Residential Real Estate Lawyer in New York

About Your Attorney

Albert Goodwin is the principal attorney at the Law Offices of Albert Goodwin. He is admitted to practice law in the State of New York and before the United States District Courts for the Southern and Eastern Districts of New York, and he holds a law degree (J.D.) and an LL.M. in taxation. His practice handles New York real estate, including residential purchases and sales, co-op and condo closings, deed transfers, and the litigation that sometimes follows when a deal goes wrong.

Because the firm also handles real estate litigation (title defects, failure-to-close disputes, earnest money fights, and lis pendens matters), we draft your contract with an eye toward what actually causes lawsuits. That first-hand courtroom experience informs every transaction we close.

What a Residential Real Estate Lawyer Does in New York

In a typical New York residential transaction, your attorney will:

• Draft or negotiate the contract of sale (in New York, the seller's attorney prepares the contract and the buyer's attorney negotiates the riders);
• Order and review the title report (or, for co-ops, a lien and UCC search) and clear any clouds on title before closing;
• Review the building's offering plan, by-laws, house rules, financial statements, and board meeting minutes for condos and co-ops;
• Confirm the mortgage commitment satisfies the contract's financing contingency;
• Calculate transfer taxes, the mansion tax, and recording fees so there are no closing-table surprises;
• Prepare the deed (for houses and condos) or coordinate the stock and lease assignment (for co-ops);
• Attend the closing, supervise the flow of funds, and record the deed with the Department of Finance / ACRIS.

This Is Our Pillar Page: Where to Go Next

Residential real estate covers a wide range of situations. Rather than repeat everything here, we maintain focused pages on the topics buyers and sellers ask about most:

• Real estate closing attorney in New York; what happens at the closing table and how we prepare for it.
• NYC co-op purchase attorney, board packages, recognition agreements, and the right of first refusal.
• NYC condominium purchase attorney, waivers of first refusal and common-charge review.
• New-construction condo closing attorney, sponsor units and offering-plan amendments.
• How much are closing costs in NY, a line-by-line breakdown for buyers and sellers.
• New York City deed transfer attorney, transfers between family members, into trusts, or to an LLC.
• For-sale-by-owner closing attorney, selling without a broker.
• Earnest money deposit disputes and failure-to-close disputes, when a deal breaks down.

Co-op vs. Condo vs. House: Why the Transaction Differs in NYC

New York City is unusual in that a large share of its housing stock is cooperative apartments, and a co-op closing looks almost nothing like a house closing.

• Cooperatives (co-ops)

  When you buy a co-op, you are not buying real property at all; you are buying shares in a corporation plus a proprietary lease for your unit. There is no deed and no title insurance in the usual sense. Instead, your attorney runs a UCC-1 lien search, reviews the proprietary lease, and reviews the building's financials and minutes. The deal usually requires board approval, an interview, and a detailed board package, and the board can reject you without giving a reason. Closings are often longer and more document-intensive, and if you finance, your lender's recognition agreement and a UCC-1 financing statement come into play.

• Condominiums

  A condo is real property; you receive a deed, title insurance, and a separate tax lot. The board generally cannot reject you; instead it has a right of first refusal that it almost always waives. Your attorney reviews the offering plan, the declaration and by-laws, common charges, and any pending assessments.

• Houses and townhouses

  One- to three-family homes and townhouses are conventional real-property transactions with a deed, title insurance, a survey, and often an inspection contingency. In the outer boroughs (much of Brooklyn, Queens, and Staten Island), these dominate, and issues like the Certificate of Occupancy, illegal conversions, open permits, and oil-tank or boiler concerns come up frequently.

