Real Estate Litigation

Many matters in real estate end up in litigation such as breach of contract issues, landlord tenant issues
and of course foreclosure. If you end up having to go to Court, the Law Office of Paul R. Kenney can
represent you.

Preliminary Information for Buyers and Sellers Concerning
a Real Estate Closing in New York

If you are buying or selling a house in New York, there are many factors involved, and at times can be quite
overwhelming without legal representation in your corner.

As a prospective Buyer, you need to determine how much you are able to afford for your home out of your own
pocket, and how much you will need to borrow.

When borrowing, there are several types of mortgages available, and your choices will depend a lot on your
credit score, and income.      

If you are a Buyer, you may want to find a real estate agent, or broker to help you find a house in the price range
and area you want.

If you are a Seller, and you enlist a real estate broker to help you sell your house, the Seller will generally be
responsible for paying the broker's commission.  

If you are selling, you need to thoroughly discuss and disclose the history and physical condition of the house.  

What is an Attorney’s Role in a Residential Real Estate Closing
in New York? 

Representing the Seller
An attorney representing the Seller must draft the Contract of Sale which details all of the terms and conditions that
are agreed to between Buyer and Seller.

The Seller’s Attorney, in most cases, also acts as the Escrow Agent in the transaction.  This means that the Seller’s
Attorney holds the down payment “in escrow” until the day of the real estate closing.

The Seller’s Attorney is responsible for clearing any title issues (mortgages, liens, judgments, etc.) that are “attached”
to the property, or affect the property.

The Seller’s Attorney must make sure that all real estate transfer taxes charged by the state and/or city are paid
(usually paid by the Seller).

Prior to the Closing, the Seller’s Attorney must draft all of the required transfer documents such as the Deed and
the Transfer Tax Returns.

At the Closing, the Seller’s Attorney collects the balance owed for the purchase (purchase price minus the down payment),
and disburses all of the funds collected to the proper payees in order to transfer a “clean title” to the Buyer.

Attorney Paul R. Kenney personally handles every transaction from contract to closing at a flat reasonable rate.

Representing the Buyer
An attorney representing the Buyer receives and reviews the Contract of Sale, and if necessary, negotiates terms and
conditions in the contract, as directed by the client.

The Buyer’s Attorney should address any and all issues resulting from a house inspection, and include these issues in
writing in the Contract of Sale.

Once the Seller and Buyer are “in contract”, there are certain deadlines that a Buyer has to meet such as the Buyer's
mortgage commitment within the contract guidelines. Therefore, the Buyer’s attorney should monitor the status of the
client’s efforts to secure a mortgage, and get a determination on whether or not the Buyer will qualify for the financing
that is applied for.

The Buyer’s Attorney is usually responsible for ordering a title search and examining the title report to make sure there
are no liens or judgments affecting title to the home.  This is very important to ensure that the client has a clean title as
the new owner.

At the closing, if financing is involved, which usually is the case; the Buyer’s Attorney facilitates two separate closings
(1) the closing of the loan, and (2) the closing of the transfer of title.

 For the closing of the loan, the Buyer’s Attorney must make sure the client understands the  terms of the mortgage,
the note, and other various bank documents.

 For the closing of the transfer of title, the Buyer’s Attorney must make sure that title to the house is clear of any liens,
encumbrances or judgments that affected title prior to the Buyer taking ownership. 

When this firm represents a Seller or a Buyer, a closing statement and closing file are always generated and provided to
the client after the closing.  The closing statement provides the client with an itemized breakdown of all of the fees incurred
by the client in the transaction, the amounts of these fees, and what the fees were for in relation to the sale or purchase.  

Attorney Paul R. Kenney personally handles every transaction from contract to closing at a flat reasonable rate.