WHFirm Makes The Real Deal’s Top 40!

The Real Deal has published its annual list of NYC’s top real estate law firms, and Weidenbaum & Harari, LLP is pleased to once again make the cut!

TRD bases their ranking on the total dollar volume of closed sales recorded between the beginning of August 2023 and the end of July 2024, and factors in transactions in Manhattan, Brooklyn, and Queens.

While its always an honor to be recognized, our firm’s philosophy has always been to prioritize the client experience rather than the numbers. If you are planning a residential purchase or sale in NYC this year, we’d love to assist!

 

On the issue of rate locks, in our conservative opinion, it is a business decision as to precisely when to lock. Many clients wait to lock in a rate until they have been approved by the board, or at least after an interview has been scheduled.  Since, unfortunately, there are many uncertainties, including that we do not know when the board interview will take place, much less when the board will render its decision, or when the seller will definitely seek to close, it may not be wise to lock-in a mortgage rate right away.  However, this is a calculated business decision on the part of the buyer, based on a number of factors, including: the costs of locking a low rate early, the risk of not closing in the lock period, and the risk that rates may rise or fall in the future.

Please note that once a buyer decides to lock in their rate, if the closing takes place beyond the rate-lock period, they may have to pay substantial fees to the bank in order to maintain a loan through the closing date. Some banks do not even provide extensions past a certain point – each bank has different requirements and costs.  The decision of when to lock in is obviously a personal one. However, we caution that the closing is not “set in stone” until after the buyer has been approved by the board, and even at that point, the sellers have the right to push the closing date back under a number of circumstances.

Please contact our office if you have any rate lock related questions, or wish to discuss your personal circumstances further.

Given the recent .50 basis point reduction in interest rates, mortgage applications are up substantially. Therefore, as the volume of closings increases, it is even more important to make sure that each individual closing is as smooth as possible. Everyone appreciates the feeling of a well-run closing.

NYC closings generally take up to two hours to close when there is financing. During that time, buyers, sellers, their attorneys, transfer agents, and real estate brokers spend some amount of time eyeing the bank attorney, and a collective mental push builds, urging the bank attorney to work faster, faster, faster.

However, a bank attorney’s job is really two-fold: The first is to make sure closing documents are quickly processed, approved, and funded at the closing table. The second is to ensure those documents are accurate, consistent, and complete, so there are no future issues when refinancing or transferring the loan after closing. The saleability of a loan is key for many lenders, so bank attorneys must balance these two jobs while keeping everyone happy.

The full loan package should be returned all at once with no lingering documents to follow. The items below are common requirements that should be double-checked at closing so that it is possible to submit a clean, complete loan package that helps your bankers and clients avoid common future pitfalls.

1. The Basics:

• Spelling of names, property addresses, loan amounts, signatures, and initialing the appropriate locations.

i. Be extra careful with the 1003 loan application, as signature sections can blend into the rest of the form.

ii. Some documents may require initials on every page (double check mortgages, rate lock agreements, notes).

• Any handwritten changes, if allowed, should be initialed in the margin.

2. For Cooperative Units:

• Triple check that all documents contain the correct number of shares.

• If the new stock certificate number is written in, have the borrower(s) initial this change.

• Include a copy of the recorded UCC1 in the closing package; the UCC1 should be recorded prior to closing.

• If a new proprietary lease is not issued for the borrower, each assignment of the original proprietary lease should itself be an original. Copies along the chain of leases/title may not be acceptable.

• Recognition Agreements should include the board members’ names typed or handwritten with their title under the signature line. Double check that the loan amount matches on the first page, as loan amounts often change after recognition agreements are provided to the board.

• Best Practice: If any cooperative or bank documents were signed by Power of Attorney, try to obtain an original power of attorney for the closing package. Without an original power of attorney in the closing package, documents containing power of attorney language will need to be regenerated without them when the loan is later transferred or sold.

3. For Houses or Condominiums: Stamp the mortgage as the “Certified True Copy” – this notation should not be handwritten.

4. CEMA Transactions: For a Consolidation, Extension, and Modification Agreement (“CEMA”), checking for typos and errors is additionally important.

• The Exhibit A (List of Mortgages and Assignments) should follow the mortgage schedule exactly. There should be no missing assignments, either previously recorded or to be recorded. Any assignments being recorded “simultaneously” should include the date they were created.

