What to Know Before You Sign: NYC Real Estate Contracts & Due Diligence

Welcome to Episode 18 in my Series REAL ESTATE INVESTING IN NEW YORK!! THIS EPISODE IS ALSO ON YOUTUBE: https://youtu.be/iiM2vv8A62A Contact me: Email: [email protected] Instagram: https://www.instagram.com/downtownnat... In this Episode, we are discussing the due diligence process tor NYC Real Estate. Key topics include: - The most important things to look for in your contract - The most important building documents to review - How to find out if unexpected building fees lie ahead - Can you really trust an attorney that is recommended to you by your real estate agent? - The new clause that you should have in your contract for added protection in a Covid environment Our guest for the Episode is Real Estate Attorney Milan Reyngach from Reyngach Law. Here is his contact information: Reyngach Law, P.C. Email: [email protected] Phone: 646-762-8888 Address: 85 Broad Street, 17th Floor, Suite 17-052 New York, NY 10004 Questions that Milan answers in this Episode: ☆ What are the main components of the Due Diligence process? ☆ What are Board Meeting Minutes, and why are they so important to review? ☆ What is a condo/co-op offering plan, and why is it important to review? ☆ What are the most important elements to review in the Offering Plan? ☆ What is a Proprietary Lease, and why is it important to review? ☆ What are House Rules, and why are they important to review? ☆ What are the main things you are looking for when reviewing building financials, and do you have guidelines for what you consider 'good financials' vs. 'bad financials'? ☆What is the Purpose of the Building Questionnaire, and what are the most important questions included in it? ☆ What are the most important elements in a Real Estate Contract of Sale? ☆ The Due Diligence process typically takes 1-2 weeks to complete. What are the main reasons why we might experience a delay in the Due Diligence Process? ☆ How does your Due Diligence process differ for each property type: Condo, Co-op, Private House? ☆ What kinds of issues could result from Due Diligence that was not conducted thoroughly enough? ☆ What is a Title Search, and why is it important? ☆ What types of properties require a title search? ☆ Does a title search cost money? ☆ What do Real Estate attorney fees typically cost? ☆ What are the most important characteristics of a good attorney that should be considered when a Buyer or Seller is deciding who is best to represent them in a transaction? ☆ What is the craziest thing you ever saw in a Real Estate Sales contract? ☆ How has Covid changed the Real Estate Due Diligence process? Don’t miss Episode 19, where I’ll be talking about the Mortgage Process!! Discover the value of your home: https://bit.ly/2Z91OLE Please subscribe to this podcast leave it a positive review - it is SO appreciated! Thank you!