn't have in a "normal" home-sale transaction. By Ilona Bray, J.D., University of Washington Law School

Do I need a real estate attorney at my closing?

Mar 04, 2021 · The short answer is that they oversee home sales from contract signing and negotiating to close, preventing any problems. What’s more, in NYC, it’s actually required that an attorney represent both buyers and sellers in the sale …

Do I need a lawyer for a rental property lawsuit?

Aug 04, 2004 · Attorneys are commonly involved in residential sales in your state. (Six states require an attorney for closing, and a handful of others require lawyers to be involved in some other aspect of the sale. Check with your state commission of real estate. You can find your commission at americasdoorstep.com.)

Why do I need a real estate attorney?

Reasons to hire a real estate attorney even if it’s optional 1 You’re an out-of-town buyer. 2 You’re buying a property that is a short sale or bank-owned. 3 You’re buying a property that is part of an estate sale. 4 You’re buying a commercial property. 5 You’re buying a property that could potentially have some structural issues. 6 You’re buying a property in a problematic area such as a flood zone or areas with adverse conditions (tornado-prone, radon, toxicity levels, etc.).

What does it mean when you are selling a house?

You’re selling a property that is in some state of distress. You’re the heir or executor of a property whose owner is now deceased. You’re selling a house with an uncooperative partner. You have judgments or liens on the property.

Which states require a real estate attorney to be present at closing?

These include Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Dakota, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and West Virginia. Keep in mind that these rules can vary by region within states, too.

Who is Julie Ryan Evans?

Julie Ryan Evans is an editor and writer who has covered everything from politics to pop culture and beyond. She loves running, reading, cold wine, and hot weather. Get Pre-Approved Connect with a lender who can help you with pre-approval.

How to sell a condo?

If you're planning to sell a condo or co-op, you, too have some important issues to consider: 1 Have you gotten copies of all the relevant governing and other documents that buyers will want to see before they finalize the purchase? In most cases, they have a legal right to see such documents. 2 Are the taxes or regular fees comparatively high? If so, be prepared for negative reactions from buyers. 3 What will you be legally obligated to disclose about the property? The documents might not show everything that buyers need to know, such as if your neighbors are especially loud or if your unit has unaddressed repair needs. Most states' laws require written disclosures by property sellers about the property's physical condition and related issues. 4 If it's a co-op unit you're selling, are there restrictions on if, when, and to whom you can sell your shares? You might not be able to sell to the potential buyer of your choice. 5 If selling your shares in a co-op, will the sale be difficult because the board of directors has power to set the selling price? It the board plans to set the price at a higher amount than you think the market will bear, you might need to take up the matter with the board beforehand.

What is unique about condos?

What's unique about them is their combinations of individual and joint ownership of the living space, land, and common areas. The main appeal of both condos and co-ops is that, owing to the partial shared ownership, they relieve residents from many of the usual hassles of maintaining a home, such as cutting and watering the lawn, ...

Can you paint the outside of a condo?

You typically can't do anything to the outside of a condo unit, such as paint or even landscape; and you won't likely be responsible for fixing your roof. Condos are managed by a homeowners or community association, which collects a monthly fee from residents.

What is the difference between a condo and a co-op?

The major differences between condos and co-ops lie in what you actually "own" and how they are managed. In a condo, you ordinarily own just the space within your unit, sometimes including the walls, sometimes not. You are free to do just about anything you like to your unit, up to the limit of where your ownership rights end: paint, renovate, ...

Do you need insurance for a condo?

You'll probably have to buy extra insurance to cover whatever you actually own , such as walls and improvements within a condo. And both co-op and condo owners will need their own insurance to cover personal property inside the unit , like clothes and furniture.

What is a co-op board?

Co-ops are run by a board of directors. Like in a condo, the board collects monthly maintenance fees and uses it to maintain the property. One of the biggest differences, however, is that co-op boards have the power to decide who can live in the co-op (buy the stock).

Is a condo like a house?

Buying a condo is much like buying a house, because you're actually dealing with an interest in real property that is deeded to the buyer, so conventional mortgages are possible. Co-ops, on the other hand, are not considered interests in real property (there's no deed), and so mortgage loans are not available to you.

