The biggest misconception many buyers have has to do with the amount of money they’ll need to close. Another big mistake is how long it takes to close a deal. Many people believe a contract can close in 30 days. In New York, it’s more like 45-60 days from contract to closing.

Real Estate transactions are almost never straightforward especially when there is an existing tenancy involved. Whether your client is a seller who cannot close until the property is vacant, or your contract requires the buyer to close subject to an existing tenancy it is important that your client be given the right counsel regarding their rights and duties as a landlord and what they can expect if they have to go to Court.

New York is unusual compared to the rest of the country. New York is very attorney driven. There are only two or three other states where attorneys are so heavily involved in a transaction from the buyers and sellers standpoint on a residential deal