In New York, can a real estate broker prepare a deed for a property transfer?
Correct Answer
D) No, deed preparation constitutes the practice of law and must be done by an attorney
In New York, preparing deeds constitutes the practice of law and must be performed by licensed attorneys. Real estate brokers and salespersons are prohibited from preparing legal documents such as deeds, regardless of training or transaction value.
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An attorney representing a seller in New York discovers that the property being sold is subject to a pending tax assessment appeal that could significantly increase property taxes. The purchase contract does not address this issue. What should the attorney do?
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A buyer's attorney in New York is reviewing a purchase contract and notices that the seller has not provided the Property Condition Disclosure Statement. The seller's attorney states that the seller will pay the $500 credit to the buyer instead of providing disclosure. What should the buyer's attorney advise?