Welcome to Episode 18 in my Series REAL ESTATE INVESTING IN NEW YORK!!
THIS EPISODE IS ALSO ON YOUTUBE: https://youtu.be/iiM2vv8A62A
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.
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
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