All Residential Real Estate Lawyers in Yonkers

The attorney review period is a specific timeframe, generally beginning after a buyer makes an initial offer, during which the attorneys for both the buyer and seller negotiate the specific legal terms and contingencies of the formal contract of sale before it becomes binding.

A title search is an exhaustive review of public land records to confirm the sellers legal right to transfer ownership. It is conducted to uncover past deeds, outstanding mortgages, judgments, and tax liens that could cloud the title and legally affect the buyers ownership.

Title insurance is a unique indemnity policy that protects the buyer and the mortgage lender from financial loss sustained from defects in a title to a property, such as forged documents or undiscovered heirs, that were not found during the initial title search.

Standard legal contingencies include the mortgage contingency, which allows a buyer to cancel if they cannot secure financing, and the inspection contingency, which permits cancellation or renegotiation if significant physical defects are found on the property.

State law generally requires the buyers down payment to be deposited into a secure attorney escrow account, often held by the sellers attorney. These funds cannot be released until the closing is finalized or the contract is lawfully terminated.

A marketable title is a property title that is considered free from reasonable doubt or the threat of litigation regarding its validity. It implies that the property is clear of severe encumbrances that would deter a reasonable buyer from proceeding with the purchase.

A property survey is a precise legal document created by a licensed surveyor depicting the exact boundaries, structures, and easements on a parcel of land. It is required to resolve boundary disputes and ensure structures do not illegally encroach on neighboring lots.

If an unrecorded lien is discovered, attorneys will halt the closing process until the seller satisfies the debt and files a formal release of lien with the county. In complex cases, a quiet title action may be filed to legally extinguish the claim.

The closing disclosure is a mandatory federal form provided to the buyer at least three days before closing. It details the final terms of the mortgage loan, projected monthly payments, and a complete breakdown of all closing costs and legal fees.

Landlords can generally initiate eviction proceedings, known as summary proceedings, based on the non-payment of rent, remaining on the property after the lease expires (holdover), or a material breach of the lease terms, such as illegal activity on the premises.

The implied warranty of habitability is a strict statutory requirement that landlords maintain residential properties in a safe, livable condition. Failure to provide essential services like heat, water, or a structurally sound environment can legally excuse the tenant from paying rent.

Jurisdictional laws mandate that sellers of residential real estate complete a comprehensive property condition disclosure statement detailing known defects. Alternatively, sellers may sometimes opt to provide a statutory credit to the buyer at closing in lieu of the form.

An escrow account is a neutral financial holding account managed by a third party, usually an attorney. It holds earnest money deposits and closing funds safely until all legal and contractual conditions of the real estate transaction are successfully fulfilled.

Property transfer taxes are statutory fees imposed by the state and sometimes the municipality when real estate changes ownership. The exact amount is mathematically calculated based on a percentage of the final sale price and is typically paid at the closing table.

Recording a deed involves physically filing the original signed and notarized document, along with required tax forms and fees, at the county clerks office. This public recording provides formal legal notice to the world of the buyers ownership of the property.