Craig A. Fine, Esq. | Insight on Law

By Craig A. Fine, Esq. The purchase price gets attention first, but the contract determines much of what happens between agreement and closing. Buyers and sellers benefit from a shared understanding of the documents, deadlines and unresolved conditions. When those pieces drift apart, an otherwise manageable question can become an expensive last-minute dispute. Translate the agreement into a working calendar Start with the signed contract, not a remembered conversation. Identify obligations concerning financing, inspections, document delivery, title objections and closing arrangements. Ask counsel which dates are firm, which depend on another event and how notices must be delivered. Do not assume that a calendar reminder changes the agreement or that a casual message extends a deadline. A buyer expecting a lender decision next week may overlook an earlier contractual notice requirement. A seller waiting for a payoff statement may need additional time to resolve an unrelated title item. ...

By Craig A. Fine, Esq. A Brooklyn condominium purchase involves two connected decisions: whether the apartment fits your needs and whether the building's documents support the commitment you are making. A renovated kitchen or attractive location cannot answer questions about common charges, restrictions, planned work or the association's finances. Those questions deserve attention before contract deadlines become urgent. Identify what you are purchasing Start with the proposed contract and the documents describing the unit. Confirm the unit designation and any parking, storage or outdoor space included in the transaction. Ask whether those spaces are owned, assigned or subject to a separate agreement. A listing description is not a substitute for the documents establishing the rights being transferred. For example, a buyer may assume a roof terrace is private because only one apartment appears to use it. The governing documents may describe a different arrangement or impose mai...

By Craig A. Fine, Esq. A closing date is a milestone, not a substitute for investigating the property. For a Staten Island buyer, the important question is whether the documents, ownership record and intended use tell a consistent story. A purchase can look straightforward while an unresolved lien, an old alteration or a boundary question still needs attention. Start with the contract and ownership record Read the contract alongside the title materials rather than treating them as separate tasks. Confirm the seller, property description, included items, deadlines and conditions. Ask counsel to explain exceptions in the title report and identify which items must be resolved before closing. A document appearing in a public record does not, by itself, establish how it affects your transaction. For example, a buyer may see a familiar street address while the legal description includes more than one parcel. That discrepancy is a reason to ask questions, not to assume the transaction is defe...