Real Estate Transactions

New York Lawyer Representing Individuals and Businesses in Real Estate Transactions

New York’s real estate market is fast-paced, and parties often do not have the luxury of deliberating extensively before entering into agreements to transfer the right to own or possess property. The process of purchasing or selling real estate is multi-faceted and complex, though, and oversights and omissions in the process of vetting properties and drafting contracts can cause long-term harm to a party’s finances and reputation. It is critical that anyone interested in buying, selling, or leasing real estate in New York engage a capable New York real estate attorney to facilitate the process. Patrick McGlashan of McGlashan Law, P.C. is proficient at guiding businesses and individuals through the process of completing real estate transactions in New York, and if you hire him, he will work diligently to help you complete your real estate transaction as efficiently and seamlessly as possible. The firm maintains relationships with professionals who can be staffed on client matters as needed. Mr. McGlashan’s office is located in Manhattan, and he regularly assists parties with real estate matters in Manhattan and throughout New York.

Ensuring a Property’s Title is Valid

In any transaction involving the transfer of ownership interest in real estate, the most critical step is verifying that the property is free of any liens, encumbrances, or judgments. In other words, the buyer must confirm that no creditors can pursue claims against them after they purchase the property. It is also essential for buyers to ensure that the property’s title was transferred correctly throughout the property’s history. If a prior transfer of interest in the property was improper, the current owner might not have the legal right to sell the property, making any sale of the property invalid.

Agreements to Purchase and Lease Real Estate

Other than validating the title to a property, the most important part of a real estate transaction is the contract. Generally, New York law dictates that legal advice on the terms of real estate contracts must be provided by an attorney. Therefore, it is essential for anyone buying or selling real estate in New York to hire a capable New York real estate attorney to assist them in the process of negotiating and drafting the contract. 

In most real estate transactions, the buyer will make an offer to the seller. If the seller accepts the offer, the counsel for the seller will draft an agreement and send it to the counsel for the buyer. Counsel for the buyer will then review the agreement and evaluate whether any additional provisions need to be added or whether existing terms need to be modified or deleted. This review is vital, especially in transactions involving commercial real estate, as they involve a greater risk of potential issues. For example, in complex commercial transactions, like those that are contingent on zoning approval or the completion of a construction project, lawyers can negotiate to include terms in the agreement that protect their client’s interests.

Parties considering leasing commercial real estate can also benefit from the assistance of counsel. Leases for commercial real estate might incorporate provisions regarding requirements for utilities and accessibility,  rent escalation clauses, and other terms not included in residential real estate leases. It is prudent, therefore, for parties to seek the assistance of an attorney before entering into commercial leases.

Confer with a Trusted New York Real Estate Lawyer

Real estate transactions in New York are often complicated and happen quickly. Parties must take care to make sure transactions are handled properly, to avoid costly errors. If you are contemplating buying, selling, or leasing real estate in New York, it is essential to retain an attorney to guide you through the process. Patrick McGlashan, the founder and managing attorney of McGlashan Law Firm, P.C., is a trusted New York real estate attorney who has helped many people and businesses complete real estate transactions in New York, and if the firm is retained to represent you, he will advocate zealously on your behalf, to help you protect your interests. Our office is located in Manhattan, and we frequently represent people in real estate transactions in Manhattan and throughout New York. You can reach us to set up a confidential consultation by using our online form or calling us at (212) 203-8738.