How a NYC Real Estate Lawyer Can Effectively Represent Buyers and Sellers of Land, or Successfully Defend In Real Estate Land and Contract Disputes Understanding New York Business Law
In the fast and competitive New York City real estate market and surrounding parts of the state and nearby areas, maximizing your return on your investment is simply not possible without a New York real estate attorney at all critical stages of a land-sale transaction.
As often there are real estate transactions between buyers and sellers of homes and condominiums, brokers listing and buying properties—there are legal issues that arise that can escape a layperson’s understanding leading to costly results: lost money due to poor planning of real estate investments, dark clouds on title of land, preventable loss of rights to those forcibly claiming an interest in land sold—among countless other concerns that most buyers and sellers overlook.
Learning about the ways real estate lawyers in New York can be used, either for the buyer or seller of land, can help make simpler this area of law to avoid sudden surprises and harsh results to either party involved.
To learn more about the various kinds of real estate disputes that arise in the state of New York under real estate law in New York in a typical real estate lawsuit requires spending a few minutes to read further below.
What are the Common Real Estate Lawsuits under New York Law?
Real estate law in New York has several sources of law, from the legislatures code found in the laws governing the sale of land, to case precedents interpreting the meaning of those laws.
According to the New York State Senate, real estate law in New York encompasses:
- Land use issues such as encumbrances found in deeds and disputes with a homeowner association.
- Ownership issues such as land owned among several owners.
- Issues of title priority, title insurance company involvement and real property liens.
- Buying and selling land, a condominium or apartment.
- Foreclosure disputes with the lenders.
- Tenant eviction, commercial leases, commercial leasing agreements and landlord-tenant disputes arising out of landlord-tenant relations.
For real estate agents, there are a host of regulations found in the bylaws and regulations created by the New York Association of Realtors. Commercial real estate and residential real estate lawyers and realtors based in New York’s borough’s, such as Brooklyn, Manhattan and Queens, are both tasked with knowledge of these regulations affecting buying and selling and leasing properties, although real estate lawyers have a heightened duty to be informed in the changes and interpretation of law dealing with the rights and duties within land, and other ownership disputes that may arise along the way during a realtor’s sale or purchase of land.
According to the faq section of Nolo.com, the main distinction to make for a person with an interest in land is whether he or she is selling, buying, leasing or transferring it leading to a dispute with others. There are several main issues that come up for those buying land, including:
- The right to build land that’s vacant.
- Land sales involving liens or defects concealed by the seller.
- Buyer’s rights for newly built homes.
- Seller’s duty to disclose to the buyer.
Upon owning land, new issues are raised about the land-use restrictions often for first-time homeowners:
- Property disputes between neighbors
- Zoning regulations’ effect on homeowners’ ability to build.
- Restrictions contained in a deed and easements.
- Construction contractor defects
- Trespassers claim in a homeowner’s land, or other liens.
- Taxation of land.
What are the Procedures for Asserting or Defending a Manhattan Real Estate Claim in New York?
According to New York’s Realtor Association’s Code of Ethics, there is some ambiguity of what a real estate broker can and not reveal that would cause a person doing business with the real estate broker to have a claim for rendering legal services in practice areas that are considered to be the unauthorized practice of law. For instance, a realtor knowledgeable about a certain transaction may give unsolicited legal counsel about the legal- or tax-sense of a deal and violate their ethical code of conduct.
As an analogue to “defensive medicine” for doctors to perform procedures to avoid being sued even if it is not actually necessary—so, too, is the concern of realtor silence toward their client—even if it is in the client’s interest to be appraised of the realtor’s knowledge about a particular transaction. Based on this ambiguity, a skilled New York real estate attorney with many years of experience would be in the best position to advise a client of a realtor of their rights and obligations in a given transaction for the sale or conveyance of land, rather than the realtor.
In contrast, the risk of a realtor failing to disclose defects in a new home is another concern different from practicing law without authorization by disclosing too little information. By state law, realtors have a duty to disclose defects in newly constructed homes, and will be liable for failing to do so, especially in case of fraud. For instance, the realtor may want to ask the buyer to agree to a higher purchase price, doing so by deliberately not disclosing information about defects that the realtor has known about.
Further, the breach of the duty of the realtor to the client can occur through what are called conflicts of interest, where the realtor loses sight of the client’s interest and no longer is acting in his or her best interests in pursuing a lead.
When in doubt, a New York super lawyer would be a reliable resource to use to be advised on these topics that realtors would not be able to legally provide information about the wisdom of transactions, potential tax consequences, among other legal issues that arise when realtors make deals and earn a commission.
