Residential Real Estate

Buying or selling a home in New York City means working through a contract, a title search, a lender, and in many cases a co-op board, all before you reach the closing table. New York is an attorney-closing state, so a lawyer represents you at every stage of that process, not just at the signing.

Fisher Stone represents buyers and sellers in residential closings on houses, condominiums, and cooperative apartments across the five boroughs, Westchester County, and New Rochelle, for a flat fee quoted up front after a short, free consultation. A licensed New York attorney handles your closing from the contract to the closing table, reachable directly by call, email, or text, with no call center and no handoffs partway through.

What a residential real estate attorney does in New York

New York does not allow a title company or an escrow agent to run a residential closing on its own. Instead, the buyer and the seller are each represented by their own attorney, and the two attorneys work through the transaction from the accepted offer to the closing itself. Your attorney negotiates and reviews the contract of sale, which sets the price, the closing date, what is included in the sale, and any conditions the deal depends on, such as a mortgage contingency or an inspection.

Residential closings are one part of Fisher Stone’s broader real estate practice, which also represents commercial buyers, sellers, investors, and lenders across New York City.

Once the contract is signed, your attorney orders and reviews the title report to confirm the seller can convey clear ownership and to flag any liens, judgments, or other issues that need to be resolved before closing. Your attorney also coordinates with your lender and the title company as the loan moves toward approval, requests payoff information for any existing mortgage on the property, and, for a co-op, prepares the board package the building requires. 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.

Buying or selling a co-op, condo, or house

The legal work involved in a residential closing depends on what kind of property is changing hands. A house is real property you own outright, and its sale transfers by deed, subject to the mortgage, title, and closing steps described above. A condominium is also real property, one unit within a larger building, so buying a condo adds a review of the offering plan or resale documents, the building’s bylaws, and any rules on subletting or renovations, on top of the standard title and contract work.

A cooperative apartment works differently. Buying a co-op means buying shares in the corporation that owns the building, along with a proprietary lease that gives you the right to occupy your unit, rather than buying real property directly. Most co-ops require board approval before a sale can close, which means assembling a board package, financial disclosures, and often a board interview. Because a co-op purchase involves a stock transfer and a lease assignment instead of a deed, the contract, the lender’s review, and the closing documents all differ from a condo or house purchase.

Fisher Stone also represents clients on the other side of residential real estate. If you are buying an investment property instead of a home to live in, our real estate investors page covers how we handle purchases held in an LLC and 1031 exchanges. If your transaction involves office, retail, or other business property, see our commercial real estate page instead.

The closing process step by step

Free consultation and contract review

Every matter starts with a free consultation of about 15 minutes, where we learn the details of your purchase or sale. After that call, we quote a flat fee for the transaction so you know the full cost before any work begins. Once you have a signed contract or an accepted offer, your attorney negotiates or reviews the contract of sale and, for a co-op, begins preparing your board package.

Title review and lender coordination

Your attorney orders and reviews the title report, works to clear any liens or judgments standing in the way of a clean closing, and coordinates with your lender and the title company as the loan moves toward a closing date. For a co-op, this stage also includes submitting your board package and working through the building’s approval process.

Closing

At the closing table, your attorney reviews the closing documents with you, confirms the funds are disbursed correctly, and represents your interests through the signing. Sellers go through the same stages from the other side, preparing for a clean title transfer, responding to the buyer’s attorney’s requests, and confirming the proceeds are distributed correctly once the closing is complete.

Taxes and closing costs to expect

New York City and New York State residential closings commonly involve a few recurring charges in addition to the purchase price. Buyers and sellers typically pay New York State and New York City transfer taxes on the transfer, and a buyer taking out a new mortgage pays a mortgage recording tax on that loan. Higher-value residential purchases in New York City can also be subject to the mansion tax. The exact charges depend on your transaction, and your attorney reviews the closing statement with you so you understand each one before you sign.