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Holtzschue on Real Estate Contracts and Closings (3rd Edition)
 by Karl B. Holtzschue
 
 Copyright: 2007-2013
 Last Updated: April 2013

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  • ISBN Number: 9781402408861
  • Page Count: 700
  • Number of Volumes: 1
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“[Holtzschue on Real Estate Contracts and Closings] is a terrific one-stop resource for practitioners at all levels of experience for drafting and evaluation of contract provisions, as well as a helpful treatment of important topics such as when time can be made of the essence and the Property Condition Disclosure Act.” 
 —Matthew J. Leeds, Bryan Cave, LLP, New York, NY

“Holtzschue on Real Estate Contracts and Closings is indispensable to the newcomer an seasoned practitioner alike.”
 —Benjamin Weinstock Esq., Ruskin Moscou Faltischek, P.C., Uniondale, NY

“My constant companion when I started out and a valued reference ever since.”
 —Dorothy Ferguson Esq., D. H. Ferguson, Attorney, PLLC, Pittsford, NY


Written by a veteran real estate attorney who helped write New York’s standard residential and commercial real estate contracts, Holtzschue on Real Estate Contracts and Closings shows you how to craft fair, dispute-free residential and commercial agreements more easily.

Holtzschue on Real Estate Contracts and Closings clearly explains the governing law and customary industry practices to ensure that you know how to prepare for a sale or purchase of real estate, including how to deal with the appropriate documents, tax issues, and brokers; draft and negotiate the contract, with the help of numerous laborsaving sample forms that speed the process; prepare for the closing, including the documents and scheduling details; and close the sale, including delivering and reviewing deeds and other paperwork and dealing with insurance policies, tax documents, and closing checks.

Included are checklists for sellers’ and purchasers’ attorneys that ensure all key steps are taken, as well as highlighted tips that underscore important transactional issues.

Updated at least once a year, Holtzschue on Real Estate Contracts and Closings: A Step-by-Step Guide to Buying and Selling Real Estate is an invaluable handbook for real estate attorneys and general practitioners handling real estate deals, as well as an important reference for brokers, title insurers, and inspectors.

