Real Estate - We represent both commercial clients and individuals in proceedings and transactions that deal with property, land and structures, including purchase, sale, partition, ejectment, liening, and/or removing liens from property, construction, mortgages and foreclosures, leases, evictions, closings, and management. We work closely with buyers, sellers, developers, landlords, and Tenants working out their simple or complex problems.

Frequently asked questions and “traps” we will help you avoid:

a.   Problem: Family upgrading to a new home

b.   Two-Step Solution

c.   First, sale of existing home

       i.   Prepare/Approve listing agreement with broker
TRAP: A broker can earn a commission on a sale without a written agreement or a closing of the sale.

       ii.   Advise about completing Property Condition Disclosure Statement
TRAP: Must/should Sellers sign a PCDS?

       iii.   Prepare/Negotiate Contract of Sale
TRAP: Should Sellers (and Buyers) sign a "binder"?

TRAP: Conditioning the contract on a later inspection satisfactory to the Buyer gives the Buyer an option to cancel or to renegotiate the price.

       iv.   Check Buyer's mortgage qualification process
TRAP: Who has the right to Buyer's deposit if their loan commitment is cancelled due to no fault of the Buyer?
TRAP: What if the Buyer gets a VA or FHA loan?

      v.   Hold down payment in escrow in IOLA

      vi.   Resolve title problems

      vii.   Prepare deed and closing documents

      viii.   Prepare Closing Statement computing adjustments

       ix.   Arrange for satisfaction of existing mortgage

       x.   Prepare post closing possession agreement

      xi.   Address Buyer's walk-through concerns

      xii.   Attend the Closing

      xiii.   Arrange for payment of transfer taxes

d.   Second, purchase of new home

       i.   Review/Negotiate Contract of Sale and advise client with respect to issues
            involving new construction, condominiums, cooperatives and HOA's
TRAP: What items of personal property are included in the purchase?

       ii.   Negotiate repair issues
TRAP: Buyers must inspect even if a PCDS is given

       iii.   Track all contingencies — mortgage, structural inspection, radon, pest,
              sale/transfer of title
TRAP: What if the Buyer's loan commitment expires before the closing date?

       iv.   Arrange for abstract of title or title search, title insurance and survey

       v.   Review/Approve deed and closing documents

       vi.   Work with lender's counsel and advise client of lender's closing costs

       vii.   Prepare Closing Statement computing adjustments

       viii.   Prepare Pre-Closing Possession Agreement

       ix.   Address client's walk through concerns

       x.   Attend the Closing

       xi.   Arrange for Closing checks in accordance with contract requirements

       xii.   Arrange for recording the deed and mortgage

e.   Results

       i.   Managed client's expectations, including costs in both transactions

       ii.   Navigated a smooth resettlement into a new home

Benefits of Service

a.   Inform you of your legal rights and obligations

b.   Review the contract, ensuring all provisions and contingencies are enforceable, in your best interest and consistent with your intentions.

c.   Obtain a title search, evaluate the status of the title to your home and pursue appropriate legal remedies to clear any title defects

d.   Advise you on what your title insurance policy does and does not protect against, emphasizing marketability of the title when you sell

e.   Prepare or review the closing statement and other closing documents, and let you know about buyer contingencies that affect your interests

f.   Interpret and counsel you about all legal documents related to the title and transaction, including deeds, mortgages and closing statements

g.   Prepare a bill of sale to cover any personal property, such as curtains and appliances, that you and the buyer agree shall remain in the home

h.   Inform you about the tax consequences of your home's sale

Law Office
Myron G. Jacobson
197 Merrick Road
Lynbrook, N.Y. 11563
Phone: (516) 599-0888
Fax: (516) 599-0889
E-mail: mjacobsonlaw@aol.com