Real Estate Transactions

Brooklyn Real Estate Attorney

a key dangling from inside a lock on a wooden door

Lugara PLLC has significant experience in all aspects of residential and commercial property sales and acquisitions.

Home » Practice Areas » Brooklyn Real Estate Attorney

If you’re a New Yorker, you know just how important finding the right apartment, condo, or brownstone is. Many of us have been subletters and leaseholders in Brooklyn before we were ready or able to invest in our own property. And for business owners in Brooklyn, location is everything.

The Brooklyn real estate attorneys at Lugara PLLC represent those seeking to make the sale or purchase of property go as smoothly as possible. If you need help with any stage of the real estate transaction process, our real estate lawyers are ready and available for a consultation.

What Does a Lawyer Do in a Real Estate Transaction?

Real estate transactions in Brooklyn involve more moving pieces than in other areas of the country. From offer through closing, Lugara PLLC is able to handle all aspects of buying and selling real estate so that you can feel confident about a smooth and precise transaction. Specifically, our firm can:

  • Draft & review sales contracts: These will reflect pricing, terms, and any other agreed-upon conditions. For your real estate transaction to be legally binding, you will need a correctly executed contract of sale.
  • Negotiate real estate agreements: A real estate lawyer will do more than follow the proper procedures for closing the sale – they will also protect your interests by ensuring due diligence and creating riders that may lay out additional terms. Our attorneys can negotiate pricing structures and terms of sale and ensure that you are not taken advantage of in a significant investment.
  • Review lending documents: Your real estate attorney has a fiduciary duty to protect your best interests. They also have experience in mortgage terms and lending documents and can bring a trained eye to the transaction.
  • Search and clear title: When liens, judgments, and past due amounts are involved in a real estate transaction, it can tie up the title for long periods. A real estate attorney serving Brooklyn can help clear up these issues and ensure that they don’t take your perfect property off the table.
  • Analyze your deal and rectify potential problems: Possible issues include easements, encumbrances, and errors in public records. When any of these arise, a Brooklyn real estate lawyer is your first line of defense.
  • Handle land use, zoning, and permitting: With so much shared space, heated disagreements tend to arise over how a property can best serve its owners’ interests as well as the community’s needs. A real estate attorney can be by your side throughout the transaction to ensure that your investment can be used how you intended.
  • I.R.S. 1031 Exchanges for capital gains tax deferment: Qualifying like-kind exchanges may defer capital gains tax and ease the burden of investing in real estate. A real estate attorney would be an expert in structuring your transaction so that it may qualify for the IRS 1031 exception.
  • Residential and commercial finance structuring: Real estate attorneys specialize in equity and debt structuring for a range of commercial and residential properties. Our attorneys can help cover real estate transactions involving deeds-in-lieu, loan workouts, and other structured finance solutions.

Representation for Buyers in Brooklyn

Real estate lawyers will take steps to protect our clients’ interests throughout the offer and closing process. Our firm can perform due diligence on the property and ensure that all is as it should be before your offer goes through. With a fiduciary duty to your interests and years of experience in the Brooklyn real estate business, Lugara PLLC will be by your side to ensure you get what you pay for with the purchase of a home, condominium, apartment, or unit.

Representation for Sellers in Brooklyn

Sellers also benefit from representation in a Brooklyn real estate transaction. Generally, the seller’s attorney will create the first draft of the contract, as well as the roadmap for the sale. A seller’s attorney will not only ensure that sellers are protected if buyers back out of the closing process but will also hold funds in an escrow account and negotiate for “liquidated damages” as well as other terms to protect sellers’ rights.

Overall, both buyers and sellers generally engage and benefit from legal representation in Brooklyn real estate transactions. Negotiations, terms, and contracts are more smoothly executed to everyone’s satisfaction when experts are involved.

Residential and Commercial Transactions

Commercial and residential transactions have crucial differences, making it important to engage the services of a real estate lawyer to handle these kinds of negotiations and contracts. Tax allocations and IRS exemptions are different for both kinds of real estate transactions, and knowing what kinds of options are available can save buyers and sellers significant amounts.

Importantly, the obligations for disclosure are very different for residential and commercial real estate transactions in Brooklyn. Commercial sellers are not held to as high of a standard as residential sellers when it comes to defect disclosures. For this reason, due diligence is an especially important process in commercial real estate transactions.

A real estate attorney in Brooklyn can help ensure that your interests are protected with tests, zoning confirmations, analyses, and environmental assessments of any property that is for sale.