  Preface to the Third Edition, Introduction and Ethics and Professional Responsibility
Chapter 1: Preparing for the Sale or Purchase
  • § 1:1 : Representing the Seller1-2
    • § 1:1.1 : Interviewing the Client1-2
    • § 1:1.2 : Brokers1-6
      • [A] : Brokerage Agreement1-6
      • [B] : Agency Disclosure1-10
    • § 1:1.3 : Structuring the Transaction1-12
      • [A] : Federal Income Tax1-12
        • [A][1] : Sale of a Residence1-12
        • [A][2] : Other Sales1-14
      • [B] : State and Local Transfer Taxes1-18
      • [C] : Other Considerations1-19
    • § 1:1.4 : Gathering Documents and Other Facts1-19
    • § 1:1.5 : Binders and Letters of Intent1-21
    • § 1:1.6 : Options and Rights of First Refusal1-25
    • § 1:1.7 : Tenanted Buildings1-27
    • § 1:1.8 : New Construction1-28
    • § 1:1.9 : Condition of Property and Environmental Matters1-30
  • § 1:2 : Representing the Purchaser1-32
    • § 1:2.1 : Interviewing the Client1-32
    • § 1:2.2 : Gathering Documents and Other Facts1-34
    • § 1:2.3 : Inspection1-39
    • § 1:2.4 : Structuring the Transaction1-41
      • [A] : Financing1-41
      • [B] : Federal Income Tax1-47
      • [C] : Probate and Estate and Gift Taxes1-50
      • [D] : Other Considerations1-50
    • § 1:2.5 : Binders and Letters of Intent1-54
    • § 1:2.6 : Options and Rights of First Refusal1-55
    • § 1:2.7 : Tenanted Buildings1-57
    • § 1:2.8 : New Construction1-59
    • § 1:2.9 : Condition of Property and Environmental Matters1-60
    • § 1:2.10 : Multistate Transactions1-62
    • § 1:2.11 : Distressed Properties1-64
    • § 1:2.12 : Auction Sales1-65
Chapter 2: Drafting and Negotiating the Contract
  • § 2:1 : Form of Contract2-5
    • § 2:1.1 : Statute of Frauds2-5
    • § 2:1.2 : Printed Forms and Typed Contracts2-11
      • [A] : House Sales2-12
      • [B] : Comparison of Forms2-16
      • [C] : Sales of Tenanted Buildings2-16
    • § 2:1.3 : Plain Language2-18
  • § 2:2 : Usual Contract Provisions2-19
    • § 2:2.1 : Date2-19
    • § 2:2.2 : Parties2-20
    • § 2:2.3 : Description of the Premises2-21
      • [A] : Land2-22
      • [B] : Easements2-24
      • [C] : Buildings and Improvements2-25
      • [D] : Street Beds and Condemnation Awards2-25
      • [E] : Appurtenances2-26
      • [F] : Personal Property2-26
    • § 2:2.4 : Purchase Price2-29
      • [A] : Earnest Money Deposit (Down Payment)2-29
      • [B] : Acceptable Funds2-30
    • § 2:2.5 : Purchase Money Note and Mortgage2-31
      • [A] : Seller’s Mortgage Provisions2-36
      • [B] : Purchaser’s Mortgage Provisions2-40
    • § 2:2.6 : Existing Mortgage2-45
    • § 2:2.7 : Acceptable Title and Title Insurance2-50
      • [A] : Marketable Title2-51
      • [B] : Fee Simple Title2-54
      • [C] : Insurable Title2-54
      • [D] : Permitted Exceptions to Title2-60
        • [D][1] : Zoning and Similar Laws and Governmental Regulations2-60
        • [D][2] : Consents for the Erection of Structures on, Under, or Above Any Streets on Which the Premises Abut2-62
        • [D][3] : Encroachments of Stoops, Etc., Upon Any Street or Highway2-62
        • [D][4] : Survey; Adverse Possession2-63
        • [D][5] : Exceptions from Seller’s Title Insurance Policy2-71
        • [D][6] : Matters Done or Suffered by Seller2-71
        • [D][7] : Covenants, Restrictions, Easements, and Other Agreements2-71
        • [D][8] : Rights of Tenants2-81
        • [D][9] : Personal Inspection2-81
      • [E] : Title Insurance2-81
        • [E][1] : Rates2-85
        • [E][2] : Policy Forms2-89
        • [E][3] : Endorsements2-95
        • [E][4] : Creditors’ Rights Exclusion2-98
        • [E][5] : Forfeiture Statutes2-98
    • § 2:2.8 : Form of Deed2-99
    • § 2:2.9 : Closing Date and Place2-102
      • [A] : Adjournments and Time of the Essence2-103
    • § 2:2.10 : Broker2-106
      • [A] : Entitlement to Commission2-107
      • [B] : Written Agreement2-112
      • [C] : Duties of Broker and Agency Disclosure2-114
    • § 2:2.11 : Condition of Premises and Caveat Emptor2-116
      • [A] : Caveat Emptor2-118
        • [A][1] : Generally No Duty of Seller to Disclose Defects2-118
        • [A][2] : Exceptions Requiring Disclosure2-119
        • [A][3] : Liability for Representations of Seller2-128
        • [A][4] : Purchaser’s Duty to Inspect2-132
        • [A][5] : Contractual Defenses of Seller2-135
        • [A][6] : Liability of Brokers2-139
      • [B] : Contract Provisions2-141
    • § 2:2.12 : Violations and Municipal Liens2-143
