Home Buying in New York>Question Details

mendezsonia1…, Home Buyer in New York, NY

I would like to buy coop, Do I have to pay for the buyer lawyer fees?

Asked by mendezsonia126@gmail.com, New York, NY Mon Feb 25, 2013

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11
Yes, It is important as a coop buyer to hire an experienced NYC real estate attorney experienced in coop transactions to negotiate language in contract and to conduct do diligence.

Apartments in New York, NY are sold "As Is". NY is also a "caveat emptor" (let the buyer beware) state. The onus is on the buyer to do their homework. It is important that you are represented by both a buyer's agent and a buyer's attorney and not to rely on information from the seller or seller's agent.

Best,

Mitchell Hall
Senior Associate Broker
The CorcoranGroup
347-921-4255
mhall@corcoran.com
http://nycblogestate.com
1 vote Thank Flag Link Mon Feb 25, 2013
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Yes, as a buyer it is highly recommended that you hire an attorney of your own....
1 vote Thank Flag Link Mon Feb 25, 2013
That's correct Sonia. The buyer is responsible for hiring an attorney and paying what's due at lease signing. Hiring a real estate broker is also relevant since the seller pays for any commissions due at lease signing.
0 votes Thank Flag Link Mon Mar 18, 2013
Yes, Sonia, you will need to hire and pay a qualified NY real estate attorney. It is imperative that you have an experienced attorney represent you, they can save you money and possible heart ache, especially if the building has issues that need to be addressed and disclosed. A good attorney will review the offering plan, building financial statements, and schedule an appointment with the cooperative management company (or responsible person if building is self managed) to read the "minutes". This is called, "due diligence". Your attorney will also review the contract, and make all necessary changes until all parties come to an agreement. Paying for a good real estate attorney to represent you, is money well spent.

It is also in your best interest to hire a qualified and experienced real estate broker.

The best of luck to you!

Leslie D. Bott
Senior Vice President
Associate Broker, REALTOR
Fenwick Keats Real Estate
LBott@FenwickKeats.com
FenwickKeatsrealestate.com
0 votes Thank Flag Link Sun Mar 3, 2013
Yes unless you are a good negotiator & can get the seller to pay this fee.
0 votes Thank Flag Link Fri Mar 1, 2013
Co-op is like a condo but all owners own the living space equally as well as common area space. It is usually sold in senior living condos and older development condo units or some school owned homes for faculties. What do you mean buy sellers attorney's fees? It is like any other real estate contract transaction.
0 votes Thank Flag Link Mon Feb 25, 2013
New York requires the use of an Attorney for the purchase of real property. You will need to compensate them as I have yet to meet an Attorney who will work for free. The fee will probably be a flat fee unless there are issues to be cleared away. Good luck.
0 votes Thank Flag Link Mon Feb 25, 2013
Yes. You will need to hire an attorney to review the documentation and represent you in the purchase. The attorney will charge you a fee, some charge a flat fee and others charge by the hour.
0 votes Thank Flag Link Mon Feb 25, 2013
Buyers pay for their own attorney fees and sellers pay their own attorney fees. Additionally buyers also have fees for board package (coop or condo), transfer agent fees if in a coop, possible flip tax unless it can be negotiated that the seller pays for it. And if you obtain a mortgage, there is the bank attorney's fee.

When hiring an attorney do be sure that they are a New York City Real Estate attorney experienced with either coops or condos (depending on what you wish to purchase.)

Good luck!

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Mon Feb 25, 2013
Most definitely your own attorney's fee $1,800 - $2,200 is not uncommon in Manhattan, and lower outside. And if you are taking out a mortgage, you will have to pay the bank attorney's fee as well, usually about $800 - $950. The co-op's transfer agent will have their own fees for the buyer as well.
0 votes Thank Flag Link Mon Feb 25, 2013
Yes you pay for your lawyers fee.

Chris
0 votes Thank Flag Link Mon Feb 25, 2013
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