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

alt

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.

Renovating a Bronxville Tudor: Part 3 -- Updating the Upstairs Bathrooms

Editor's note: This is the third article in a three-part series about a home renovation in Bronxville. The first article focused on the Open Concept. The second article focused on...

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.
Real Estate Companies: Park Sterling Realty
17 1/2 Park Place Bronxville, New York 10708
914-337-1234

https://www.parksterlingrealty.com/

Houlihan Lawrence
4 Valley Road Bronxville, New York 10708
914-337-0400

www.houlihanlawrence.com/offices/Bronxville
www.houlihanlawrence.com

Houlihan & O'Malley
133 Parkway Road Bronxville, New York 10708
914-337-7888

www.houlihanomalley.com

Julia B Fee Sotheby's International Realty
2 Park Place
Bronxville, NY 10708
914-620-8682

website
Real Estate - Attorneys: Bertine, Hufnagel, Headley, Zeltner, Drummond & Dohn LLP

Established in 1929, Bertine, Hufnagel is "a general practice law firm, offering clients expertise in both individual and commercial matters." Their broad range of services include the following: Wills, Estate
Planning and Taxation, Probate and Estate Administration, Elder Law, Real Estate (commercial, residential, condominiums and cooperatives), Commercial Law and Transactions, Litigation and Banking Law.

700 White Plains Road
Suite 237
Scarsdale, New York 10583
(914) 472 7700
(914) 472 1946 (fax)
www.bertinehufnagel.com

Suzanne M. Bloomer
Wills, Trusts, Estates and Real Estate

85 Pondfield Road
Bronxville, New York 10708
914-337-0142
smbloomerattorney@msn.com

George R. Mayer, Esq.
65 Pondfield Road #6 Bronxville, New York 10708
914-337-3033 (tel)
914-337-1038 (fax)
www.bronxvillelaw.com
grmayer38@aol.com

Griffin, Coogan, Sulzer & Horgan, P.C.

Attorneys and Counselors at Law

Located in Bronxville, New York, Griffin, Coogan, Sulzer & Horgan, P.C. takes great pride in providing our clients with comprehensive, high quality legal services in a responsive manner. The firm concentrates its practice in real estate law with a primary focus on issues relating to real estate tax litigation (also known as tax certiorari), real estate transactions, valuation law, real property taxation and tax planning and real property tax exemption matters throughout New York State.

The firm serves as general counsel for several local cooperatives and represents clients in various issues relating to wills, trusts and estate planning.

51 Pondfield Road
Bronxville, NY 10708
(914) 961-1300
info@gcshlaw.com

www.gcshlaw.com

Kim O'Toole, Esq.
80 Sagamore Road
914-961-6175 (tel)
914-337-3292 (fax)
kotlaw@verizon.net

Mary Anne O'Callahan, Esq.
32 Gramatan Court Bronxville, New York 10708
914-779-3558 (tel)
914-779-5182 (fax)
maocallahan@verizon.net

Nobile, Magarian & DiSalvo

We are hardworking and dedicated attorneys who, combined, have more than 150 years of experience delivering quality legal advice. Our cutting edge is our ability to enter both the conference room and the courtroom with strength. Our law firm provides legal representation and counsel for both individual and business clients on issues related to estate planning and administration, real estate law, litigation, and business law. Our practice areas include: Commercial Litigation, Business Law, Real Estate, Wills, Estate Planning, Trusts, Estate Administration, Living Wills, Health Care Proxies, Powers of Attorney, Not For Profits, and Employment Law.

111 Kraft Avenue

Bronxville, NY 10708

914-337-6300

http://www.nmdlaw.com/

Veneruso, Curto, Schwartz & Curto, LLP

Veneruso, Curto, Schwartz & Curto is dedicated to providing businesses and individuals with exceptional legal services customized to each client's needs and objectives. Practice areas include litigation, real estate, not for profit, wills and estate planning, land use and zoning, business and corporate, cooperative and condominium and real estate tax assessment litigation.

