The Essentials of New York Residential Real Estate Transactions — and Why You Should Work with a Competent Real Estate Attorney

Buying or selling a home in New York is an exciting milestone — but it’s also a complex legal process that requires careful attention to detail. From contract negotiations to closing, each step involves important legal and financial considerations that can significantly affect your rights and investment. Having an experienced New York real estate attorney by your side ensures a smooth, compliant, and stress-free transaction.

At the Law Office of Andrea Y. Lee, PLLC, we represent buyers, sellers, and lenders across Long Island and most of New York City — including Manhattan, Brooklyn, and Queens — providing clear guidance and dependable legal protection throughout every stage of your real estate transaction.

Understanding the New York Real Estate Process

Residential real estate transactions in New York differ from those in many other states. In New York, attorneys are required to prepare, review, and finalize contracts, coordinate title matters, and represent clients at closing. Here’s an overview of what to expect:

1. The Offer and Contract of Sale

After an offer is accepted, the seller’s attorney drafts the Contract of Sale. The buyer’s attorney then reviews it to confirm the terms, contingencies, and disclosures accurately reflect the agreement and safeguard the client’s rights. In New York, the contract becomes binding only after both parties sign and the buyer’s down payment (usually 10%) is delivered to the seller’s attorney’s escrow account.

2. Home Inspection and Negotiations

Buyers typically conduct a home inspection before signing the contract. If the inspection reveals issues, your attorney can help negotiate repairs, seller credits, or price adjustments — protecting your financial interests and ensuring fair terms.

3. Title Search and Clearance

Your attorney orders a title search to confirm clear ownership and ensure there are no outstanding liens or encumbrances. Working with the title company, your attorney resolves any issues before closing, guaranteeing a clear, marketable, and insurable title.

4. Financing and Coordination with Lenders

If you’re financing your purchase, your attorney collaborates with lenders and title agents, helping avoid costly delays and ensuring a smooth and organized closing.

5. The Closing

Closings in New York are typically held at the office of the seller’s attorney, lender, or title company. Your attorney reviews every closing document — including the deed, mortgage, and closing statement — explains each legal term, and ensures funds are disbursed correctly. This final step ensures the transaction is both accurate and legally sound.

Why It’s Critical to Have a Competent New York Real Estate Attorney

Unlike in many other states, New York requires attorney involvement in most residential real estate transactions. An experienced real estate attorney ensures that your transaction complies with all applicable laws, protects your interests, and helps you avoid costly mistakes.

At the Law Office of Andrea Y. Lee, PLLC, we provide comprehensive representation for buyers, sellers, and lenders throughout Long Island and most of New York City, offering individualized legal guidance and attentive service. A knowledgeable attorney can:

• Review and negotiate contract terms to protect your interests

• Identify and resolve legal issues early in the process

• Coordinate title clearance, lender requirements, and closing logistics

• Represent you at closing to ensure accuracy and compliance

• Provide peace of mind through skilled, personalized legal support

The Bottom Line

A residential real estate transaction in New York is one of the most significant legal and financial events in your life. Whether you are buying your first home, selling a co-op or condominium, or refinancing, partnering with an experienced New York real estate attorney is the best way to ensure a smooth and secure process.

The Law Office of Andrea Y. Lee, PLLC proudly serves clients throughout Long Island and most of New York City, including Manhattan, Brooklyn, and Queens. We provide trusted, results-driven representation for every stage of the real estate process.

Ready to Get Started?

Contact the Law Office of Andrea Y. Lee, PLLC today to schedule a consultation. Whether you’re buying, selling, or refinancing a property, our firm will guide you through every step — protecting your interests and helping you close with confidence.