Residential Real Estate

Residential Real Estate

Attorney handing keys to a couple
Residential Real Estate

Residential New York Real Estate Lawyer

We represent clients purchasing and selling properties in all five boroughs (Manhattan, Brooklyn, Queens, The Bronx, and Staten Island), Long Island, Westchester and New Jersey. 

There are many diverse housing options, including apartments and condos in high-rises, historic brownstones and townhouses, and cooperative housing known as co-ops. The real estate market is both dynamic and competitive, influenced by many factors including supply/demand, economic conditions, and neighborhood variations.

Residential Real Estate FAQ’S

Why should I choose Chaves Perlowitz Luftig LLP for my residential real estate transaction?

At Chaves Perlowitz Luftig LLP, we are your ultimate resource for real estate in NYC. Not only do our attorneys have decades of experience working in the New York real estate market, we have assisted clients with all types of residential transactions, from studio apartments to multi-family residences. With a deep knowledge of New York real estate, we are here to deliver smart solutions that will work for you. A CPL lawyer can answer your questions and will carefully review all documents needed in a real estate transaction to ensure a smooth transaction. Working with a real estate lawyer at CPL early can protect your property from legal issues in the future. Contact us now for a free consultation, and we would be happy to discuss your real estate transaction.

What are the key challenges when buying or selling residential property?

New York City’s real estate market can be challenging due to high demand, limited inventory, competitive bidding, complex regulations, and fast-paced transactions. Navigating these challenges requires experienced legal guidance.

What services does a residential real estate attorney provide?

A residential real estate attorney handles tasks including reviewing or preparing documents, conducting title searches, identifying and resolving complications, and representing you at closings. An attorney also guides clients through risk identification, contract development, and due diligence. Compiling and analyzing due diligence within the context of real estate involves assessing various aspects of a property to assess risk and make informed decisions. Real estate due diligence is crucial whether you’re purchasing a property, investing in real estate, or considering a real estate development project.

Why do I need a NYC real estate attorney for my NYC transaction?

NYC has its own complex and unique real estate laws, regulations, and practices. A NYC real estate attorney has intricate knowledge of local laws and understands the intricacies of the NYC real estate market. They can provide valuable insights, guidance, and legal expertise tailored to NYC transactions. In real estate, location is everything, and this idea extends to the professionals you hire to guide you through the home buying and selling process. By working with a local attorney, you can count on receiving advice and feedback from someone who lives, works, and is invested in your community.

Why is it important to consult a real estate attorney early in the process?

Consulting a real estate attorney early on can help identify and address any legal issues or concerns before they become major problems. An early consultation can help to protect your property and ensure a smoother transaction.

What is a 1031 Exchange?

A 1031 exchange, also known as a like-kind or a tax-deferred exchange, is a provision in the U.S. Internal Revenue Code that allows real estate investors to defer capital gains taxes when they sell an investment property and reinvest the proceeds into another like-kind property.

What types of properties qualify for a 1031 exchange?

The 1031 exchange applies to investment or business properties held for productive use in a trade or business or for investment purposes. It does not apply to personal residences or inventory.

Are there any restrictions on the location of the replacement property in a 1031 exchange?

 The replacement property in a 1031 exchange can be located anywhere within the United States. International properties do not qualify for a 1031 exchange.

How long do I have to identify potential replacement properties after selling the relinquished (sold) property?

You have 45 calendar days from the date of selling the relinquished property to identify potential replacement properties. This deadline is strict and cannot be extended.

What is the deadline for completing the purchase of the replacement property in a 1031 exchange?

The replacement property must be acquired within 180 calendar days from the date of selling the relinquished property. This is a strict deadline and includes weekends and holidays.

 Can I use the funds from the sale of the relinquished property before purchasing the replacement property?

No, to qualify for a 1031 exchange, the proceeds from the sale of the relinquished property must be held by a qualified intermediary (QI) and not directly received by the taxpayer. The funds must be used to acquire the replacement property or the capital gains tax will not be deferred.

Can I do a partial 1031 exchange and keep some of the proceeds from the sale?

Yes, it is possible to do a partial 1031 exchange where you acquire a replacement property of lesser value and retain a portion of the sale proceeds. However, the portion of retained sale proceeds will be subject to capital gains tax.

Are there any time limits for holding the replacement property acquired in a 1031 exchange?

There is no specific holding period requirement for the replacement property acquired in a 1031 exchange. However, it is generally recommended to hold the property for a reasonable amount of time to demonstrate the intent for investment or business use.

Can I use a 1031 exchange for personal residences or only for investment or business properties?

The 1031 exchange is intended for investment or business properties. It does not apply to personal residences. However, there is a provision called the “Qualified Personal Residence” or “Section 121 exclusion” that may allow for certain tax benefits when selling a personal residence.

What are the potential tax implications when I eventually sell the replacement property acquired through a 1031 exchange?

When you eventually sell the replacement property without conducting another 1031 exchange, the accumulated gains from both the original and replacement properties will be subject to capital gains tax at that time.

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