      • [A] : Violations2-143
      • [B] : Municipal Liens2-146
    • § 2:2.13 : Apportionments, Installment Assessments, and Utility Readings2-147
      • [A] : Apportionments2-147
      • [B] : Installment Assessments2-149
      • [C] : Utility Readings2-149
    • § 2:2.14 : Objections to Title2-150
      • [A] : Allowance for Unpaid Taxes, Etc.2-150
      • [B] : Use of Purchase Price to Pay Encumbrances2-151
      • [C] : Affidavits to Clear Objections2-152
    • § 2:2.15 : Transfer and Recording Taxes2-152
      • [A] : Transfer Taxes2-152
      • [B] : New York State Real Property Transfer Gains Tax2-155
      • [C] : Mortgage Recording Tax2-156
      • [D] : Foreign Investment in Real Property Tax2-157
    • § 2:2.16 : Purchaser’s Lien2-158
    • § 2:2.17 : Remedies for Breach or Failure to Close2-159
      • [A] : Breach of Seller’s Representations and Obligations2-159
        • [A][1] : Rescission2-164
        • [A][2] : Damages2-165
        • [A][3] : Specific Performance; Notice of Pendency2-166
        • [A][4] : Survival of Seller’s Representations and Obligations2-171
      • [B] : Breach of Purchaser’s Obligations2-172
        • [B][1] : Retention of Down Payment2-175
        • [B][2] : Damages2-176
        • [B][3] : Specific Performance2-177
      • [C] : Termination or Cancellation of Contract of Sale2-178
    • § 2:2.18 : Risk of Loss by Damage or Condemnation2-179
      • [A] : Uniform Vendor and Purchaser Risk Act2-180
    • § 2:2.19 : Miscellaneous Provisions2-181
      • [A] : Entire Agreement2-181
      • [B] : Changes Must Be in Writing2-182
      • [C] : Binding on Heirs, Successors, and Assigns2-182
      • [D] : Changes in Dates by Attorneys2-183
      • [E] : Adjournment2-183
      • [F] : Further Assurances2-183
      • [G] : Exclusive Benefit2-183
      • [H] : Assignment2-184
    • § 2:2.20 : Execution and Delivery2-184
  • § 2:3 : Additional Contract Provisions2-187
    • § 2:3.1 : Mortgage Commitment Contingency2-187
      • [A] : Contingency Clause2-187
      • [B] : Institutional Lender and Mortgage Broker2-190
      • [C] : Commitment Date2-191
      • [D] : Loan Amount, Term, and Interest Rate2-192
      • [E] : Purchaser’s Obligations2-194
      • [F] : Rights to Cancel2-198
      • [G] : Other Considerations2-207
    • § 2:3.2 : Title Report; Title Opinion2-209
    • § 2:3.3 : Certificate of Occupancy2-210
    • § 2:3.4 : Condition of Systems and Appliances2-211
    • § 2:3.5 : Seller’s Ownership and Power to Sell2-213
    • § 2:3.6 : Delivery of Possession at Closing2-216
    • § 2:3.7 : Limitation on Assignment of Contract2-217
    • § 2:3.8 : Nonsurvival of Seller’s Liability2-218
    • § 2:3.9 : Escrow of Down Payment2-220
    • § 2:3.10 : Limitation of Purchaser’s Liability2-224
    • § 2:3.11 : Insurance Against Violation of Covenants2-225
    • § 2:3.12 : Inspection Contingency2-225
    • § 2:3.13 : Maintenance of Grounds2-228
    • § 2:3.14 : New York State Real Property Transfer Gains Tax2-228
    • § 2:3.15 : Adjournments2-228
    • § 2:3.16 : Notices by Mail; Notices by Attorneys2-229
    • § 2:3.17 : Nonpayment of Check2-229
    • § 2:3.18 : Risk of Loss2-230
    • § 2:3.19 : Preclosing Possession by Purchaser2-231
    • § 2:3.20 : Postclosing Possession by Seller2-232
    • § 2:3.21 : Recording Memorandum of Contract2-233
    • § 2:3.22 : New Construction2-234
      • [A] : Plans and Specifications2-235
      • [B] : “Punch List”2-235
      • [C] : Guarantee of Work2-235
      • [D] : Guarantees and Warranties2-235
      • [E] : Certificates and Permits2-236
      • [F] : Down Payment2-236
      • [G] : Streets, Sewers, and Utilities2-236
    • § 2:3.23 : Condominium Units2-237
      • [A] : Description2-237
      • [B] : Title Exceptions2-237
      • [C] : Deed2-237
      • [D] : Apportionments2-238
      • [E] : Right of First Refusal2-238
      • [F] : Statement of Common Charges2-238
      • [G] : Payment of Transfer Fees2-238
      • [H] : Valid Condominium2-238
      • [I] : Risk of Loss As to Common Elements2-238
    • § 2:3.24 : Representations of Seller and Conditions to Closing2-238
    • § 2:3.25 : Environmental Matters2-239
      • [A] : Generally2-239
      • [B] : Environmental Assessment2-240
      • [C] : Environmental Contract Provisions2-242
      • [D] : Disclosure2-244
      • [E] : Environmental Impact Statements2-246
      • [F] : Approval and Permit Requirements2-247
      • [G] : Hazardous Waste Cleanup Laws, Liens, and Superliens2-247
