Real Estate

Buying and selling a home in New York

New York is one of a small number of states where an attorney handles the real estate closing rather than an escrow or title company acting alone. In a typical residential real estate transaction, the buyer and the seller each retain their own attorney. Once an offer is accepted, the attorneys negotiate and finalize the contract of sale, which sets out the purchase price, the closing date, the items included in the sale, and the conditions the deal depends on, such as a mortgage contingency or an inspection.

After the contract is signed, your attorney orders and reviews the title report to confirm the seller can convey clear ownership and to identify any liens, judgments, or other issues that need to be cleared before closing. Your attorney also coordinates with your lender and the title company as the loan moves toward approval, and requests and reviews the payoff information for the seller’s existing mortgage. At the closing table, your attorney reviews every document you sign, confirms the funds are disbursed correctly, and represents your interests if any last-minute issues come up. Selling a home involves the same steps from the other side of the table: preparing the property for a clean title transfer, responding to the buyer’s attorney’s requests, and making sure the proceeds are distributed correctly at closing.

Co-ops, condos, and houses

Residential property in New York City comes in several forms, and the form matters to the legal work involved. A house is real property you own outright, and its purchase or sale follows the most straightforward path: a deed transfers title directly from seller to buyer, subject to the mortgage, title, and closing steps described above.

A condominium is also real property, but it is one unit within a larger building governed by a condominium association. Buying a condo means reviewing the offering plan or resale documents, the building’s bylaws, and any rules on subletting or renovations, in addition to the standard title and contract work. A cooperative apartment, or co-op, works differently still. When you buy a co-op, you are not buying real property directly. You are buying shares in the corporation that owns the building, along with a proprietary lease that gives you the right to occupy your unit. Most co-ops require board approval before a sale can close, which means preparing a board package, financial disclosures, and sometimes attending a board interview. Because a co-op purchase involves a stock transfer and a lease assignment rather than a deed, the contract, the lender’s review, and the closing documents all differ from a condo or house purchase, and an attorney familiar with these distinctions can keep the transaction moving on schedule.

Commercial real estate transactions and leases

Commercial real estate covers the purchase, sale, and leasing of property used for business, including office space, retail storefronts, industrial buildings, and mixed-use properties. A commercial real estate purchase or sale typically involves more extensive due diligence than a residential deal: reviewing existing leases and rent rolls if the property is already tenanted, confirming zoning and permitted use, and negotiating representations about the physical condition and legal status of the property.

Commercial leases raise their own set of issues, whether you are the landlord or the tenant. Lease terms commonly negotiated include the length of the term and any renewal options, the rent structure, responsibility for taxes, insurance, and maintenance, the tenant’s right to assign the lease or sublet the space, and the conditions under which either party can terminate early. Fisher Stone represents landlords negotiating leases with new or renewing tenants, and represents tenants reviewing a lease before they sign, so the terms reflect what was actually agreed and protect the client’s interests over the life of the lease.

Representing real estate investors

Real estate investors buy and hold property for income and appreciation, and that goal shapes how a transaction should be structured from the start. Fisher Stone represents real estate investors purchasing single properties, multi-family buildings, and portfolios of investment property, handling the same contract, title, and closing work as a residential purchase but with attention to the issues that matter to an investor, such as existing leases, tenant estoppels, and the condition of the building’s systems.

Many investors take title to investment property through an LLC rather than in their own name, since an LLC can shield the owner’s personal assets from liability connected to the property. Setting up the purchase to close in the name of an LLC involves coordinating the entity’s formation and documentation with the lender and the title company so the closing proceeds without delay. Investors trading up from one property to another may also use a 1031 like-kind exchange, a method that allows an investor to defer capital gains tax by reinvesting the proceeds of a sale into a new investment property within the timeframes the exchange requires. A 1031 exchange has to be structured correctly from the start, including the use of a qualified intermediary and adherence to strict identification and closing deadlines, and Fisher Stone coordinates that structure and timing alongside the purchase or sale itself.

Lender and bank representation

Banks and private lenders need their own representation at a real estate closing, separate from the borrower’s attorney, to make sure the loan is properly documented and the lender’s interest is protected. Fisher Stone provides lender and bank representation for institutional and private lenders financing residential and commercial transactions across New York City.

This work includes reviewing and preparing the loan documents, confirming the lender’s security interest in the property and its priority relative to any other liens, and reviewing the title report to identify anything that could affect the lender’s position. At closing, the lender’s attorney confirms that every condition of the loan commitment has been satisfied, that the mortgage and note are properly executed, and that the loan proceeds are disbursed correctly. This protects the lender’s investment and keeps the closing moving for all parties involved.

Working with Fisher Stone

Fisher Stone was founded in 2014 by Lowrance Fisher and Gregory Stone, and real estate has been part of the firm’s practice since the beginning. Clients work directly with an attorney throughout a transaction, reachable by call, email, or text, rather than being routed through a call center or handed off between junior staff members as a deal moves along.

Every real estate matter starts with a free consultation of about 15 minutes, where we learn the details of your transaction, whether that is a home purchase, a commercial lease, an investment property closing, or a loan for a lender client. After that conversation, we quote a flat fee for the work so you know the full cost before anything begins, with no surprises added later in the process. Fisher Stone’s main office is at 42 Broadway, Suite 1744, in Lower Manhattan’s Financial District, with additional offices in Brooklyn and Staten Island, and the firm represents clients across all five New York City boroughs, Westchester County, and New Rochelle. To discuss a residential closing, a commercial transaction, an investment purchase, or a lender matter, call (212) 256-1877.