REAL ESTATE
Buying or selling property is often one of the most significant financial transactions a person or business will undertake. Even a seemingly straightforward deal can involve substantial legal obligations and unexpected complications. Our firm works closely with clients, real estate professionals, lenders, title companies, managing agents, and opposing counsel to identify issues early, protect our clients’ interests, and move each transaction toward a successful closing.
Residential and Commercial Representation
A real estate transaction involves far more than the transfer of property from one party to another. Contracts, financing, title issues, inspections, liens, municipal records, disclosure requirements, and closing documents can all affect whether a transaction proceeds as expected. At the Law Offices of Colin D. Smith, PLLC, we represent buyers and sellers in residential and commercial real estate transactions throughout New York State, providing careful legal review and practical guidance from the initial agreement through closing.
Residential Real Estate
We represent buyers and sellers in transactions involving:
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Single-family and multifamily homes.
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Condominiums.
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Cooperative apartments.
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Townhouses.
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Vacant land.
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Investment and rental properties.
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New construction.
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Estate and trust-owned property.
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Transfers between family members.
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Refinancing and related title matters.
Every property presents its own legal and practical concerns. A private home may raise questions involving title, surveys, boundaries, certificates of occupancy, additions, septic systems, or municipal violations. Condominium and cooperative transactions require review of governing documents, financial information, insurance requirements, board procedures, and managing-agent requirements. Investment properties may also involve existing leases, security deposits, tenants, and local regulatory obligations.
Representation for Buyers
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For purchasers, our work generally begins after an offer has been accepted. We review the proposed transaction, negotiate the contract of sale, and identify provisions affecting the buyer’s deposit, financing, inspection rights, closing date, and remedies if the transaction cannot proceed.
Buyer representation may include:
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Reviewing and negotiating the contract of sale.
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Addressing inspection findings before the contract is signed.
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Reviewing financing and mortgage-contingency provisions.
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Ordering and examining the title report.
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Reviewing the survey and property description.
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Investigating liens, judgments, easements, and restrictions.
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Examining certificates of occupancy and municipal records.
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Reviewing condominium or cooperative documents.
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Coordinating with the lender, title company, and real estate professionals.
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Calculating closing funds and reviewing final adjustments.
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Preparing and reviewing transfer and loan documents.
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Representing the purchaser at closing.
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The objective is not merely to complete the purchase. It is to help the buyer understand what is being acquired, the obligations being assumed, and any conditions that must be satisfied before title changes hands.
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Representation for Sellers
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For sellers, early legal guidance can prevent avoidable delays after a buyer has been found. We prepare or review the contract of sale, respond to proposed changes from the purchaser’s attorney, address title objections, and coordinate the documents and financial adjustments required for closing.
Seller representation may include:
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Preparing and negotiating the contract of sale.
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Reviewing the accepted offer and brokerage terms.
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Advising concerning applicable property-disclosure requirements.
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Reviewing the deed, survey, title history, and existing mortgage information.
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Addressing liens, judgments, open permits, and municipal violations.
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Responding to title objections raised by the purchaser.
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Coordinating mortgage or lien payoffs.
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Resolving estate, trust, corporate, or limited-liability-company authority issues.
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Reviewing closing adjustments and anticipated proceeds.
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Preparing the deed and required transfer documents.
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Coordinating with brokers, lenders, title representatives, and managing agents.
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Representing the seller through closing and disbursement.
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Sellers benefit from consulting counsel before signing documents, making representations about the property, or agreeing to inspection-related concessions. An accepted offer usually describes the business terms, but the contract determines the parties’ legal rights and obligations.
Commercial Real Estate
Commercial transactions present concerns that may not arise in an ordinary home purchase. The property’s permitted use, existing leases, environmental condition, operating expenses, financing structure, zoning, and ownership entity may all affect the transaction.
We represent individuals, businesses, investors, and property owners in the acquisition and sale of commercial and mixed-use properties. Depending upon the transaction, our work may include:
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Drafting and negotiating purchase and sale agreements.
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Reviewing letters of intent and proposed deal terms.
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Conducting legal due diligence.
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Reviewing leases, rent rolls, and tenant obligations.
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Examining title, surveys, easements, and restrictive agreements.
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Addressing zoning, land-use, and municipal-record concerns.
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Reviewing entity authority and organizational documents.
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Coordinating commercial financing requirements.
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Negotiating representations, warranties, and closing conditions.
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Preparing transfer documents and closing statements.
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Coordinating tax, insurance, and operating-expense adjustments.
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Representing the client at closing.
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The scope of due diligence should be matched to the property and the client’s intended use. Commercial buyers should understand not only whether they can obtain title, but whether the property can lawfully and practically support the business or investment contemplated.
Commonly Asked Questions
When should I contact a real estate attorney?
