1. Which Contract Terms Matter before a Buyer Signs?
The purchase agreement should identify what the buyer must do to obtain financing, when the seller must deliver acceptable title, and how either party gives notice. Buyers should negotiate unfavorable terms before signing. The broader real estate transactions process includes additional steps after contract execution.
Mortgage Commitments and Good-Faith Applications
Compare the required loan amount and commitment date with the lender's written conditions. Preapproval is not a final commitment, and a low appraisal does not automatically permit cancellation. Under New York law, a buyer relying on a mortgage contingency generally must make genuine, good-faith efforts to obtain financing. Whether a conditional commitment satisfies the contingency depends on the contract's wording.
Seller Disclosures and Inspection Rights
For covered one-to-four-family properties, RPL § 462 requires a Property Condition Disclosure Statement before the buyer signs a binding contract. Condominium units and co-ops fall outside the statutory definition, while § 463 exempts certain transfers. The former $500 alternative no longer applies. The statement reflects the seller's actual knowledge, not a guarantee of the property's condition. Compare disclosures about water damage, drainage, and structural defects with inspection findings. An "as-is" clause may allocate repair responsibility, but it does not eliminate applicable statutory disclosure obligations.
2. Which Property Records Should Buyers Check?
Property listings and public records answer different questions. Recorded ownership does not establish that a converted garage can lawfully serve as a bedroom. Buyers should compare the property's advertised features with the records maintained by the appropriate authorities.
| Record | Where to Check | What to Compare |
|---|---|---|
| Deed, mortgage, recorded liens | Nassau County Clerk | Owner, legal description, encumbrances |
| Permits, occupancy approvals | Relevant town, city, or village | Approved work and permitted use |
| Assessment and tax bills | County and taxing authorities | Exemptions, unpaid charges, adjustments |
Deed, mortgage, recorded liens
- Where to CheckNassau County Clerk
- What to CompareOwner, legal description, encumbrances
Permits, occupancy approvals
- Where to CheckRelevant town, city, or village
- What to CompareApproved work and permitted use
Assessment and tax bills
- Where to CheckCounty and taxing authorities
- What to CompareExemptions, unpaid charges, adjustments
Title Exceptions and Shared Driveways
Compare the title report with the deed and available survey. A shared driveway may involve an easement, boundary dispute, or informal arrangement. A survey shows physical boundaries and improvements but does not independently establish legal access rights. An owner's title insurance policy addresses covered title risks, subject to exclusions. A lender's policy protects the lender's interest rather than the buyer's ownership interest.
Open Permits and Property Tax Exemptions
The Nassau County Clerk does not maintain private surveys, title reports, or certificates of occupancy. Request building and occupancy records from the municipality with jurisdiction. An enclosed porch or basement apartment may require further investigation if its actual use differs from approved plans. Identify outstanding violations and determine who must resolve them under the contract. Check property tax bills and exemptions separately. A seller's STAR exemption does not transfer to a new homeowner, although it may appear on the first tax bill. Eligible new owners generally must register for the STAR credit.
3. When Can a Buyer Renegotiate or Cancel?
The reason a transaction stalls determines which contractual provisions apply. A physical defect may support a request for a credit, while a title objection may trigger the seller's duty to cure. Neither automatically gives the buyer an unrestricted right to terminate.
Distinguish Repairs from Title Objections
An inspection revealing roof damage does not necessarily require the seller to reduce the price. Buyers may propose repairs, credits, or written amendments, but the seller's obligations depend on the agreement and applicable law. An unresolved recorded lien raises a different question: whether the seller can deliver the title required by the contract. Any negotiated extension should identify the responsible party, required action, and completion date.
Preserve Deposit Rights with Proper Notice
Before sending a cancellation notice, confirm:
- The contingency or default provision supporting the request.
- The deadline, recipient, and authorized delivery method.
- The lender denial, inspection report, or title objection supporting it.
Keep proof of delivery and records of financing efforts. A missed deadline or failure to comply with a contingency may undermine a deposit claim. If the parties dispute the deposit, the escrow holder may need joint instructions or a legal determination before releasing the funds.
4. What Needs to Match before Closing?
The signed contract, lender disclosures, settlement figures, and deed should reflect the agreed transaction. Resolve unexplained differences before transferring the remaining funds or completing the closing.
Federal Loan Disclosures and State Transfer Tax
For most covered mortgage loans, federal Regulation Z generally requires the consumer to receive the Closing Disclosure at least three business days before consummation. A new waiting period applies to certain changes involving the APR, loan product, or prepayment penalty. Compare the disclosure with the Loan Estimate, including seller credits and cash to close. New York Tax Law § 1402-a imposes an additional 1% transfer tax on qualifying residential conveyances of $1 million or more, ordinarily payable by the buyer. New York City-specific supplemental transfer taxes do not apply to property outside the city.
Deed Delivery and Recording
Verify the grantee names, legal description, payoff arrangements, and the date the buyer receives possession. Delivery and acceptance of a valid deed generally transfer title between the parties, while recording helps establish priority against certain competing claims. The real estate transfer process covers the broader closing sequence, including submission of the deed to the Nassau County Clerk.
5. Frequently Asked Questions
How Much Does a Real Estate Attorney Cost When Buying a Home?
Fees may be flat or hourly, depending on the services provided. Ask whether the quoted amount covers contract revisions, title objections, lender coordination, and closing attendance. Title premiums, recording fees, taxes, and lender charges are generally separate expenses. The engagement agreement should identify additional work that may require a separate fee.
Do Home Buyers Have to Hire a Real Estate Attorney in New York?
New York does not generally require every home buyer to hire an attorney. However, attorneys commonly participate in residential transactions, and the seller's or lender's lawyer does not automatically represent the buyer. Buyers seeking independent advice should confirm the attorney's role before signing a binding agreement.
6. Request a Review of Your Purchase Documents
SJKP's attorneys can review the proposed contract, lender correspondence, inspection findings, and available municipal records to identify unresolved terms and notice deadlines. Buyers may bring these documents for review before waiving a contingency or responding to a closing dispute. For a separate property purchase governed by California law, see SJKP's California real estate lawyer services. California disclosure and contract requirements do not govern a New York purchase.
06 Nov, 2026
