New York State has some of the most complex real estate laws. This is due to its high population density, high property values in areas like Manhattan and Long Island, strict landlord tenant laws, and special arrangements like co-ops and condominiums. Whether you’re looking to buy or sell a home or to offer a property for rent, you want to make sure your investment is protected.
What Can Go Wrong in a Real Estate Transaction?
In any real estate transaction, there’s always high pressure to close the deal. Brokers want to move on to the next transaction, sellers want to lock in a qualified buyer, and buyers know that other buyers are lined up waiting for their purchase to fall through. It can be tempting to quickly sign and be done, but keep the following things in mind.
- New York has a high level of deed and mortgage fraud, and buyers need to make sure they’re getting a clean title. Even if a seller seems trustworthy, their interest in the property may be clouded by a fraud committed on them.
- In areas where pre-war buildings are common, failed inspections could quickly unwind a deal.
- A buyer or seller backing out of a deal, especially when a homeowner is buying and selling their primary residence at the same time, can cause thousands of dollars in losses.
- Local laws regarding property use, habitability, and landlord-tenant issues vary widely from locality to locality.
The attorneys at the Law Office of Donna M. Fiorelli have years of experience helping clients structure deals to avoid these and other pitfalls as well as fighting for clients’ rights when a real estate deal doesn’t go as expected. If you’re planning to buy property near Long Island, New York, in the near future, contact us today to learn how we can protect your investment.