Conducting careful due diligence is a critical step in the New York City real estate buying process. It’s the essential safety net for all buyers before a deal is finalized - ensuring that a co-op, condo or private home is sound both financially and structurally, and that a property has been accurately represented by the seller. There are two main aspects to due diligence: A detailed review of all pertinent records regarding a property – and, in the case of a brownstone or townhouse, a thorough on-site property inspection.
Prime duties of your real estate attorney:
Reviews the most recent minutes of the co-op or condo board – which provide insight into a building’s financial and operational details, as well as major structural issues that could impact future common charges.
- Reviews building’s financial statements for the past two years – or further back – along with current year’s budget.
Ensures the property’s title is free of liens.
Looks into the building’s history to determine if there have been any violations.
- Verifies that all bedrooms listed are actually legal.
Home inspection checklist for Townhouses and Brownstones.
If you’re purchasing a single-family house, a thorough home inspection is your only chance to ensure that the seller hasn’t failed to disclose any major problems with the property. Inspectors typically focus on the following areas of a home:
Do you need an apartment inspection of a co-op or condo?
Most home buyers leave the due diligence up to their attorney. Having said that, it can be a wise step and provide peace of mind to hire a home inspector if a residence has been continuously occupied for many years without serious upkeep. More than superficial cosmetic issues, you’ll want to have a close look at plumbing, wiring, windows and appliances.
Deep-down professionalism.
Falling in love with an apartment or gracious townhouse feels wonderful and exciting. But I always remind my clients about the importance of looking beneath the surface before they make a commitment – to make sure there are no surprises lurking. The due diligence of a proven real estate attorney – and on-site inspection when deemed necessary – are vital steps before you sign on the dotted line – before you step over the threshold of your beautiful new home.