A seller in New York asks their listing agent whether they need to hire an attorney for the sale of their residential property. What should the agent tell the seller?
Correct Answer
C) An attorney is not required by law, but it is strongly recommended and customary in New York
While New York law does not legally mandate attorney representation in residential real estate transactions, it is strongly recommended and customary practice. Most transactions involve attorneys for contract review, title examination, and closing procedures.
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- → Karen enters into a contract to purchase a cooperative apartment in Manhattan. The contract is contingent upon board approval. The co-op board rejects Karen's application without stating reasons. Under New York law, what is the effect on the contract?
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In New York real estate transactions, what is the primary role of attorneys?
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During a New York real estate transaction, the buyer's attorney discovers that the seller's deed contains a restriction that may affect the buyer's intended use of the property. The real estate agent believes the restriction is unenforceable based on a similar case they handled previously. What should the agent do?