You Can Rely On
With extensive experience practicing real estate law, Michael M. Walsh, Attorney at Law, is a real estate attorney that can guide you through home buying and selling. Michael has served commercial and residential real estate clients throughout Staten Island, NY, Long Island, and New York City.
Michael will ensure you understand every step of your real estate transaction, whether you are buying for the first time or selling an investment property. With over 40 years of experience, Michael M. Walsh is well-versed in the area and can advise you as best as possible.
Real Estate Services
Real Estate Attorney Services
Michael M. Walsh, Attorney at Law, has practiced real estate law for over 40 years throughout Staten Island, NY, and surrounding areas. Whether you are buying your first home, selling your current one, investing in property, or looking to refinance your home, he can help with everything.
Each individual is entitled to representation by a real estate attorney who has extensive experience in all aspects of the real estate transaction process. Michael encourages you let him help you better understand the home buying and selling process. He will make sure you are making the best financial decisions and legal choices.
Buying A Home
When buying a home, you must pay the buyer a “good faith” deposit to have a binding contract of sale. The seller’s attorney will hold the deposit in escrow until the contract’s closing date or early termination.
Depending on the deal, the deposit amount may vary because it is determined by the type and amount of loan the buyer is securing. You should print two copies of your deposit check, so you have one for your records and one for your mortgage lender. Be sure to move the necessary funds into your account to clear the deposit check.
If you need to write an offer or your offer has been accepted, you can count on our team to handle the terms of your transaction. Sometimes, we can constitute an offer with a counteroffer to make that change for the seller, reject the bid, or accept it.
When there is a common term agreement, the contract is signed, and party obligations are defined. There may be contingencies for the seller or buyer that they must fulfill before closing, or the seller may be required to make modifications or repairs. Whatever the obligation, we ensure it is in writing and understood by both parties.
There can be an array of responsibilities that the buyer must fulfill before closing. If dealing with a cash transaction, you must have the necessary funds to purchase the property and pay the closing costs at closing.
If the buyer is financing the home with a mortgage, there must be a mortgage commitment before closing for proof that the buyer can afford the house. A buyer is usually given around 45 days to secure the written mortgage commitment. Homeowner’s insurance is required to close also.
The price of the property, the loan amount, and the lender will determine the closing costs.
- Bank Fees (application fee, appraisal, credit report, flood certification, origination fee or points, bank attorney, underwriting, document preparation fee, post-closing review)
- Title Insurance (borrower pays for their policy and the lender’s policy)
- Mortgage Tax (1.8% less $30 for a 1 or 2 family dwelling up to $499,999.99 and 1.925% less $30 for a 1 or 2 family dwelling for mortgages $500,000.00 and over for 1 or 2 family dwelling)
- NY State Mansion Tax of 1% for purchase price between $1,000,000 and $2,000,000; 1.25% between $2,000,000 and $3,000,000 and higher as the price increases which is paid by the buyer.
- Recording Fees (based on the number of pages, vary according to county)
- Survey Fee (usually around $850)
- Real Estate Taxes
- Attorney Legal Fee
At closing, the buyer pays the purchase price balance, and the deed is delivered to the buyer. Transfer of the property is symbolized by the buyer receiving a copy of the deed when the title insurance company receives the original for the transfer to be recorded in the county recording office.
In the case of mortgage financing, the buyer will execute a note and a mortgage. The buyer will execute any other disclosure documents.
Selling A Home
When selling a home, you must make sure all plumbing, heating, air conditioning, electrical and mechanical systems, and appliances are in working order. It is essential to ensure the roof is free of any leaks by closing or possession. Most buyers will request that the property be free of any termites or other wood-destroying organisms.
If there are any defects in the house, the seller should disclose those to the buyer. As the seller, you must deliver an insured title at standard premiums and a Certificate of Occupancy. Within five days of closing or at closing, the property must be vacant and in broom-clean condition.
With residential property, the seller is required to pay the following:
- NY City Transfer Tax of 1% of the sale price up to $500,000.00 and 1.425% over $500,000.00
- NY State transfer tax of $2.00 per $500.00 of consideration or .4% (hence the total transfer tax is either 1.4% up to $500,000.00 or 1.825% for transactions $500,001.00 and higher)
- Any mortgage liens or judgments would have to be satisfied, and the title company insuring the purchaser will typically charge a pickup fee ($200-$250)
- Recording fees for the satisfactions (based on the number of pages in the instrument); real estate broker (their fees are negotiated with the listing agent and can range from 3 to 6% of the sale price)
- Attorney legal fee and any disbursements
Wills & Estates
Michael M. Walsh is proud to offer legal guidance for estate planning and will-writing. It is essential to have an established estate plan for your property to ensure that someone will manage any assets, medical care, or family responsibilities in case of death or the owner’s mental incapacity.
Michael M. Walsh Attorney at Law is equipped with the knowledge and expertise to assist with a last will and testament, health care proxy, living will, power of attorney, and more.
Frequently Asked Legal Questions
Michael M. Walsh, Attorney at Law keeps his clients informed and addresses any concerns they may have. To provide further assistance, he has put together an informative legal real estate FAQ below.