How Real Estate Lawyers Help During the Selling Process

Now, more than ever, an attorney is incredibly valuable to a seller in a real estate transaction. Seasoned real estate lawyers can navigate this complex process confidently. They help mitigate potential risks and ensure the deal closes. (Especially if unforeseen circumstances arise.) Here are a few instances where a lawyer really comes in handy:

How Much Does it Cost to Hire a Real Estate Attorney?

The average cost for negotiating a contract and closing a sale can range between $2,500 and $7,500. According to Pappas, this generally depends on the type of asset being sold. If there are liens to be resolved or title issues to be cleared, that may also affect the price.

How Do I Find a Real Estate Lawyer?

Real estate attorneys are plentiful in NYC, and you can easily find one via word of mouth or internet searches. Looking for someone with a strong record of handling closings will ensure you’re getting a seasoned vet. (Pappas’s firm, for example, holds more than 1,500 closings a year.)

An Attorney Is Especially Helpful During the Pandemic

COVID-19 made everything more complicated, including selling a home. According to Pappas, many purchasers have attempted to leverage the pandemic to avoid their contractual obligations. Some took advantage of the uncertainty to try to renegotiate sale prices for contracts that were already fully executed. And many were able to prevail.

What is the basis of a property?

For tax purposes, "basis" means your total monetary investment in property . You begin with your starting basis, which usually consists of the property's cost plus related buying expenses. However, each year, this amount is adjusted to reflect various additions and reductions. This amount is your adjusted basis.

What happens if you sell your home at a profit?

When you and sell your home at a profit, you could end up owing federal capital gains taxes. Taxes only have to be paid on your net profit, which is the amount that exceeds your adjusted basis in the property. The larger your adjusted basis, the less taxable profit you'll have. Unfortunately, many people who own a condo, townhouse, ...

Why do condos sell faster?

The good news is that condos tend to sell faster than single-family homes even in a down market, because condos are typically smaller, cost less, and have lower maintenance costs. So don’t assume your condo will sit for long; prepare to move quickly if an offer rolls in.

Can a realtor pull comps?

Your real estate agent will pull comps to help recommend an asking price; you can also plug your address into realtor.com/sell to get an estimate of how much your home is worth. According to Lindsay Listanski, a real estate agent with Coldwell Banker Real Estate, “When setting the home price for your condo, it’s important to identify your desired ...

Why are condos smaller than single family homes?

Because condos tend to be smaller than single-family homes, it’s easier for furniture and other items to make spaces feel cramped. To give the illusion of more space, throw away or box up and store everything that is not absolutely essential.

What to do if landlord serves termination notice?

If your landlord serves you with a termination notice that you intend to fight, hiring a lawyer can increase your chance of success. Choose a local lawyer that is knowledgeable about landlord-tenant law and has significant experience fighting evictions.

Is it expensive to hire a lawyer?

Lawyers are expensive, but there are times when hiring one might be necessary to protect your rights as a renter. By Janet Portman, Attorney. Many issues tenants face are minor and can be easily resolved by common sense and checking reputable resources on landlord-tenant law, such as a local tenants' rights group.

What to do if landlord evicts you?

Landlords must follow eviction procedures set forth by state and local law. If your landlord tries to evict you by taking matters into his own hands—for example, by locking you out, canceling your utilities, or even removing your doors, windows, or possessions—consider hiring a lawyer.

What to do if landlord discriminates against you?

If you believe your landlord is discriminating against you, you may need a lawyer to stop the illegal actions and help you recover damages for any harm you suffered. One option is to hire a lawyer to sue the landlord in court.

What happens if you don't have renters insurance?

If you have renter's insurance, your insurance company will cover the loss and its lawyers will then seek reimbursement from your landlord. If you don't have insurance or have inadequate coverage and the damage to your property is substantial, consider hiring a lawyer to help you obtain reimbursement from your landlord.

What is tenant rights?

The more you know the law and your legal rights, the better. The Tenant Rights section of the U.S. Department of Housing and Urban Development (HUD) website provides a wide variety of state and local resources, including links to fair housing groups, rent control boards, tenant unions, and legal aid organizations for each state ;

What happens if your landlord doesn't fulfill your lease?

If your landlord isn't fulfilling important obligations under your lease and the law, it can lead to major problems. For example, think of the landlord who keeps putting off needed heating system repairs until winter is well under way, or the landlord who ignores a ground-floor tenant's requests to fix a broken window until a burglary occurs.