Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
broker, broker’s fees, inspections costs and the attorney. A good tool is to use a closing costs calculator that will give you an estimate of itemized expenses. As our friends on Brick Underground explain, “A good rule of thumb is to set aside roughly 2 to 3 percent of the purchase price or 3 to 4 percent if the apartment is over $1 million.“
Besides being an expensive process, buying an apartment in New York involves a great number of parties. One piece of the equation than often gets overlooked is real estate attorneys.
For reasons foreign to this discussion lawyers have a bad reputation and are the target of bad jokes. Whether you love them or hate them attorneys are a NECESSITY when it comes to real estate in the city. Transactions in New York are particular and demand a degree of expertise. It is crucial to have a specialized attorney who deals with real estate transactions on a daily basis to guarantee a proper review.
The costs of real estate attorneys vary as much as the cost of apartments. It has become the norm that the price is set as a flat fee per transaction instead of an hourly rate. To determine the price, different factors are taken into account, such as type of building, are there anticipated title issues, are all parties present, etc. Since there is a long list of variables it is impossible to have a standard fee. The range in the city goes from $1,000 to $3,500 per transaction.
Referrals are the best way to pick an attorney. Find someone with a good reputation. Make sure to shop around and compare options before agreeing to work with any particular lawyer.