Steven O. Zalkin, Esq. has been practicing real estate law for over 20 years, and we provide a full service, from contract to closing, in the residential transactions in which we represent purchasers or sellers. For most people, a residential purchase or sale is the single most important transaction an individual will make and it should be trusted only to experienced and competent real estate counsel.

Pre-Contract and Contract

Prior to contract, Mr. Zalkin provides advice and guidance on various issues and concerns including mortgage contingencies, apartment and house inspections, transfer taxes, the downpayment, closing costs and other matters that may be anticipated in the transaction. In the case of cooperative and condominium apartments, financial statements are reviewed and the corporate minutes and house rules are personally reviewed as well in many transactions. Mr. Zalkin also negotiates the terms of the contract in an effort to deal with issues that had not been considered previously or that are necessary for our clients to be properly protected. For example, while 10% of the purchase price is customary in residential transactions, sellers will often accept a lower downpayment such as 5% if they know they are dealing with a serious purchaser willing to proceed relatively quickly with the deal. The terms a mortgage commitment must contain to be binding upon a purchaser is another issue that should be addressed in negotiating the contract. If the mortgage commitment is conditioned on an appraisal, or the payment of specified debts by a purchaser, it may not be satisfied and yet the purchaser may be bound by it anyway if this contract term is not properly negotiated. It has become popular in certain apartment transactions in Manhattan for a seller to seek a contract without a mortgage contingency, and this issue needs to be clearly understood, the risks weighed and dealt with in the contract itself.

Post Contract

Once a contract is signed, we monitor the transaction on behalf of our clients, including such things as time periods to obtain a mortgage commitment, or title insurance, or to submit an application, and related papers, to a Cooperative or Condominium Board. If a mortgage commitment period in a contract expires on a certain date, we make sure to seek a written extension sufficiently in advance to assure that this critical date is not missed. Once the mortgage commitment is received, we review it to determine the conditions set forth by the lender (and there are always conditions), and whether the commitment complies with the contract provision governing it. A small matter like requesting or arranging for the seller's mortgage holder to transmit the original cooperative ownership documents to its local attorneys can hold up a closing for weeks if not arranged at least 4 to 6 weeks prior to closing. Title insurance or a lien search (typically in the case of coops) is ordered or reviewed after the contract is signed and determinations made as to whether any issues exist that may affect the clear and legal transfer of tile. The existence of an addition, like a porch or a deck in a house, that was built without a certificate of occupancy will generally show up in a title search and create issues that are better addressed in negotiating the contract.

Pre-Closing and Closing

Whether we represent the seller or purchaser, we make sure that, prior to closing, all required documents are prepared, necessary arrangements are made for the closing and all issues dealt with. When we represent a seller, this includes preparation of deeds, transfer tax returns, and various other closing documents, arrangements with the existing lender for a mortgage payoff and, in the case of cooperatives, the attendance at closing by a representative of the seller's lender who will have the ownership documents. This may also include dealing with any other liens or title issues that have developed. When we represent a purchaser, numerous arrangements are made with the mortgage lender for the closing (including attendance by their attorney), confirming that the necessary home insurance declaration has been obtained and determining all monies that must be paid at closing by the purchaser. We also counsel the purchaser regarding the pre-closing inspection of the apartment or house, something that can lead to problems at or after the closing if not properly dealt with. Sometimes issues like the Seller "staying over" a few days, and the issues that creates, have to be dealt with by written agreement prior to the actual closing.

At the closing, we make sure that all documents are properly signed and delivered, that the proper funds have been delivered, and that title is legally transferred. The closing involves reviewing and explaining loan documents, transfer tax returns, documents prepared by the agents or attorneys of the Cooperative or Condominium Board, and documents prepared by a title insurance company. Adjustments to maintenance or common area charges, and adjustments for taxes, water and sewer charges are typically calculated pre-closing but confirmed at the closing based on up to date information.

Post-Closing

After the closing, we prepare a closing statement and report for you summarizing the transaction and providing you with a complete set of documents. Among other things, this closing statement reflects the monies paid and received and is useful for many reasons including information that will be needed for the preparation of income tax returns. We also deal with any issues that may arise post closing.