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Ideally, you should contact an attorney before signing a contract or other document concerning the transaction. Buyers should obtain legal advice promptly after an offer is accepted and before the inspection and contract-review periods expire. Sellers may benefit from consulting counsel before listing the property so that title, estate, municipal, or ownership issues can be addressed in advance.
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Is an accepted offer legally binding?
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An accepted offer ordinarily identifies the proposed price and principal business terms, but New York real estate transactions generally proceed through a written contract negotiated by the parties’ attorneys. Buyers and sellers should not assume that an accepted offer provides the same rights or protections as a fully executed contract.
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What is the attorney-review process?
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After an accepted offer, the seller’s attorney generally prepares a proposed contract and sends it to the buyer’s attorney. The attorneys review and negotiate its terms. The buyer ordinarily signs first and delivers the contract with the down payment. The seller then signs and returns a fully executed copy. The precise sequence may vary by transaction.
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What does a title search reveal?
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A title search examines public records relating to the property. It may identify mortgages, liens, judgments, unpaid taxes, easements, restrictions, ownership defects, or other matters affecting the seller’s ability to transfer clear title. Municipal searches may separately disclose open permits, violations, and certificate-of-occupancy issues.
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What is a certificate of occupancy?
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A certificate of occupancy, certificate of compliance, or similar municipal record indicates the approved legal use or configuration of a building. Missing or inconsistent records can delay closing and may affect financing, insurance, or the purchaser’s intended use of the property.
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Do I need a survey?
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A survey shows property boundaries and may identify structures, fences, driveways, easements, encroachments, or other physical conditions affecting the land. Whether a new survey is advisable depends upon the property, the existing survey, lender requirements, title-insurance coverage, and the buyer’s intended use.
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What happens to the down payment?
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The contract down payment is ordinarily held in an attorney’s escrow account until closing or another disposition authorized by the contract. Whether either party is entitled to the deposit after a transaction fails depends upon the contract terms and the reason the closing did not occur.
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What is a mortgage contingency?
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A mortgage contingency may allow a purchaser to cancel the contract and recover the down payment if the purchaser cannot obtain a qualifying loan within the contractual period despite complying with the provision. The amount, loan type, application obligations, deadline, and notice requirements should be reviewed carefully.
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Are cooperative apartments handled differently?
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Yes. A cooperative purchaser acquires shares in a corporation and receives a proprietary lease rather than a deed to real property. The transaction ordinarily requires review of cooperative documents, approval by the cooperative board, lien searches, lender coordination, and compliance with the managing agent’s closing requirements.
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Does the seller have to disclose defects?
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New York law may require a seller of qualifying residential property to provide a Property Condition Disclosure Statement, although statutory exemptions apply to certain transactions. Contractual representations, inspection rights, and disclosure obligations should be reviewed with counsel because they depend upon the property and the nature of the sale.
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How long does a real estate transaction take?
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The schedule depends upon financing, title clearance, inspections, municipal records, lender requirements, board approval, and the parties’ contract. A cash transaction with clear title may close relatively quickly. A financed, cooperative, estate-owned, or commercially complex transaction may require considerably more time.
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A Practical Guide for Buyers
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Before entering into a transaction, a purchaser should:
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Obtain financing guidance or preapproval.
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Investigate the property and surrounding area.
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Retain qualified inspectors.
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Identify the intended use of the property.
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Review estimated taxes, insurance, maintenance, and operating expenses.
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Avoid signing a contract or waiver without legal review.
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Provide requested financial and lender documents promptly.
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Review title, survey, and municipal findings with counsel.
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Conduct a final walk-through before closing.
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Confirm the required identification, insurance, funds, and documents for closing.
A Practical Guide for Sellers
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Before listing or contracting to sell, an owner should:
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Locate the deed, survey, title policy, and prior closing documents.
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Confirm how title is held and who must authorize the sale.
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Gather mortgage and home-equity-loan information.
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Identify open permits, additions, conversions, or municipal violations.
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Review applicable property-disclosure obligations.
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Locate leases and tenant records for occupied property.
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Determine whether an estate, trust, corporation, or limited-liability company is involved.
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Avoid promising repairs or concessions without understanding their cost and legal effect.
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Prepare for title objections and payoff requirements.
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Review anticipated closing expenses and net proceeds.
From Contract to Closing
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A successful real estate transaction requires both careful legal work and consistent coordination. Our firm remains involved throughout the process—communicating with the client, negotiating with opposing counsel, responding to title and lender requirements, preparing closing documents, and addressing issues that could otherwise delay or prevent completion.
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Whether you are purchasing your first home, selling a longtime family property, acquiring an investment building, or transferring a commercial asset, the Law Offices of Colin D. Smith, PLLC, provides practical legal guidance at every stage.
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Contact our office to schedule a confidential consultation concerning a residential or commercial real estate transaction in New York State.