Brooklyn Real Estate Laws You Should Know
Real estate laws vary from state to state; some are specific to cities. A real estate transaction can become a nightmare if laws are not followed. Take time to become familiar with these laws when completing your real estate process with the help of a real estate lawyer in Brooklyn.
Real Estate Laws in Brooklyn
Real estate in New York has specific law requirements. A real estate contract lawyer in Brooklyn, NY, is essential to help you do real estate transactions.
Property Condition Disclosure Act
Under the Property Condition Disclosure Act, a home seller must disclose the condition of the home they are selling to the buyer. It is done by the house owner filling out a form and answering 48 questions about the home they are selling.
The form has five sections that, by law, must be answered. Failure to complete the form of the following four areas results in the seller paying a penalty of $500 to the buyer.
Also, please note that without providing disclosure aside from the penalty, the buyer has the legal right to bring a lawsuit against you for losses in any non-disclosure of the house. For instance, failure to disclose there might be a termite or other infestation could result in the seller being sued when said infestation is damaging or destroying the home if he is proven aware of the issue. Other examples may include leaking pipes, a home in a flooded zone, a crumbling foundation, a broken furnace, and so on.
Even if the buyer never asks for the form or the disclosure, the seller must offer and provide these disclosure details in the four sections by law. Learn more information about disclosure law with the aid of a real estate lawyer in New York.
Real Estate Closing
Closing real estate in New York is where you finalize the sale of the house, with both buyer and seller negotiating final costs.
New York requires a real estate lawyer to attend the real estate closing. Usually, the buyer has an attorney, but some sellers also have their attorney. Until recently, all parties had to be present in person.
However, the NY State Senate Bill S1780C allowed remote closing during the pandemic. It allowed a legal notary to notarize all required closing forms from a remote location. It ended in June 2022, so currently, in-person closings are again required.
The attorneys, buyer, and seller work through a list of the final contractual task such as paperwork notarizations, walkthroughs, answering questions, final negotiations, payment, and turning over the keys to the new owner. It is an involved process, with the real estate attorney being invaluable in the complicated process.
Why You Need a Real Estate Lawyer in Brooklyn
Closing is frequently long and filled with legal jargon. You need an attorney to simplify the process to understand everything fully. It prevents issues after the sale and the closing. Real estate attorneys, not limited to the roles mentioned above, have roles in the:
- Attending any last-minute changes and negotiations
- Ironing out and contract changes
- Legal advice on each ongoing step
- Verifying notarizations
- Arranging for and carrying out the exchange of money
- Details of which final expenses the buyer pays for and which ones the seller pays for.
- Examines and verifies any disclosures
- Settle any disputes or misunderstandings that might arise
- Settle any disputes or misunderstandings that might arise.
These are just a few things an attorney can help with when you buy or sell your home. There are many more, so don’t be afraid to ask an attorney questions and for full explanations of anything you don’t understand.
Although real estate New York attorneys are only required at closing, it is best to hire one before it gets to that. The real estate attorneys at the Strazzullo Law Firm are an excellent choice when doing real estate transactions in Brooklyn, New York. Contact us today for up-to-date expertise on buying a home or any other real estate transaction.