Top 10 Legal Mistakes Buyers And Sellers Make In This Market

Jerry Feeney Reporting
jerry@jerryfeeney.com

1. Missing opportunities while negotiating over the little stuff
A buyer focuses on negotiating the last $5,000 while missing the opportunity to lock in at a favorable rate. On Wednesday rates went up a full point!!

2. Forgetting to inspect small coop / condo buildings
Buying in a four unit coop demands that the building be inspected, just like a detached home

3. Forgetting to ask for the death clause
Which permits the survivor to terminate if there is a death before contract

4. Not timing the sell with the buy in new construction
Don't assume the project will not be done for a year or more, and therefore wait to market existing home

5. Avoiding post-closing possession
It sounds great, and when it works it works, but when it does not it is a disaster.

6. Not making sure lawyer reads board minutes
Not doing so can get you in a total mess, not realizing that your neighbor is a constant complainer or the building is about to double maintenance!

7. Forgetting to ask for financing contingencies
Even if not discussed in the negotiation, most sellers are willing to give one in this market

8. Leaving too short a time frame for financing contingencies
Seller gives a "short window" to obtain the financing, which really gives the buyer a unilateral option to terminate

9. Arranging a Sellers concession that exceeds bank guidelines
When financing, banks will only permit a concession up to 6% of purchase price

10. Forgetting to check Department of Buildings website
NYC DOB website has great information, and will reveal if your seller pulled a building permit but never closed it out.