A real estate attorney’s role begins well before a contract is signed. The goal is simple: identify risk early, explain it clearly, come up with creative solutions and structure the transaction so there are no surprises after a client is legally bound.
Before drafting or negotiating a contract, attorneys conduct comprehensive due diligence. This includes providing a detailed breakdown of projected costs and expenses so buyers and sellers understand the true financial scope of the transaction from the outset. We review the Certificate of Occupancy, zoning regulations, covenants, restrictions, and setback requirements, with particular attention to whether the property can be renovated or expanded as a client intends. These findings are translated into plain English and delivered to the client in a written summary before any contract is signed.
Attorneys rely on powerful public databases to uncover information that is often invisible to buyers and brokers. In New York City, this includes confirming real estate taxes, identifying abatements or exemptions, and determining whether those benefits remain with the property or terminate upon transfer. We also review building records to identify open permits, violations, and expired Certificates of Occupancy—issues that can delay a closing or require costly remediation if discovered too late.
Ownership and lien status are confirmed through recording systems such as ACRIS, which allows attorneys to verify that the seller has legal authority to convey the property and to identify mortgages or liens that must be cleared at closing. These checks are fundamental to protecting all parties involved in the transaction.
Simultaneously, the attorney negotiates the contract itself. In New York, contracts are not standardized. The seller’s attorney drafts the agreement, and the buyer’s attorney negotiates deal-specific terms through a customized rider addressing contingencies, inspections, financing, representations, and timing. This stage is where risk is allocated and expectations are locked in.
The deal sheet plays a critical role in this process. While not legally binding, it serves as the blueprint for the contract and must accurately reflect all material terms: price, down payment, contingencies, closing date, commissions, flip taxes, and board restrictions. Errors or omissions at this stage can lead to delays and disputes later, making early accuracy essential.
Real estate transactions are collaborative by nature. Attorneys coordinate with brokers, lenders, title companies, managing agents, and cooperative or condominium boards. In New York State, attorneys hold contract deposits, not brokerages. For financed purchases, attorneys work closely with lenders to ensure both the buyer and the building meet lending requirements. Loan issues often arise from building-level concerns—such as litigation, reserve deficiencies, or owner-occupancy ratios—rather than the buyer’s finances.
For co-op and condominium transactions, due diligence includes a close review of financial statements, offering plans, amendments, house rules, and board minutes. These documents can reveal capital projects, pending assessments, litigation, or policy issues that materially affect value. An experienced attorney not only identifies these risks but explains their real-world impact so clients can make informed decisions.
After the contract is executed, the attorney oversees title review, surveys, and compliance checks to ensure all issues are resolved before closing. At closing, the attorney reviews all documents with the client to confirm accuracy and understanding. For both professionals and consumers, the value of a real estate attorney lies in risk management. Attorneys do not just facilitate closings: they translate complexity, protect investments, and ensure that what looks like a good deal on paper holds up in practice.
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