Under New York law, real estate attorneys are typically authorized to perform all of the following activities EXCEPT:
Correct Answer
A) Conducting property appraisals for mortgage lending purposes
Property appraisals for mortgage lending purposes must be conducted by licensed or certified appraisers, not attorneys. Federal and state regulations require specific appraisal credentials and licensing for mortgage-related valuations.
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Previous Question
Attorney David represents a buyer in a complex New York commercial real estate transaction. The seller's attorney proposes a clause stating that all environmental liabilities will transfer to the buyer upon closing. The buyer asks David if this is standard practice. How should David respond?
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A seller's attorney in New York receives a contract modification request from the buyer's attorney asking to extend the closing date by 30 days due to financing delays. What is the appropriate response?