For most of us, buying a home, be it condo, house or cottage, is the costliest purchase we’ll ever make.   And let’s face it, it’s possibly the riskiest as well.  The New York Real Estate market (like Real Estate markets around the world) is a fickle entity, rising and crashing, stagnating and prospering without much warning.  Whether you’re a first time buyer or a seasoned Real Estate guru, you do not want to enter this complex arena without a team of expert New York Real Estate lawyers.

You may or may not be surprised to find that Real Estate issues in New York State prompt a vast amount of legal malpractice cases each year.  Let’s take Genesis REOC Co., LLC v Poppel , as an example.  The Company was formed for the purpose of investing in “low and moderate-income housing projects backed by tax credit equity investors in New York and New Jersey.” (First Amended Complaint (FAC), iJ 14 [NYSCEF No. 77].) Jazz Realty was “the investor partner and contributed capital to fund the Company’s investment activities …. ” (Id., ii 17.) If you’re interested in the details, click http://www.nycourts.gov/reporter/pdfs/2020/2020_33230.pdf for a taste of what can happen in Real Estate Malpractice suits.

Looking for something more recent?  The Mandour v Rafalsky case might shed some light on the risks you face and here, there is the added dispute between siblings with death and incompetency issues so … anyone with siblings should read this and be warned.

Are you getting nervous?  You should be, unless of course, you have a well known, reputable, Real Estate Legal Team handling your New Your Real Estate transaction(s).  It is imperative to know what you’re getting into and to be absolutely certain that the parties involved in your New York Real Estate transactions are 100% in your favor.  Your lawyer is your fiduciary (your representative who, by law, must act in your best interest) and any act committed by them that causes any financial or other damage to you is liable for their actions and you are completely within your rights to file a suit against them.

What constitutes a legitimate NY Real Estate Malpractice Suit?

• Failure to identify environmental problems
• Failure to identify developments that impact property value
• Failure to uncover liens
• Failure to identify title issues
• Failure to disclose terms and conditions that can cause financial harm/loss
• Failure to fully explain contractual rights and obligations

How do I find a reliable New York Real Estate Lawyer?

Personally, I start with my personal contacts . . . ask anyone and everyone you know

and trust who has bought or sold real estate in New York for recommendations.  Ask them why they are recommending this person/firm, ask if there were any hiccups along the way, ask if there have been any issues since the closing and how the issues were dealt with, ask if they would use this person/firm again, ask how they found this person/firm.  If they were recommended by a friend who also used the person/firm, put them high on your list . . . if they found them by a random internet search, place them low on your list.  Check to see if any malpractice suits have been brought against them.  You can access Public Court records at https://www.publicrecordreports.com or www.recordsquarry.com/.

The bottom line is . . . don’t try the DIY approach with Real Estate dealings.  Do some research, ask the questions, always be cautious and obtain an experienced lawyer/legal team proficient in New York State Real Estate Law.  The money you spend today will ensure you don’t end up in a financial Real Estate disaster tomorrow.

Not all types of Preliminary Agreements can be upheld in court. Contact a NY State attorney for more information.

This article is for educational purposes only – to provide you with general information, not to provide specific legal advice.  Use of this post does not create an attorney-client relationship and information contained herein should not be used as a substitute for competent legal advice from a licensed attorney in your state.

NYS real estate laws can be complex, contact that the experts at Aronov Law NY now for a full understanding of landlord-tenant, eviction law or any other real estate lawyer Queens & NYC related services.