A competent real estate lawyer protects your interests by the timely performance of the following:

1) Due Diligence – which includes reviewing the contract provided by the seller’s attorney, negotiating changes, negotiating contingency clauses. Reviewing offering plans, building financial statements, board minutes and talking with the building manager about operational issues and upcoming maintenance concerns.

2) Sends a signed and executed copy of the contract to your lender.

3) Orders a Title Report for condo purchases. A Lien Search for coop buyers.

4) Obtains insurance binders if required.

5) Assists as required in assembling the Board Package, reviewing lending commitments and contingencies, obtaining the Waiver of Right of First Refusal from Condo Boards and Approval from Coop Boards.

6) Schedules date of closing.

7) Determines the various funding and closing check amounts.

8) Insures proper Recording Taxes and Title Insurance fees are paid if a condo purchase. And if buying new construction insures payment of sponsor transfer taxes and other fees per the purchase agreement.

9) Oversees issuance of new stock certificates and proprietary lease if a coop purchase.

10) Insures proper final adjustments and payments at closing regarding balances owed on maintenance, common charges, assessments and real estate taxes.

Note: Part of the due diligence specifically includes asking or determining the following:

 What are the monthly maintenance or common charges?

 The maximum amount of financing the building allows?

 Who controls the board – unit owners or sponsor?

 Is there a Flip Tax? If so, what is the amount?

 Any pending litigation?

 The number of residential units? Number of commercial units?

 The number of units the Sponsor owns?

 The number of units that are owner occupied? The number sublet?

 The number of units investor owned?

 The amount of the Reserve Fund?

 The sublet policy, terms and fees?

 Are pets allowed?

 Are washers and dryers allowed in the units?

 Is there an underlying building mortgage? What are the terms?

 When will it be refinanced?

 Are maintenance or common charges scheduled to go up?

 Are special assessments planned?

 Are there tax abatements in play?

 Are there Asbestos issues in the building?

 Are there any code violations?

 What is the general condition of the building and its major electrical,
 mechanical, plumbing and heating systems?

 Condition of the exterior, the façade, windows, sidewalks, elevators,
 roof and boilers?

 Are major repairs scheduled?

 Any arrears on payments by unit owners, shareholders, etc.?

 Any other pending or existing problems or conditions that would
 affect the financial health of the building?

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