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Brooklyn Real Estate Attorneys

Belushin Law Firm Proudly Represents Commercial and Residential Property Buyers

Real estate law involves an intricate collage of different legal authorities and sources. The fundamental principles of real estate law were passed on to the United States from the British common law system. Over time, federal and New York statutes have been implemented, either supplementing or superseding common law principles on real property.

Applicable federal, state, and common law laws include:

  • Interstate Land Sales Full Disclosure Act. This is a federal law that applies to real estate transactions regarding subdivided properties.
  • Regulation Z under the Truth in Lending Act. This federal law applies to consumer credit transactions, requiring lenders who regularly extend consumer credit to disclose specific loan terms. The regulation also provides criminal sanctions against lenders for misrepresenting information about loans and interests rates.
  • New York statutory warranties. Section 235-b of the Real Property Law provides for a warranty of habitability regarding cooperative apartments. New York General Business Law also recognizes a housing merchant implied warranty for newly constructed residential buildings.
  • Common law warranties. At common law, real estate transactions included an implied warranty of merchantability, habitability, and fitness for a specific purpose.

Comprehensive Legal Advice and Advocacy

Real estate purchases and sales involve many moving parts working over the course of the transaction. The sale of residential or commercial property may be conditioned on the fulfillment of certain contingencies on behalf of both the seller and buyer. At Belushin Law Firm, we are dedicated to representing you and your interests throughout each step of the process, including:

  • Purchase financing. Customarily, home sales involve contingency clauses for the buyer to obtain financing with certain parameters. Commercial real estate transactions in downstate New York typically do not condition the sale on the buyer obtaining financing.
  • Property Condition Disclosure Statements. The Property Condition Disclosure Act requires a residential property seller to provide the buyer with a Property Condition Disclosure Statement (PCDS). Failure to comply warrants a $500 credit against the purchase price.
  • Environmental assessments. To determine if the property was potentially exposed to hazardous materials, it is worth asking the seller for environmental reports, or to conduct an environmental assessment and review of public records.
  • Insurance Coverage. An environmental assessment that is ensured by environmental insurance is an effective way to allocate risk for onsite and environmental hazards.
  • Purchase money mortgages. As an alternate method of financing, some sellers may accept a purchase money note and mortgage in exchange for part of the purchase price, deferring income tax payments on that part of the price until received in full.
  • Corporate Entities. For commercial transactions, buyers may want to form a corporate entity or LLC for owning the property. Such entities shield shareholders or members from liability regarding business operations and may provide certain tax benefits.
  • Negotiating the Sale. A contract for the sale of real property, whether commercial or residential, is often subject to engrossing and sometimes intense negotiations. An experienced attorney will be familiar with the underlying contract forms and any contract riders.
  • Closing Obligations. As the transaction winds down, an experienced real estate attorney can assist buyers with fulfilling certain closing obligations. These obligations may include dealing with loan commitment contingencies, title reports and surveys, and conducting due diligence for loan documents, mortgages, and service contracts.

With Belushin Law Firm, You Have the Advantage

Purchase agreements and other real estate contracts are subject to attorney approval. Thus, having a seasoned real estate attorney at your side with a sophisticated understanding of the applicable laws and protocols necessary to effect a sale gives you a substantial advantage.

We can prepare, review, negotiate and draft several real estate transaction documents, including:

  • Purchase and Sale Contract forms
  • Contract riders
  • Binders
  • Letters of intent
  • Terms sheets
  • Options
  • Rights of first refusal

Time Is of the Essence – Don’t Wait to Elevate Your Negotiating Positions

When it comes to real estate transactions, time is money. If you are planning on making a commercial or residential real estate purchase – or are currently in the middle of a transaction – you should consult an experienced Brooklyn real estate attorney for quality legal counsel. At Belushin Law Firm, we are dedicated to promoting your interests during any step of the transaction. You can count on our legal team, led by Attorney Vel Belushin, to support you with personalized advice and advocacy throughout the deal, so you can rest assured that your future home or business is in caring hands.

Eager to get started? Contact the Belushin Law Firm at (888) 918-9890 to consult with our Brooklyn real estate attorney about our services.

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