Property Rights and Ownership

When problems arise with liens, judgments, and past due payments (such as IRS balances and child support issues), a real estate lawyer can help ensure that past baggage does not entangle your future property rights. Any number of concerns can restrict title transfer, whether they are clerical or financial. Look to Lugara PLLC for assistance with:

  • Property leasing & management
  • Homeowner Association matters
  • Condominium law
  • Landlord & tenant disputes
  • Financing
  • Boundary & easement disputes
  • Title disputes
  • Foreclosure
  • Eminent domain
  • Lender’s rights

Property Disputes and Real Estate Litigation

Many property disputes can be resolved without a lawsuit, especially with the help of a real estate transactions attorney. Real estate lawyers can help with negotiations outside of the courtroom as well as within it. Common property disputes that our real estate lawyers can help with include:

  • Boundary issues: When boundaries are improperly documented or are under dispute from neighbors or other landowners, sales can be quickly tied up in the back and forth. A real estate lawyer can help locate the appropriate documentation or re-register boundaries to resolve the issue.
  • Breach of contract: Issues involving contract compliance are a legal concern called “breach of contract.” This may involve buyers changing their minds, or sellers misrepresenting the state of certain areas of the property.
  • Joint tenant disputes: Joint tenants, or co-owners, often represent a creative way to structure ownership but can also lead to issues when one party wants to move forward with a sale and the other does not. Having an attorney can help break the log jam.
  • Fraud and misrepresentations: While we hope it does not happen, some unscrupulous actors may misrepresent proof of funds, ownership rights, and mortgage application information. Fraud of this nature can be more accurately and swiftly spotted with the help of a Brooklyn real estate attorney.

When to Call a Brooklyn Real Estate Lawyer

The best time to hire a Brooklyn real estate lawyer is before you urgently need one. This can ensure that you have time to speak with your real estate transaction attorney, bring up any concerns, and strategize about the best ways forward to achieve your goals.

Contact Lugara PLLC if you are faced with commercial or residential property issues, or even before you enter into the search. Our firm can advise you on any number of stages throughout the real estate transaction process, including contract negotiations, title and loan commitment reviews, condominium representations, title verification, and transfer, conducting lien searches, creating and handling lending documents and sales agreements, specific performance disputes, and attending closing meetings. Our attorneys can be by your side from the very beginning to ensure that you are not taken advantage of, either by another party or by the volatility of the real estate market.

Benefits of Hiring a Real Estate Lawyer in Brooklyn, NY

A lawyer’s role in real estate transactions in Brooklyn can be as varied as their client’s needs. Some of our clients prefer to start the process with more than just an agent to rely on, while others engage our services when specific disputes arise over tenancy, boundaries, easements, or title transfer. A real estate lawyer can also save you time, money, and effort by helping you negotiate agreements, structure your financing, and reduce your tax liability.

Real Estate Lawyer Brooklyn: FAQs

The following are some frequently asked questions about the role of a real estate attorney in Brooklyn:

Do You Need a Real Estate Attorney to Buy a House in Brooklyn?

While not required by New York state law, it is customary for both sides to be represented by real estate transaction lawyers during the sale. You will find that any seller most likely has legal representation throughout the process to help with negotiations and compliance. To ensure that your rights are protected, most buyers also choose to engage legal representation before signing mortgage documents and sales contracts.

How Much Does a Real Estate Lawyer Cost in NYC?

Hourly rate is often a function of experience and client satisfaction in the Brooklyn real estate market. The median hourly rate for a real estate lawyer in Brooklyn is $540 per hour, but the total amount you can expect to pay fluctuates based on the complexity of the case and the expertise of the firm. That being said, some real estate lawyers charge a flat fee that varies by transaction type, as opposed to charging hourly.

How Much Does a Lawyer Charge for Closing Costs in NY?

Attorney fees vary for closing costs, especially for different kinds of sales. Commercial investments such as buying via a corporate structure, acquiring distressed properties, and re-zoning tend to incur higher fees than more straightforward acquisitions, such as buying into a pre-existing condominium or co-op.

Call a Real Estate Attorney in Brooklyn Today for Representation You Can Rely On

Having a law firm with the knowledge and experience to navigate real estate issues is of the utmost importance when seeking to protect your property interests. Lugara PLLC’s knowledge and experience with various property issues, both transactional and those involving litigation, is key to achieving a successful outcome. If you need representation in any number of commercial or residential property concerns, our skilled team is here to help.