• The labels and stamps for the Exhibits should follow the lender’s exact instructions. Stamping an original document improperly may cause the original to be voided and a loan package can then be deemed incomplete.

5. Best Practices for Name Variations: Including Name Affidavit(s) stating all name variations is best practice, even when not required by the lender to close.

As bank attorneys for many lenders, loan processors, and closing departments, the above tips should serve as a general guideline only. Our office created specific bank teams dedicated to each lender we represent because the most important lesson we can impart is simply that each lender will have their own unique process and specific closing requirements. Taking care to review and understand the lender’s requirements prior to closing will make all the difference for that lender afterwards.

 

PLEASE NOTE: This article is intended for informational purposes only and does not constitute the dissemination of legal advice. The deadlines and some of the legal language discussed herein is subject to negotiation between the parties involved and/or interpretation by a court of law. We encourage you to speak with the attorney handling your specific transaction for further details.

As mortgage rates continue trending downward, CNN has published a handy guide to prospective buyers and sellers, laying out in detail what these incremental changes could mean for you.

You can read the full article here.

Last week saw a rise in mortgage applications, thanks to a continuing downward trend in interest rates for 30-year mortgages. As of this week, the interest rate is the lowest that it has been in two years, with further rate cuts expected in the coming days.

For more info, you can read the original article here.

One of our attorneys, Jeffrey Baron, was recently quoted in Brick Underground’s article “3 tips for buying a NYC co-op or condo when you own a pit bull or other large dog breed.”

If you are the owner of a pit bull or other pet, some buildings in NYC may have restrictions based on size, weight, or breed (or against pets in general). To avoid issues during the transaction, it can be helpful for buyers to be aware of these restrictions early, and to raise them with your real estate broker and attorney.

If you’d like to find out more, you can read the full article here:

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.

Property	Value	Transaction
100 West 94th Street, NY, NY	$999,000.00	Coop Sale
344 Clinton Avenue, BK, NY	$475,000.00	Coop Purchase
53 Boerum Place, BK, NY	$920,000.00	Condo Sale
570 Grand Street, NY, NY	$600,000.00	Coop Sale
230 East 15th Street, NY, NY	$575,000.00	Coop Purchase
240 51st Avenue, LIC, NY	$1,605,000.00	Condo Purchase
66 Reade Street, NY, NY	$5,750,000.00	Condo Purchase
815 Park Avenue, NY, NY	$3,600,000.00	Coop Sale
475 Hicks Street, BK, NY	$1,625,000.00	Condo Sale
11 Hoyt Street, BK, NY	$1,197,000.00	Condo Purchase

Just a few of our recent closings. If you are also looking to buy or sell at these property addresses, you might want to give us a call.

Property	Value	Transaction
35 West 82nd Street, NY, NY	$862,500.00	Coop Sale
340 West 11th Street, NY, NY	$630,000.00	Coop Purchase
245 East 93rd Street, NY, NY	$1,080,000.00	Condo Purchase
160 West 87th Street, NY, NY	$1,125,000.00	Coop Purchase
205 Macdougal Street, BK, NY	$522,500.00	Condo Purchase
326 Sixth Avenue, BK, NY	$685,000.00	Coop Purchase
424 West 46th Street, NY, NY	$412,000.00	Coop Purchase
450 Pelham Road, New Rochelle, NY	$130,000.00	Coop Sale
43-33 42nd Street, Sunnyside, NY	$440,000.00	Condo Purchase
257 Central Park West, NY, NY	$2,325,000.00	Coop Purchase

Since its inception in 2008, the second Tuesday in April has been set aside as a day to appreciate the lawyers in our lives, and the hard work they do in order to ensure fair treatment for their clients.

The legal field can be incredibly rewarding for its practitioners, but can also be challenging in its complexity and punishing in its hours. If a lawyer has made a positive difference in your life, leaving them a kind word or a note of thanks (on any day of the year) can make all the difference!

If you’d like to find out more about International Be Kind to Lawyers Day, please see this article recently published by Clio.

As reported by CNN, the continued decrease in mortgage rates led to a significant rise in mortgage and refinance applications during the first week of January, hinting at a rosier outlook for homebuyers this year. Rates are expected to continue decreasing for the time being, though likely not below 6% according to analysts.

For more information, you can access the article on CNN here: