seller's attorney fees

Mhhh.. Well this is my first place. It isn't new construction - it's a nicely renovated condo in a an old 6 unit building. I met with the attorney , who was recommended by the broker. Thought that was weird - they assured me it was no biggie.. well I really like the attorney, I trust him - I just feel a bit naive. He kept saying "as is customary in NY , you will pay all the sponsor's closing costs". I didn't question it - but that isn't done in any other state. Closing is taking much longer then expected and I have no where to live! Should I try to negotiate the sponsor's costs out? or will that just make me seem like a jerk?

Posted by: bushwicker at January 2, 2008 10:07 PM in response to seller's attorney fees

I hope someone on this board can advise you, because I don't know much about closings.

But, I do know that a seller's broker I was dealing with REFUSED to recommend a lawyer to me when I was going to put in an offer on a property she was selling. She said it would be "inappropriate" and "unprofessional" for her to give me a lawyer since she was involved in the transaction.

In terms of sponsor's attorney fees, I don't know if it applies to ALL recent condo and co-op conversions (even if old buildings), or just new construction condos.

Posted by: guest at January 2, 2008 10:15 PM in response to seller's attorney fees

Get an independent lawyer right away - and don't worry about looking like a jerk!

Posted by: Johnny at January 2, 2008 11:07 PM in response to seller's attorney fees

Oh, man, Bushwicker, I mean no offense, but you have got to wisen up. Never use a professional recommended by the broker or the seller. Your lawyer, your inspector, etc., must not have any loyalties to anyone else but you. There are real risks in any real estate transaction and the broker and seller benefit if you don't recognize them and protect yourself. It is ok to have good cordial relationships with people on other sides of your deal, and many are truly nice. But do not do anything based on trust.

Follow Johnny's advice, get a new lawyer, and assert yourself to the extent you can. If you are paying seller's closing costs and it is in your contract to do so, you've been had. You may also be paying other things people try to sneak in, like travel time and costs for the seller's and bank's attorneys, etc.

Good luck.

Posted by: slopefarm at January 2, 2008 11:17 PM in response to seller's attorney fees

You should get your own attorney. Are you buying from the sponsor or from the person that owns the unit? Its usual (though not required) that the buyer of a sponsor unit -- regardless of whether or not the unit is new construction -- will pay the transfer tax associated with the unit, a cost otherwise paid by the buyer. But I don't see why you would pay any other costs associated with their closing.

Also, it's hard to do, but you just can't worry about being thought of as a "jerk" because people will take advantage. You need to look out for yourself in these transactions and not think about what other people involved in the transaction think of you.

Posted by: cortnyc at January 2, 2008 11:44 PM in response to seller's attorney fees

Brian Tracz is a fanastic attorney who specializes in coops. He is located in Queens but hopefully that will not deter you from calling him. Probably will get the best advice for a reasonable. I do not have his contact info available right now but I'm sure he's listed. Good luck.

Posted by: guest at January 3, 2008 12:03 AM in response to seller's attorney fees

Here's the contact information for Brian Tracz. He now has an office in Manhattan also and specializes in real estate.

1115 Broadway
Suite 1200
New York, NY 10010
P: 212-366-4144
F: 212-366-0373
website: www.briantracz.com

I work for a major law firm and was extremely impressed with the service he provided when I closed on my coop. Good luck.

Posted by: guest at January 3, 2008 12:15 AM in response to seller's attorney fees

Yes, it is absolutely customary in New York for the buyer to pay the seller's attorney fees for closing. All such payments are to be sent care of Anthony Somefun at 168 Crosby, NYC, 10003.

Posted by: guest at January 3, 2008 12:25 AM in response to seller's attorney fees

To 12:25AM
Somefun is Nofun

Posted by: Ysabelle at January 3, 2008 12:49 AM in response to seller's attorney fees

If you are purchasing from a Sponsor as you said then yes, it is customary to pay the Sponsor’s legal fees. Sponsors exist in New Development as well as existing co-ops.....Customary doesn’t mean that your attorney can’t request that the seller/sponsor pays their won attorney fees.

Posted by: PHfamily at January 3, 2008 8:43 AM in response to seller's attorney fees

Bushwicker, is this building located in Harlem on 123rd street?

Posted by: guest at January 29, 2008 3:43 PM in response to seller's attorney fees