New York Transfer Taxes and the Mansion Tax

Closing costs in New York are higher than in most states, largely because of transfer taxes. Buyers and sellers should understand the basics:

• New York State transfer tax (Tax Law § 1402): generally 0.4% of the sale price, rising to 0.65% on residential sales of $3 million or more. Customarily paid by the seller.
• NYC Real Property Transfer Tax (RPTT): typically 1% for residential sales of $500,000 or less and 1.425% above $500,000. Customarily paid by the seller.
• Mansion tax (Tax Law § 1402-a): paid by the buyer on residential purchases of $1 million or more, starting at 1% and rising in brackets up to 3.9% for purchases of $25 million or more.
• Mortgage recording tax: applies when you finance a house or condo (it does not apply to co-op loans, since there is no real-property mortgage), with the rate depending on loan amount and location.

These figures change, and how they are allocated is negotiable in the contract. We calculate your specific numbers before you sign so you are not surprised at the table. See our closing costs guide for detail.

Seller Disclosure in New York

New York's Property Condition Disclosure Act (Real Property Law §§ 460–467) historically let sellers of one-to-four-family homes opt out by giving the buyer a $500 credit instead of a disclosure statement. A 2023 amendment changed this: sellers must now deliver a completed Property Condition Disclosure Statement, including flood-history disclosures, and the old $500-credit opt-out is no longer available for affected sales. We make sure sellers comply and that buyers receive and review the statement, and we advise buyers that disclosure does not replace a professional inspection. If a seller conceals a known defect, you may have claims; see our page on seller non-disclosure.

A Realistic Timeline

Buyers often ask how long a New York closing takes. While every deal is different, a financed purchase commonly runs as follows:

1. 1Days 1–7: Offer accepted; seller's attorney prepares the contract; buyer's attorney conducts due diligence and negotiates riders.
2. 2Week 1–2: Contract signed; buyer's down payment (typically 10%) held in the seller attorney's escrow account.
3. 3Weeks 2–6: Mortgage application, appraisal, and commitment; title or lien search ordered; board package submitted (co-ops/condos).
4. 4Weeks 6–10+: Clear title objections, satisfy lender conditions, obtain board approval, final walk-through, and close.

An all-cash house purchase can close in a few weeks; a co-op requiring a board interview can take two to three months or longer.

What Can Go Wrong: and How We Protect You

From our litigation work, we know exactly where residential deals break down:

• Title defects: open mortgages, judgment liens, mechanic's liens, or estate-related clouds discovered in the search. We clear these before closing. See title defects.
• Financing falls through: a properly drafted financing contingency returns the buyer's deposit; a missing or weak one can cost it. See earnest money disputes.
• Seller or buyer won't close: remedies can include forfeiting the deposit or a specific-performance action.
• Co-op board rejection: boards can deny applicants; we help structure strong board packages and address rejections.
• Open permits, illegal conversions, or C-of-O problems in outer-borough houses that can derail a lender.

Frequently Asked Questions

• Do I really need a lawyer to buy a home in New York?

  Yes; New York is an attorney-state. Real estate agents cannot draft or negotiate your contract. Both buyer and seller are customarily represented by separate attorneys, and your lender will also require its own counsel at closing.

• When should I hire my attorney?

  Before you make an offer, not after. Early involvement lets us advise on the best ownership structure (sole ownership, joint tenancy with rights of survivorship, tenancy by the entirety, a trust, or an LLC) and review deal terms before you are locked in.

• How much does a residential real estate lawyer cost in New York?

  Flat fees for a standard residential closing commonly range from roughly $1,500 to $3,000, depending on whether it is a house, condo, or co-op and the complexity of the deal. We quote a flat fee up front so you know your cost before engaging us. Contact us for a quote on your specific transaction.

• Who pays the transfer taxes and the mansion tax?

  By New York custom, the seller pays state and city transfer taxes, while the buyer pays the mansion tax on purchases of $1 million or more. These allocations can be negotiated in the contract.

• Is buying a co-op different from buying a condo?

  Significantly. A co-op buyer purchases shares and a proprietary lease and usually needs board approval; a condo buyer receives a deed and title insurance and faces only a right of first refusal. See our co-op and condo pages.