Buying a home in New York City, specifically Queens or Brooklyn or the Lower Hudson Valley, Suffern, New City, Spring Valley, Monsey, Clarkstown, Haverstraw, Orangetown, Ramapo, Stony Point, Airmont, Chestnut Ridge, Grand View-on-Hudson, Hillburn, Kaser, Montebello, New Hempstead, New Square, Nyack, Piermont, Pomona, Sloatsburg, South Nyack, Upper Nyack, Wesley Hills, West Haverstraw, Bardonia, Blauvelt, Congers, Hillcrest, Mount Ivy, Nanuet, Orangeburg, Pearl River, Sparkill, Stony Point, Tappan, Thiells, Valley Cottage, Viola, West Nyack, Central Nyack, Garnerville, Jones Point, Palisades, Rockland Lake, Tallman, Tomkins Cove, Doodletown, Grassy Point, Johnsontown, Ladentown, Nauraushaun,is an exciting milestone—but it’s also a process filled with important legal and financial decisions. From fast-paced bidding wars in Manhattan to in-depth inspections in Westchester, each step of the residential real estate journey requires careful attention and expert guidance.
Whether you’re purchasing a co-op, condo, or single-family home, understanding the transaction process is key to protecting your investment. In this post, we’ll walk you through the main stages of a residential real estate purchase and explain how hiring an experienced attorney—like Jesse Kaufman of Balisok & Kaufman, PLLC—can help you move forward with confidence and peace of mind.
1. Making an Offer
Once you’ve found a property you love, your real estate agent will help you submit a formal offer. In NYC and much of the Hudson Valley, this includes the proposed purchase price, down payment, closing timeline, and any contingencies (like mortgage approval).
In competitive markets, strong offers often include a pre-approval letter from your lender and flexibility on closing dates. Having legal guidance early can help you understand what you’re committing to before moving forward.
2. Contract Review and Due Diligence
After the seller accepts your offer, their attorney will prepare a draft contract. At this stage, your attorney plays a vital role—reviewing the contract terms, flagging any concerns, and conducting thorough due diligence.
- In NYC: Due diligence often involves reviewing building financials, board meeting minutes, and the offering plan for co-ops and condos.
- In the Hudson Valley: Focus tends to be on zoning, property history, and title concerns for single-family homes.
Once your attorney is satisfied, you’ll sign the contract and submit the down payment—typically 10% of the purchase price—into escrow.
3. Inspections and Appraisals
While inspections may be optional for some NYC apartments, they are highly recommended—especially in older buildings. In the Hudson Valley, a full home inspection is standard and may also include radon testing, water quality checks, and oil tank searches.
If you’re financing your purchase, your lender will order an appraisal to confirm the value of the property before final loan approval.
4. Financing and Mortgage Commitment
Securing a mortgage can take several weeks. You’ll be asked to provide financial statements, employment verification, and documents related to the property. For co-op purchases, your lender may also need to approve the building itself.
Some buildings (especially in NYC) have their own strict financial requirements, including post-closing liquidity or debt-to-income ratios—another area where your attorney can guide you.
5. Title Review and Board Approval
Your attorney will also handle title due diligence, ensuring there are no liens, violations, or legal issues tied to the property. Title insurance is typically required by your lender and protects your ownership interest.
If you’re buying a co-op, you’ll also submit a board package and attend a board interview. These can be daunting, but with the right preparation, the process is usually straightforward.
6. Closing
Once your financing is in place and all approvals are secured, your attorney will coordinate the closing. At closing, funds are transferred, documents are signed, and ownership officially changes hands.
Closings in NYC usually take place at an attorney’s office, while those in the Hudson Valley may occur at the title company or even remotely.
Why Hire Jesse Kaufman, Esq.?
Jesse Kaufman, a partner at Balisok & Kaufman, PLLC, brings extensive experience in New York residential real estate law, representing buyers and sellers in both city and suburban markets. With a deep understanding of local regulations and practical insight into how transactions unfold, Jesse works proactively to protect your interests at every stage of the process.
Clients trust him to:
- Review and negotiate contracts clearly and efficiently
- Conduct thorough due diligence on buildings and properties
- Identify and resolve legal or title issues
- Coordinate with lenders, agents, and title companies
- Ensure smooth closings with no last-minute surprises
Whether you’re buying a Brooklyn co-op or a family home in Westchester, Jesse Kaufman provides the legal foundation you need for a successful and secure purchase.
Final Thoughts
Navigating the New York real estate market doesn’t have to be overwhelming. With the right guidance and legal support, you can move forward with confidence and clarity. If you’re considering buying a home in New York City or the Lower Hudson Valley, reach out to Jesse Kaufman at Balisok & Kaufman, PLLC to schedule a consultation.
Your home is one of the biggest investments you’ll ever make—make sure you have the right attorney on your side.