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TESTIMONIALS

"I immigrated to the USA because of my son. His dream is to become an [...]"

“After our family recently moved to NYC, we planned to buy a house. However, speaking little English, we did not even know where to start [...]"

–Ms. Liu, a Client in Real Estate (2006)

“I am an owner of an import and export company in China. In 2012, we have a conflict with a long-term business partner in New York [...]"

–Mr. Zhang, a client in China Practice (2013)

PRACTICE AREAS

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Selling Commercial Property

1. Seller signs commission/agency agreement with broker unless you sell the commercial property by yourself without using a real estate agent;
2. Seller retains an real estate attorney after having a potential buyer or a binder is provided by the real estate agent with meets the Seller’s expectation;
3. Seller’s attorney prepares Contract of Salesas per the binder / agreement and sends to buyer’s attorney for review, such documents may include but not limited to

• Proposed Contract of Sales;
• Rider;
• Survey;
• Existing lease, if any;
• Other special terms or conditions / exhibits set forth in the Contract, if any;

1. Seller’s attorney receives four sets signed Contract of Sales with contract down-payment (usually 10% of the contract price) from buyer’s attorney, and deposits into Seller attorney’s escrow account;
2. Seller signs the Contract of Sales and two original copies of fully executed Contract of Salesare delivered back to the buyer’s attorney; contract is officially formed; Seller through his / her attorney, shall communicate with Buyer through Buyer’s Attorney in regarding the whole process, which may include but not limited to:

• Deal with the ESA issue if there is;
• Monitor the mortgage process if there is a mortgage contingency clause;
• Handle the title defects, if any;
• Provide other documents that maybe reasonably required by the Buyer’s Attorney,Buyer’s Bank or title company;
• Confirm with Buyer’s Attorney regarding a closing date;

1. Prior to closing, Seller, through his/her attorney,shall:

• Orders payoff from the mortgagee, if any;
• Order final meter readings for utilities, if any;
• Arranging final walk through via real estate agent;
• Prepare ACRIS Form & Deed;
• Prepare POA, if required;
• Corporate documents, if needed;
• Calculate the real estate Tax, etc., and provide a check cutting list to Buyer’s Attorney;

1. At Closing, Seller and/or Seller’s Attorney shall:

• Be present on time at the closing table with proper ID;
• Sign mortgage documents with your bank Attorney, if applicable;
• Do adjustments on real estate tax, transfer tax (if applies), utilities fees (if applies), tenant’s rent & security deposit, and other fees / charges that may be applicable;
• Sign closing documents which may include ACRIS, Deed, Affidavits, agreement / post-closing agreement (if applies) that required;
• Pay your mortgagee (if any);
• Pay your title bill;
• Deliver keys / possession of the premises as per the Contract, and
• Receive your final balance payment;
• After closing, the property is officially transferred from Seller to Buyer.

*Please take note that the above procedural instruction is for general information only, it is not necessarily the same procedure as the case maybe; please discuss / consult with your real estate attorney for detailed transaction.