Buying a Condo in Manhattan

by: Robert Aronov113
Total views: 10
Word Count: 312

New York Real Estate Lawyer-Coops
A New York real estate lawyer is absolutely neccessary in any purchase or sale of a cooperative apartment. When you are thinking of selling your coop and moving, your attorney will need to contact your lender to prepare all neccesary payoff documents for your closing. This is a very complex and long process, since it takes a long time to get a live representative to speak to you. The lender will usually tell you that it needs about five business days just to let you know who will be the new york real estate lawyer representing the payoff bank. Once an attorney is assigned it will take the bank upto thirty days to find the original collateral folder, or issue an affidavit that they actually are lost. At this point both the buyer and the seller in a coop transaction are very anxious to close and they feel helpless in their efforts to expedite the closing process.
An experienced New York real estate lawyer handles this situation in a professional manner by ordering the payoff documents as soon as the purchaser gets approved by the board of directors. This will save a lot of waiting time for all parties involved. If you are a seller, you must tell your lawyer if you have a second mortgage or an equity line of credit, so that collateral foldered is ordered at the same time as the original loan documents. Any error or delay can cause the transaction to be put on hold for upto two months while the banks are searching for these collateral files. At the same time the buyer has to keep in mind that locking in their interest rate without consulting their lawyer is risky since the buyer is not sure if the seller's lender will be ready to close by the rate lock expiration date.

About the Author

Robert Aronov is author of this article on real estate law. Find more information about New York real estate lawyers here.

Comments

Add Comment