Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
New York City Real Estate, Finance, Legal Experts Discuss the Intricacies of Townhouse Transactions
NEW YORK—Townhouses in New York City are a distinct combination of history, privacy and living space. Just as the properties are unique, so are the transactional intricacies that come with the acquisition.
Real estate experts joined leading legal and financial professionals to discuss townhouse transaction complexities and how to streamline them in a virtual panel Nov. 11 hosted by the Hudson Gateway Association of Realtors, Inc. (HGAR) and OneKey® MLS.
“Getting the Deal Done – A New Look at New York Townhouses” featured Marissa S. Tracey, Global Private Banker, Citi Private Bank, NYC; Jed Garfield, Managing Partner, Leslie J. Garfield & Co, NYC; and Robert Frankel, Esq., Partner, Cohen and Frankel, NYC.
“With townhouses, the history is the most compelling part,” said event host Richard Haggerty, CEO of HGAR and President and Chief Strategic Growth Officer of OneKey® MLS, the regional multiple listing service for New York. “I look at the townhouses on the Upper East Side and West Side and in Brooklyn and they have such an ambiance and, in my perspective, they bring so much character to the neighborhoods.”
The discussion was moderated by Brian D. Tormey, NTP, President of TitleVest, a leading New York City-based provider of title insurance and related real estate services. The hour-long session identified important areas of legal, financing and insurance focus when conducting a townhouse transaction, including certificate of occupancy, title search, permits, liens, banks loans, and property construction.
“When buying real estate, it’s important to go into these transactions armed with whatever you really need to actually make a transaction happen. If your customer needs financing or plans on financing, they should absolutely get that squared away in advance,” said Garfield.
Frankel advocated for getting the full picture of a townhouse by “ordering a title report early and having it pre-contract. All of the information is available and we can decide pre-contract if that building is going to be loanable or financeable.”
Tracey echoed those sentiments, recommending a pre-approval letter to expedite the transaction process. “In a market like this where townhouses are limited and demand is high, that takes a lot of stress off of the buyer. It helps move the process forward, closer to closing much more quickly, when you’ve done all of that process in advance.”
When it comes to acquiring a townhouse, the panelists encouraged real estate professionals to do their due diligence every step of the way. “The team of experts that you accrue is key,” said Frankel. “Have patience and poise, and be calm problem-solvers. There can (and will be) issues, but the bottom line is making the townhouse transaction happen.”
“Getting the Deal Done” is part of the “Be Your Best” webinar series created by HGAR and OneKey® MLS, to help Realtors and agents navigate a changing landscape amid the pandemic. The event was sponsored by TitleVest.
You can view the webinar here.