An easement, which is “an interest in land owned by another person, consisting in the right to use or control the land, or an area above or below it, for a specific limited purpose.”

It’s not so much that apportioning property taxes is complicated. Rather, it’s something that most sellers and buyers only have to do a few times during their lives, so it’s unfamiliar.

Lenders often require an appraisal because they want to be certain that the home is worth its purchase price, and can be sold to cover losses if you default on your mortgage.

The final walkthrough allows a buyer to do one final check before handing over large sums of money to the seller. It’s a way of making sure the property is in the same condition compared to when the parties signed the contract of sale, as well as ensuring the seller made any additional repairs to which the parties previously agreed.

Every case and every client, whether specific to real estate or not, fits into one of two categories: transactional or litigation. The majority of real estate attorneys in Somers focus on transactions.

A title report is the written analysis of the status of title to real property, including a property description, names of titleholders and how the title is held, tax rate, encumbrances, and any real property taxes due.

A contract of sale for residential property usually obligates the seller to provide a, “Certificate of Occupancy or other required certificate of compliance, or evidence that none was required.

In New York, every contract of sale for real estate, whether it’s a $4,000,000 ten acre estate $4,000,000 in Bedford Hills or an 875 square foot cooperative apartment in Manhattan, includes a provision that specifies a date when the transaction will “close,” meaning a date when the real estate transfers from seller to buyer.

When a buyer is borrowing money to buy a home in New York, the final step usually involves the lender identifying the transaction as “clear to close,” or “CTC,” for short. It’s an important part of the process because, until the lender is ready to write that big check, the actual closing itself cannot occur.

In New York, it’s common practice to have home a home inspected by a licensed professional. These are sometimes referred to as engineer inspections or engineer reports. Regardless of what they may be called in your local area, when you should consider having a home inspected usually depends on you’re experience with buying or selling homes, or based on advice you may have received from your real estate agent or attorney.