The Hudson Valley Bank Building

35 East Grassy Sprain Road, Suite 400

Yonkers, New York 10710

914-779-1100

http://www.vcsclaw.com/

Peter W. Williamson, Esq.
141 Parkway Road
914-337-3434 (tel)
914-337-3392 (fax)
pwwilliamson@verizon.net
Real Estate - Insurance Agents: Leslie Homer
71 North Avenue New Rochelle, New York 10801
914-632-8989
www.homerinsurance.com
lhomer@homerinsurance.com

John L. Vorbach Company, Inc. Insurance Brokers
Manhattan Media & Technology Center
65 Broadway, 9th Floor
New York, New York 10006
212-294-4900 x 112
cvorbach@vorbach.com
www.vorbach.com

Linda Graef Jones, Private Client Sales Executive
Personal Risk Management Solutions
Focuses solely on personal insurance and
provides unique, customized solutions that save
money and time and create peace of mind.

6 East 43rd Street
New York, New York 10017
914-645-3951
JonesL@thePRMSpromise.com

www.theprmspromise.com

Palmer-Tanno Agency, Inc.
Independent Insurance Agents since 1948

Greg Tanno
141 Parkway Road, Suite #11
Bronxville, New York 10708
914-793-6603
palmertanno@aol.com

Ranieri Insurance Agency
Auto, Home, Business & Life
Over 50 Years' Experience

Paul D. Ranieri, CPCU
457 Palmer Road
Yonkers, NY
914-376-2560
dcranieri@aol.com

Rollins
Insurance and Risk Management Solutions
Since 1910
65 Main Street
Tuckahoe, New York 10707

914-337-1833
info@rollinsinsurance.com
www.rollinsinsurance.com

Home Improvement Directory

Decorators and Interior Design: Edwin Gemes, Ltd.

Bronxville
914-779-7580
edwingemes@verizon.net

Madeline Eckett Oden Interiors

61 Beechmont Avenue
Bronxville, New York 10708
914-779-3935
eckettoden@aol.com

Jane Mitchell

9 The Byway
914-337-1216

Samuel Botero Associates, Inc.

215 East 58th Street
Suite 6B
New York, New York 10022
212-935-5155
www.botero.com

Sandra Steele Schneider Interiors

70 Burkewood Road
Mount Vernon, New York 10552
914-668-4468
sssinteriors@verizon.net

Serendipity Interior Design, LLC

Catherine Wyner
203-846-0809 or 203-637-9266

Shannon Interiors LTD.

Kelly Shannon Jelensperger, President
81 Pondfield Road #344
Bronxville, New York 10708
914-793-1629 (O)
914-953-7584 (C)
914-793-2195 (F)
shannoninteriors@aol.com
Design Professionals: Architects

Dean Davis

2 Park Place
Bronxville, New York
914-961-5953

Michael Davis

435 Hudson Street, 8th Floor
New York, New York 10014
212-645-6066
info@michaeldavisarchitects.com
www.michaeldavisarchitects.com

Charles Hilton

Hilton Vanderhorn Associates
31 East Elm Street
Greenwich, Ct. 06830
203-862-9011 (tel) 203-862-9196 (fax)
ch@hilton-vanderhorn.com
www.hilton-vanderhorn.com

Scott Koniecko Architects

80 8th Avenue
Suite 1600
New York, New York 10011
212-620-3924 (tel)
212-620-7640 (fax)
skoniecko@aol.com

Maggie Marrone Architects

914-771-6750
Mgmaia5@aol.com

Peter Pennoyer Architects

432 Park Avenue South, 11th Floor
New York, New York 10016
212-779-9765
peter@ppapc.com
www.ppapc.com

Radoslav Opacic Architects

24 N. Astor
Irvington, New York 10533
914-591-4306 (tel)914-591-4308 (fax)
info@opacicarchitects.com
www.opacicarchitects.com

Landscape Architects

Renee Byers, Landscape Architect P.C.

10 Avon Road
Bronxville, New York 10708
914-337-3103
rb@reneebyers.com
www.reneebyers.com

Engineers

Civil Engineer
Brett Auerhahn P.E.
914-961-2242
Home Maintenance & Improvement: Chimney Sweep

Egan Chimney Sweeps

845-628-8515

Electric

Keating Electric & Technologies

115 Wall Street
Valhalla, New York 10595
914-747-9294
www.keatingelectric.com

Lippolis Electric

445 5th Avenue
Pelham, New York 10803
914-738-3550

James A. Stone

96 Congress Street
Harrison, New York 10528
914-835-0447

White Electric, Inc.

