HOW IMPORTANT IS A SKILLED ATTORNEY FOR MY TRANSACTION? | MJF Weekly Newsletter  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏  ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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HOW IMPORTANT IS A SKILLED ATTORNEY FOR MY TRANSACTION?

Very—especially if you run into a pitfall during the process. I tend to write these newsletters based on one or more recent “deal” experiences, and one of the things I am grateful to have under my belt as a broker is my experience handling real estate closings as an attorney. Having been through thousands of closings to date, I can spot any issue coming a mile away! This gives me a great advantage, as some of these issues arise before you fully engage your attorney or even unbeknownst to the attorney for one reason or another. But my background doesn’t negate the fact that you need a seasoned NYC real estate attorney to represent you—you still do!


First, the basics. If you’re buying or selling in New York City, we are an attorney state, so you need to hire an attorney. In NYC, attorneys play a pivotal and necessary role in residential real estate transactions. You should always retain an attorney who specializes in NYC residential closings. There are too many nuances and local industry customs in our deals, and the disposition of a litigator or even a commercial real estate attorney is far different from that of a residential real estate specialist.


On the buyer’s side, you need that specialist to perform due diligence on the co-op or condo building thoroughly—but also quickly. On the seller’s side, you need that specialist to expeditiously prepare your contract of sale and negotiate the finer terms of the contract (also required of the buyer’s attorney). The attorneys also need to do what they can to move the deal forward, which often comes from the nudging of brokers.


That nudging is necessary because our deals are not legally binding until a contract is fully executed—which happens after due diligence, which can take a week (hopefully the max) or two (hopefully not!). If you choose the wrong attorney, you could face unnecessary delays, complications, or even lose the deal entirely. As “they” say, time kills all deals (not always the case, but more frequent than I care to know).


An attorney shouldn’t cut corners on due diligence, but the best residential real estate attorneys in NYC have the staff and support to get a large volume of deals signed and closed every month without delay or corner-cutting! Slow due diligence and slow contract preparation and negotiations can result in a seller receiving a better offer or a buyer getting cold feet. You just never know when an outside event—like a global pandemic—is lurking, ready to give virtually every buyer in New York cold feet! Even something as common as a blip in the stock market can give a buyer pause.


There is also the common question of cost. The “going rate” for closing attorneys in New York is between $3,000 and $5,000, which is customarily a flat fee. There are some who charge less (they may not be so quick to return your calls) and some who charge more (be cautious of over-lawyering what could otherwise be a very straightforward residential sale!).


The complexity of a deal could increase the fees, especially with an attorney who is charging hourly rather than a flat fee. Some attorneys will charge more for ultra-luxury deals, and by the same token, some buyers who are purchasing ultra-luxury properties are accustomed to working with larger firms where relatively higher hourly rates are charged, which will undoubtedly inflate the ultimate cost.


A client of ours, who is accustomed to working with a large national law firm, recently retained that firm for his residential purchase. Unfortunately, the deal did not close for various reasons. The fees from the large firm for the failed deal were in the high five-figure range (and he didn’t even close!). Our client is now happily proceeding with a new purchase and using an attorney we referred him to—who is charging him a flat fee of $4,000! Lesson learned? Probably.


Not only do I have a roster of attorneys to choose from when the time comes, but I also have skilled stagers, contractors, architects, interior designers, cleaning services, junk luggers, and anything and everything else you need to purchase your next dream home or sell your prized asset!

I wish you a fabulous and fun weekend ahead!


Best, 


Michael 

Question of the Day

Does this cold weather have you yearning for a spa?

Local News

NYC art exhibitions we’re most excited about in spring 2025

Coming up: the Frick Collection's reopening, a dazzling exhibit in the Guggenheim's rotunda, a spotlight on Brooklyn artists, a feature on Jane Austen and lots more.


New York City's art scene is in for an impressive spring season. The season begins with an extensive survey of Brooklyn artists at the Brooklyn Museum. Then, there's The Affordable Art Fair, The Frick Collection's re-opening, never-before-seen Hilma af Klint illustrations, and an exhibit on nuclear posters at Poster House. We're especially looking forward to "Superfine: Tailoring Black Style" at The Met and "Out of the Closets! Into the Streets!" at Hispanic Society.


From public art displays to gallery shows to museum presentations, here are 17 art experiences we’re excited about this spring for you to mark your calendar. No matter which you choose, New Yorkers you're guaranteed to feast your eyes on some incredible works this spring.


Check out 17 art exhibitions you can experience this spring at the link below:



More Info: CLICK HERE


11 completely free things to do in New York City in March

The great thing about March in New York City is that one or two days always manage to reach the 60s, full of sun, promising a spring that won’t arrive until May – just before the city lapses into arguably unbearable heat and humidity.


But there are no false springs, no false promises, and no hidden fees here: All these activities are free, zero dollars, so you can save your money for that glorious stretch in May. It’ll be here before you know it.


Check out the 11 completely free things to do in New York City in March below:

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7 Ways To Celebrate Women’s History Month In NYC This March

It's Women's History Month! And what better way to celebrate the accomplishments of women in the past, present and future than by checking out what's happening in the city throughout March?


March is Women’s History Month, a time when we celebrate the contributions women have made to the U.S. as well as recognize the achievements women have made over the course of history. And from sipping on delicious specialty cocktails while supporting a great non-profit to exploring women-focused museum exhibitions, there’s tons of ways to celebrate Women’s History Month across NYC.


Here’s where you can go to learn about and support the extraordinary women who had an undeniable impact on New York City. In the link below: 

 

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The king-sized primary suite features a renovated en suite bath and a spacious walk-in closet, while the generous second bedroom enjoys corner exposures and its own oversized walk-in closet. Separate storage is also included with this sale!


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This home is a true gem—offering luxury, space, and an unbeatable location. Schedule your private showing today!


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