Priscilla Toomey on Real Estate: Can’t We Just Leave It to the Lawyers?

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By Priscilla R. Toomey, Licensed Associate Real Estate Broker, Julia B. Fee/Sotheby's International Realty

Apr. 3, 2019: Many people believe that once price and terms have been agreed to in a real estate purchase and sale, they can just turn the deal over to the lawyers to “take care of things.”

That is not a good idea. A real estate transaction takes a team to be completed successfully and communication between the team members needs to be frequent, candid, and ongoing. The seller or buyer is, of course, a key member of the team. So are the lawyer, the real estate agent, and the lender.

Below are some of the crucial functions each of those three team members contributes.

The Real Estate Agent: The “physical” side of the transaction

Property preparation/search – For a seller, the home needs to be readied to be put on the market, from staging to preparation of a floor plan to professional photography, and recent comparable sales need to be analyzed to help the seller price it correctly from the get-go. From the buyer’s perspective, this includes identifying suitable homes through the property search and providing recent comparable sale information to help negotiate price and terms once a home has been selected.
Hold both broker and public open houses for a seller and let a buyer know about public open houses to attend, negotiate price and terms, and accompany a buyer’s inspector on the home inspection.
Make sure the purchase memo, which the seller’s lawyer will use as the basis for the contract, is accurate.
Prepare a package of recent comparable sales information for the appraisal.
Coordinate with the agent for the other party wherever needed, help their client prepare for the closing, and accompany the buyer on the walk-through right before the closing to make sure everything is as it was at the time of the inspection and that any agreed-upon repairs have been made.

The Lawyers: The documentary side of the transaction

Make sure the contract accurately reflects the agreed-upon terms of the deal and that their client is protected by its terms. Contracts are not binding until signed by both sides and the down payment is in the hands of the seller’s lawyer.
Make sure title is clear – that the certificate of occupancy includes the current state of the property, that the removal of any underground oil tank is properly documented, that any issues from the inspection have been addressed in writing, and that any disclosures that are required have been made.
Make sure an up-to-date survey is in hand.
Coordinate with the lender and the real estate agent to answer any questions (keep in mind that the lawyer has almost never seen the property first-hand).
Prepare all documents for the closing, manage the closing process with the lender, title company, and the parties, and make sure that title to the property is recorded with the appropriate authorities.

The Lender: The financial side of the transaction whenever there is a mortgage involved

Review the buyer’s financial documents and issue a pre-approval.
Arrange for the appraisal.
Issue a good-faith estimate so the buyer can get an idea of what the closing costs will be, though the final numbers may vary.
Make sure the buyer has submitted documentation of homeowner’s insurance.
Issue the commitment and then a clear-to-close once final approval has been given for the mortgage.

As always, “the devil is in the details” and there are many more details than can be listed here – and they vary from transaction to transaction. But the purpose of this article is to give an overview to emphasize that success depends on teamwork – and it will pay off in both the buyer and seller feeling comfortable throughout the transaction.

Pictured here: Priscilla Toomey, licensed associate real estate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty, 2 Park Place, Bronxville, NY 10708; cell, 914-559-8084; email, CLOAKING .

Photo courtesy Julia B. Fee/Sotheby's International Realty

Editor's note: As a public service, MyhometownBronxville publishes press releases, statements, and articles from local institutions, legislators, and candidates. MyhometownBronxville does not fact-check statements therein, and any opinions expressed therein do not necessarily reflect the thinking of its staff.

Will You Change Your Space Due to Life in Quarantine?

By Priscilla Toomey, Julie B. Fee Sotheby's International Realty June 17, 2020: Now that we have all been working from home for a while and are likely to continue to...

Bronxville Overview: Bronxville is a quaint village (one square mile) located just 16 miles north of midtown Manhattan (roughly 30 minutes on the train) and has a population of approximately 6,500. It is known as a premier community with an excellent public school (K-12) and easy access to Manhattan. Bronxville offers many amenities including an attractive business district, a 400-bed acute care hospital (New York Presbyterian/Lawrence Hospital), public paddle and tennis courts, fine dining at local restaurants, two private country clubs and a community library.

While the earliest settlers of Bronxville date back to the first half of the 18th century, the history of the modern suburb of Bronxville began in 1890 when William Van Duzer Lawrence purchased a farm and commissioned the architect, William A. Bates, to design a planned community of houses for well-known artists and professionals that became a thriving art colony. This community, now called Lawrence Park, is listed on the National register of Historic Places and many of the homes still have artists’ studios. A neighborhood association within Lawrence Park called “The Hilltop Association” keeps this heritage alive with art shows and other events for neighbors.

Bronxville offers many charming neighborhoods as well as a variety of living options for residents including single family homes, town houses, cooperatives and condominiums. One of the chief benefits of living in “the village” is that your children can attend the Bronxville School.

The Bronxville postal zone (known as “Bronxville PO”) includes the village of Bronxville as well as the Chester Heights section of Eastchester, parts of Tuckahoe and the Lawrence Park West, Cedar Knolls, Armour Villa and Longvale sections of Yonkers. Many of these areas have their own distinct character. For instance, the Armour Villa section has many historic homes and even has its own newsletter called “The Villa Voice” which reports on neighborhood news.
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85 Pondfield Road
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51 Pondfield Road
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80 Sagamore Road
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141 Parkway Road, Suite #11
Bronxville, New York 10708
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