How the Attorney's Role Works Upstate
In the Capital Region and much of upstate New York, buyers and sellers often sign a purchase contract prepared by their real estate agents before either side's lawyer has seen it. That works because these contracts routinely include an attorney approval contingency: each party's attorney can approve or disapprove the contract within a short period it sets out.
New York's highest court has held that under a standard approval clause, either attorney may disapprove for any reason, as long as it is done on time. Mr. Moore reviews the contract against your goals, approves, disapproves or negotiates revisions for you, and stays with the transaction through closing and recording. Among the terms he checks:
- Price, deposit and who holds it
- Closing date and when you get the keys
- Contingencies and their deadlines
- What stays with the property and what goes
- Which costs each side pays
Already signed a contract? Send it to the office right away. Attorney review periods are short, and your options narrow once the window closes.
Contracts and Contingencies
Whether a deal starts on an agent's form or is drafted from scratch, Mr. Moore negotiates and drafts terms that fit the transaction. Contingencies deserve the closest attention, because they decide whether, and how, a party can walk away.
- Mortgage contingency: sets a deadline for the buyer to obtain a loan commitment and spells out what happens if financing falls through.
- Inspection contingency: gives the buyer time to inspect the property and sets out the options if problems turn up.
- Other conditions as needed, such as the sale of the buyer's current home or well and septic testing.
Title, Survey and Municipal Searches
Before closing, Mr. Moore reviews the title documents to confirm the seller can deliver marketable title. That means working through the title search and title insurance commitment for liens, judgments, unpaid taxes, easements and gaps in ownership, and resolving problems before closing day.
He also reviews the survey for boundary questions and encroachments, and the municipal searches for open building permits, missing certificates of occupancy, code violations, and unpaid tax, water or sewer charges.
Coordinating Through Closing Day
A closing has many moving parts: lenders, agents, title companies, surveyors and the other side's attorney. Mr. Moore coordinates with each of them so documents, figures and deadlines line up, and he reviews the closing statement with you before you sign.
After closing, the deed and any new mortgage are recorded with the clerk of the county where the property sits, along with the state transfer tax return (Form TP-584) and the Real Property Transfer Report (Form RP-5217). The office follows the file through recording, including confirming that any paid-off mortgage is satisfied of record.
What Sellers Should Know
Sellers have their own checklist: Mr. Moore requests mortgage payoff statements, arranges for liens to be paid from the sale proceeds, and prepares the deed and transfer documents. Two state rules apply in nearly every residential sale.
- Property Condition Disclosure Statement: most sellers of one- to four-family homes must complete this form and deliver it before the buyer signs a binding contract (Real Property Law § 462). Since March 20, 2024, a seller can no longer give a $500 credit instead, and the form now includes questions about flood zones, flood insurance and past flood damage.
- Real estate transfer tax: outside New York City, the state tax is $2 for every $500 of the sale price, or 0.4% (Tax Law § 1402). The law makes the seller responsible for paying it (Tax Law § 1404), although the contract can shift the cost to the buyer.
Investors and Lenders
Mr. Moore represents investors buying and selling rental and investment property, as well as lenders in their transactions. Because the practice also represents landlords in landlord-tenant matters, investors buying occupied property get a careful look at existing leases and tenancies before taking title.
If you plan a Section 1031 like-kind exchange, raise it before the contract is signed. Only real property held for business or investment qualifies. Federal rules require replacement property to be identified in writing within 45 days of the sale and received within 180 days, or by your tax return due date (with extensions) if earlier. Exchanges are commonly set up through a qualified intermediary, so involve your tax advisor early.
An Attorney Who Knows the Brokerage Side
Mr. Moore is a licensed real estate broker and has been admitted to practice law in New York since 2005, with a J.D. cum laude from Albany Law School. He knows how agents price, market and negotiate property, so he sees the deal from the brokerage side as well as the legal side and can help keep it moving. The firm handles about $36 million in closings each year.
Buying or selling property? Call 518-490-1924 or email padric@tpmlawny.com to discuss your transaction.
Frequently asked questions
Do I need my own attorney to buy or sell a home in upstate New York?
Buyers and sellers in New York customarily each have their own attorney, and upstate purchase contracts routinely make the deal subject to attorney approval. Your attorney reviews the contract, title and closing figures with only your interests in mind.
I already signed a contract with my agent. Is it too late to involve an attorney?
Not if the contract includes an attorney approval contingency and the review period is still open. Those periods are short, so send the signed contract to the office as soon as possible.
Who pays the New York State real estate transfer tax?
By law the seller pays it, although the contract can shift the cost to the buyer. Outside New York City, the state tax is $2 for every $500 of the sale price. Buyers of residential property priced at $1 million or more also pay an additional 1% tax, often called the mansion tax.
Can a seller still give a $500 credit instead of the disclosure statement?
No. That option ended on March 20, 2024. Most sellers of one- to four-family homes must now complete the Property Condition Disclosure Statement and deliver it before the buyer signs a binding contract.
My lender requires title insurance. Do I need my own policy too?
The lender's policy protects the lender, and its coverage shrinks as the loan is paid down. An owner's policy is separate: it protects you up to the original purchase price, and its coverage does not decline over time. Mr. Moore can walk you through the choice.
This page provides general information about New York law, not legal advice for your situation. Reading it does not create an attorney-client relationship.