Sabra Sasson

Contractors and What You Need to Know Before You Hire One

Posted by LeeAdmin on February 17, 2014
Attorney, condo, contractor, coop, real estate, Sabra Sasson / No Comments

The following is adapted from a real estate panel that I spoke on.  The contractor who presented during the event discussed important issues that a buyer will want to be aware of before hiring a contractor to make renovations and improvements to their property.

After you close on your purchase, if there is money left over, you may want to make some modifications, repairs, or renovations to your new home.  You will probably consult with various contractors who can help you with that process.  It is important to select a contractor who understands the laws in your state and locality.  Be wary of contractors who offer significantly lower proposals in comparison with other contractors – there may be a lot of “extras” built into their contracts, or maybe they are not familiar with the construction regulations in your area.  It can become more costly if they cannot process the permit and other paperwork properly and expeditiously.

When purchasing a coop or condo unit, you will be given an alteration agreement which stipulates exactly what the procedures are for your particular coop or condo, including what can be done and who needs to be insured. The biggest hurdle when dealing with an alteration is getting your plans approved by the Management Company. A contractor who is familiar with the construction process in coops and condos will work with the building to make sure the whole package is presented.

The best timeframe in which to finalize terms with your contractor is to meet with your contractor once you have a closing date set and firm up your plans and define what you want to do, your budget restraints, and discuss a timeline for how long the project will take. The time it will take for the project as well as the cost vary depending upon the scope and kind of work you are looking to do. Also, your taste, quality and whether you want custom designs all have a significance and impact as well. Pricing can vary from $75 to $300 per square foot.

If you have found the foregoing to be valuable, then you may also be interested in hearing more about the panelists and I’ve included an opportunity for that in the bonus below.

 

BONUS:  I recently spoke at a workshop with a few panelists on this topic.   There was a lot of information shared during the workshop.  You’re invited to claim your free instant access to a clip of the presentation. You’ll hear about the biggest mistakes that buyers make and avoiding them when purchasing real estate in New York.  Brought to you by Sabra Sasson, Esq., a New York City attorney dedicated to helping you secure your purchase, your legal interests and getting you title and the keys to your new home.  Get instant access here.  http://www.sassonrealestateattorney.com/mteSRSaudio

 

Things to Know When Financing Your Real Estate Purchase

Posted by LeeAdmin on February 03, 2014
Attorney, mortgage banker, mortgage broker, real estate, Sabra Sasson / No Comments

Most real estate buyers today are either “all cash” purchasers or they are purchasing with financing, i.e. with a mortgage or funding from a lender.  Assembling your team – your real estate agent, real estate attorney and mortgage banker or broker are the bare bones professionals whom you need in order to complete your purchase.

A mortgage broker can help you set up your finances and understand how much “home” you can afford.  They can also give you advice and help you to improve your financial snapshot depending upon your current assets and your credit history.

When planning to purchase with financing, there are various factors to consider so that you are sure that you will have enough money, even with the financing, to purchase your property. Aside from your mortgage, expenses will include your down payment of typically 10-20% of the purchase price and other various closing costs depending on your property. For a condo, 1, 2, 3, or 4 family house, you will have to purchase two types of title insurance – one for the property and another policy for the lender. There will also be a mortgage recording tax, bank fees, and various pre-payments, including mortgage interest , homeowner’s insurance and property tax. Closing costs on a co-op are much less, and include a lien search as well as other small fees.

Prior to signing a contract to purchase property, you will want to be sure that you will have sufficient funds to complete the purchase.  If you apply for financing with a lender, you will want to be prepared to provide the last two years tax returns and the last two months bank statements.  This means that the funds that you intend to use as the down payment for your purchase should be in your bank account for at least two months prior to your purchase.  If you cannot meet these basics, you will need to discuss your specific circumstances with your mortgage banker or broker and strategies for getting approved for a loan commitment.

 

BONUS:  I recently spoke at a workshop with a few panelists on this topic.   There was a lot of information shared during the workshop.  You’re invited to claim your free instant access to a clip of the presentation. You’ll hear about the biggest mistakes that buyers make and avoiding them when purchasing real estate in New York.  Brought to you by Sabra Sasson, Esq., a New York City attorney dedicated to helping you secure your purchase, your legal interests and getting you title and the keys to your new home.  Get instant access here.  http://www.sassonrealestateattorney.com/mteSRSaudio

Choosing Your Real Estate Attorney

Posted by LeeAdmin on January 20, 2014
Attorney, real estate, Real Estate Attorney, Sabra Sasson / No Comments

If you are in the market to purchase real estate, then you are probably going out regularly to visit property that is listed on the market.  You may have been looking for a while or you may have just started.

At some point during the process, when you find a place that you like, you will have to engage in negotiations – typically through a real estate agent who is representing the seller.  If you read my prior blog post about choosing your own real estate broker, you may be negotiating through one chosen by you, which is great.

Are you prepared for when an offer of yours is accepted? 

What I mean is that once your offer is accepted, the real estate broker will want you to move quickly into contract they will ask you for the name of your real estate attorney who will be representing you.  If you haven’t already chosen the attorney who will be representing you, then you are already “behind the eight ball” and if you take too long in deciding who to hire, you will probably feel rushed and pressured into finding somebody fast.

Choose the wrong real estate attorney and you could wind up unnecessarily risking your down payment or agreeing to contract provisions that don’t best protect you.  Be careful to choose a real estate attorney and not a generalist, a real estate attorney who practices in real estate law on a regular basis.  An experienced real estate attorney will represent your interest and help you to avoid unnecessary additional expenses. A real estate attorney will understand the real estate market and will understand what provisions you need in the contract.

So how can you get ahead of the eight ball?

You can choose your own attorney before an offer is ever placed on a property.  You can contact a few attorneys at the same time while you are shopping for a property. It doesn’t take too much time, but interviewing a few attorneys when you are not under pressure to select one will give you the time and the space to objectively choose one whom you like, someone who can answer your questions and whom you have pre-qualified to represent your best interest.

Why is it important to choose the “right” real estate attorney for you?

Your real estate attorney will be negotiating the most important aspect of your purchase – the Contract of Sale.  Get any of the provisions wrong and you are “stuck” with them to the end of the transaction.

I once received a telephone call from a buyer who was already represented by an attorney.  This buyer had “heard” that I was representing another prospective purchaser of another unit in the condominium building where they were also in contract to buy and they wanted a similar provision in their contract that I had negotiated into my clients’ contract.  Unfortunately, since they were already “in contract” – meaning that both they and they seller had already signed their Contract of Sale, it would be very difficult (impossible actually) to convince the seller at that time to amend the Contract of Sale to include a provision that would be very favorable to the buyer, and not to the seller.  And that buyer was “stuck” with the Contract that they had – for better or worse.

You see, sometimes contracts can be amended after they are signed by both parties, but as with any contract, the terms are negotiable until the contract is signed.  Once the agreement is signed by both sides, it is difficult to change the terms unless it would be beneficial to both parties.

As you can see, choosing an experience attorney is essential to your purchase.

 

BONUS:  I recently spoke at a workshop with a few panelists on this topic.   There was a lot of information shared during the workshop.  You’re invited to claim your free instant access to a clip of the presentation. You’ll hear about the biggest mistakes that buyers make and avoiding them when purchasing real estate in New York.  Brought to you by Sabra Sasson, Esq., a New York City attorney dedicated to helping you secure your purchase, your legal interests and getting you title and the keys to your new home.  Get instant access here.  http://www.sassonrealestateattorney.com/mteSRSaudio

 

 

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