128 Fulton Street
White Plains, New York
914-946-5566
www.whiteelectric.com

General Contractors

Vincent Franco
R-Men Contracting
179 Summerfield Street
Scarsdale, New York 10583
914-472-7007 (tel) 914-472-0451 (fax)
Vincent.franco@rmencontracting.com

Arthur Lange Inc.

841 Tuckahoe Road
P.O. Box 993
Bronxville, New York 10708
914-337-4422 (tel) 914-395-0471 (fax)
www.arthurlangeinc.com

Heating & Cooling

Absolute Comfort & Temperature Control Inc.

Mr. Paul Gomprecht, President
914-761-0529
Absolutecomfort1@aol.com
www.Absolutecomfortcontrol.com

Richards Conditioning Corp.

70 Marbledale Road
Tuckahoe, New York 10707
914-337-0300

Besson Oil Inc.

140 Marbledale Road
Tuckahoe, New York 10707
914-779-0008

Iron Work

Debra Coddington

Arrowsmith Forge
3788 Rte 44
Millbrook, New York
845-677-5687
www.arrowsmithforge.com

Locksmith

LMC Safe, Lock & Key

Luigi M. Cattzia II
914-241-1583

Painters

All Colors Painting Co.

69 Delaware Road
Yonkers, New York 10710
(Johnnie & Joey)
914-964-9148

Mateus Neto Painting Co.

95 Chase Avenue
Yonkers, New York 10703
914-965-9561

Pick up and take away

Robert Rabsey
914-954-4366

Technical Help

Computer, Network & Internet Services

Gerry McLoughlin
914-337-7084
www.GerryMcL.com
Computer Tutor @ PCI
914-337-1700
www.computertutorpci.com

Geeks on Wheels

Dylan Hall
Harrison, New York
914-562-1800
info@geekysolutions.net
www.geeks-on-wheels.net

The Computer Nerds, Inc.

PO Box 31
Bronxville, New York 10708
914-779-7952
info@thecomputernerdsinc.com
www.thecomputernerdsinc.com

TV & Steroes

AV Design

130 East Main Street
Elmsford, New York 10523
914-345-2977
Landscape Design & Maintenance: Design

Maureen Hackett

Hackett Landscape Design Inc.
212-768-4242 and 917-494-8084

Renee Byers, Landscape Architech P.C.

10 Avon Road
Bronxville, New York 10708
914-337-3103
rb@reneebyers.com
www.reneebyers.com

Maintenance

Frank Bulfamonte & Sons, Inc.

914-235-1835
26 Circuit Road
New Rochelle, New York 10805
914-235-1835

Land Productions Inc.

360 Adams Street
Bedford Hills, New York
914-666-8214

Lieb's Nursery & Garden Center

1 Askins Place
New Rochelle, New York 10801
914-632-5599

Florists

Tryforos and Pernice

73 Pondfield Road
Bronxville, New York
914-337-2525

Plants & Nurseries

Lieb's Nursery & Garden Center
1 Askins Place
New Rochelle, New York 10801
914-632-5599

Rosedale Nurseries

51 Saw Mill River Road, Route 9A
Hawthorne, New York 10532-1598
914-769-1300
info@rosedalenurseries.com
www.rosedalenurseries.com

Sprainbrook Nursery, Inc.

448 Underhill Road
Scarsdale, New York 10583
914-723-2382
www.sprainbrook.com

Letters to the Editor

Sponsored Links

Bronxville Weather

Renovating a Bronxville Tudor: Part 3 -- Updating the Upstairs Bathrooms

Real Estate Directory

Home Improvement Directory

Architects

Landscape Architects

Engineers

Chimney Sweep

Electric

Heating & Cooling

Iron Work

Locksmith

Painters

Pick up and take away

Technical Help

TV & Steroes

Design

Maintenance

Florists

Real Estate Recent Articles