Common Buyer Defenses Helpful in a NYC Real Estate Lawsuit
In New York, real estate law comprises of a host of issues, some of which include a buyer’s rights against a seller after a transaction is consummated. For instance, according to the New York State Department of Financial Services, a frequently disputed issue deals with “rent-to-own” land installment contracts that lead to unfair results for the buyer. For instance, a buyer may be tricked into signing such a contract due to predatory lending, and may miss a payment, and may lose the entire property.
In other words, a competent real estate lawyer in New York could provide a proper defense to a “rent-to-own” installment land-sale contract to prevent the harsh result of the buyer losing out on the entire property based on predatory lending tactics. Without such a legal talent on your side, transactions could cost you hundreds of thousands of dollars leading to strains on your investment resources and damper on your ability to continue investing in NYC real estate.
All the more reason New York real estate law requires a skilled advocate who can accurately assess your needs, understand the governing law that will operate in your favor, and propose helpful solutions mindful of tax and probate consequences.
Legal Advice: A New York Real Estate Lawyer’s Value to a Buyer or Seller of Land?
As any New York attorney would offer pricey real estate law services, it is legitimate to wonder how much a real estate lawyer is worth as your personal advocate. Based on the nuances of real estate law in New York, drafting land-sale contracts effectively, bringing suit on real estate matters to enforce landowner’s rights—are undoubtedly priceless in terms of notwithstanding the incredibly high average rate of real estate lawyers who can charge between reportedly $122 to $485 per hour, Clio.com’s 2021 statistics.
Based on the skill and years of experience of the New York real estate lawyer handling a buyer or seller’s case, a client can recover greater amounts if the lawyer stays up to date with the everchanging landscape of not only real estate law, but business law, family law, tax, and estate planning, including the many nuances and subtleties involved in an area that is typically not thought to be considered easily grasped by a lay buyer or seller.
Without having a valued and trusted legal advocate, you may end up needlessly being exposed to risk and liability for actions that you aren’t responsible for, or else lose out on money due to defaulted trespasser personal injury claims, not be exempted from draconian zoning rules, and real property rights by failing to promptly assert legal rights against trespassers.
What is the Importance of Hiring a Skilled New York Real Estate Lawyer?
Due there being hundreds, if not thousands of real estate transactions occurring daily between buyers and sellers, mortgagors and lenders, foreclosures, and between real estate investment trusts, co-ops or series llcs, it is important to have a skilled lawyer who can distinguish him or herself from others in the field. Whereas a many real estate lawyers may be generally knowledgeable about how to represent a given buyer- or seller-client, a particularly skilled and remarkably talented real estate attorney will be intimately familiar with the most recent decisions in business law, government, banking, foreclosure rules, tax, and estate planning that affect how much of a recovery ultimately the client is able to keep and the rights the client can exercise.
Many top-rated law real estate law firms specialize in these cases, including Brooklyn-based Stein Law Firm, among others in New York, New York, such as Chaves, Perlowitz & Luftig, LLP, Walsh & Gilad, PLLC, with offices in Queens, and Brooklyn real estate attorney Ali Shahrestani, Esq., in New York State and surrounding New Jersey areas, offer a initial free consultation to help strategize your best course of action during a time of uncertainty and “rush to close.”
A specialist will ask you, the client, questions to maximize the value of your case or minimize liability in exploring your legal options—whether you are a relatively inexperienced buyer or seller, or real estate investor with greater experience in selling properties for profit where they may be hidden liens involved valued at hundreds of thousands of dollars. Such legal representation often necessitates employing novel legal arguments and arguments for fundamentally changing the law to benefit you.
In any case, you should be prepared to create a narrative of facts detailing everything that you remembered before, during and after the incident leading up to the dispute, including keeping meticulous records of expenses made during real estate litigation, or in the case of the responsible partner, the costs to defend.
As a client, whether an agent or buyer or seller, it is also imperative to share any business malpractice or personal insurance company policy maintained and investigate other potential actors responsible for the wrongful act. Also important is it that your attorney test the strength and validity of the rival claims.
Forming an Attorney-Client Relationship: Call a NYC Real Estate Lawyer Today to Discuss Your Case and Odds of Prevailing on a Business Claim.
Amid ongoing real estate litigation, having the right attorney on your side can navigate the vast and ever-changing landscape of commercial real estate and residential real estate law, restrictions against recovery and ever evolving case precedent. A disclaimer is that the attorney-client relationship forms upon consultation when you consider hiring the attorney, but not before that point. Once formed, this relationship helps prepare the client to bring a winning case to receive compensation where there is clearly established liability and avoid liability for debts and obligations such as when there is a dearth of evidence to support such claims.
Whether you are looking for an NYC-, the Bronx, Brooklyn, or New York State-based real estate lawyer, Lawsuit.org will help you pinpoint the right one by offering a free consultation, and flat fee option, to obtain the just results that a buyer or seller is entitled to.