      • [H] : Underground Storage Tanks2-251
      • [I] : Other Hazardous Substances and Conditions2-254
      • [J] : Insurance2-260
    • § 2:3.26 : Miscellaneous Additional Provisions2-261
      • [A] : Smoke Alarm and Other Required Provisions2-261
      • [B] : Subject to Approval of Attorney2-262
      • [C] : Subdivision or Rezoning Contingency2-263
      • [D] : Interstate Land Sales Full Disclosure Act2-264
      • [E] : Antitrust2-265
      • [F] : Disabilities and Handicaps2-267
      • [G] : Copyright Law2-267
      • [H] : Alternative Dispute Resolution2-268
      • [I] : Attorneys’ Fees2-268
      • [J] : Sale Contingency2-268
  • § 2:4 : Contracts for Tenanted Buildings2-269
    • § 2:4.1 : General Considerations2-269
    • § 2:4.2 : Seller’s Representations2-270
      • [A] : Rent Schedule2-270
      • [B] : Rent Control2-272
      • [C] : Residential Appliances2-273
      • [D] : Real Estate Taxes and Assessments2-274
      • [E] : Insurance and Service Contracts2-274
      • [F] : Employees2-274
    • § 2:4.3 : Seller’s Obligations Between Contract and Closing2-274
      • [A] : Existing Leases2-274
      • [B] : New Leases2-275
      • [C] : Application of Security Deposits2-276
      • [D] : Service Contracts2-276
      • [E] : Insurance Policies2-276
      • [F] : Removal of Personal Property2-276
      • [G] : Real Estate Tax Protests2-277
      • [H] : Access to the Premises, the Leases, and Other Documents2-277
    • § 2:4.4 : Seller’s Closing Obligations2-277
      • [A] : Leases2-277
      • [B] : Security Deposits2-277
      • [C] : Updated Rent Schedule2-278
      • [D] : Tenant Records2-278
      • [E] : Notices to Tenants2-278
      • [F] : Tenant Estoppel Letters2-278
      • [G] : Service Contracts2-279
      • [H] : Assignment of Contracts2-279
      • [I] : Original Insurance Policies2-279
      • [J] : Updated Representations2-279
      • [K] : Plans and Specifications2-279
      • [L] : Approvals of Leases2-279
      • [M] : Expense Statements2-279
      • [N] : Other Closing Documents2-279
    • § 2:4.5 : Additional Apportionments2-279
      • [A] : Prepaid Rents2-280
      • [B] : Rent Arrears2-280
      • [C] : Percentage Rents and Escalation Charges2-280
      • [D] : Security Deposit Administrative Charges2-281
      • [E] : Prepaid Fee or Charges Under Rent Regulation Statutes2-281
      • [F] : Reletting Expenses2-281
    • § 2:4.6 : Limitations on Survival of Seller’s Representations and Obligations2-281
Chapter 3: Preparing for the Closing
  • § 3:1 : Representing the Seller3-2
    • § 3:1.1 : Review Purchaser’s Title Report and Arrange for Cure of Title Objections3-2
    • § 3:1.2 : Apply for New York State Gains Tax Clearance3-4
    • § 3:1.3 : Obtain Satisfactions or Closing Letters from Existing Mortgagees3-4
    • § 3:1.4 : Prepare Closing Checklist3-6
    • § 3:1.5 : Prepare Deed and Other Closing Documents3-6
    • § 3:1.6 : Calculate Apportionments3-9
    • § 3:1.7 : Arrange for Utility Readings3-12
    • § 3:1.8 : Remind Purchaser to Deliver Proper Closing Checks3-12
    • § 3:1.9 : Arrange for Payment of Transfer Taxes3-12
    • § 3:1.10 : Obtain Waiver of Right of First Refusal for Condominium Unit3-13
    • § 3:1.11 : Schedule the Closing3-13
  • § 3:2 : Representing the Purchaser3-14
    • § 3:2.1 : Review Mortgage Commitment3-14
    • § 3:2.2 : Order and Review Title Report3-17
    • § 3:2.3 : Prepare New York State Gains Tax Questionnaire3-20
    • § 3:2.4 : Prepare Closing Checklist3-20
    • § 3:2.5 : Verify Representations and Review Deed, Mortgage Loan Documents, and Other Closing Documents3-21
    • § 3:2.6 : Calculate Apportionments3-25
    • § 3:2.7 : Arrange for Opening Utility Accounts3-26
    • § 3:2.8 : Arrange for Issuance of Fire and Liability Insurance Policies3-26
    • § 3:2.9 : Arrange for Proper Closing Checks3-26
    • § 3:2.10 : Have Purchaser Inspect Before Closing3-27
    • § 3:2.11 : Schedule the Closing3-28
Chapter 4: The Closing
  • § 4:1 : Representing the Seller4-2
    • § 4:1.1 : Deliver Deed and Other Closing Documents4-2
    • § 4:1.2 : Deliver Closing Letters from Existing Mortgagees4-4
    • § 4:1.3 : Deliver Affidavit to Title Company4-5
    • § 4:1.4 : Deliver Transfer Tax Documents and Payments4-5
    • § 4:1.5 : Deliver Keys4-6
    • § 4:1.6 : Pick Up Closing Checks4-6
    • § 4:1.7 : Pick Up Executed Purchase Money Note and Mortgage4-7
    • § 4:1.8 : Pick Up Fire and Liability Insurance Policy4-9
    • § 4:1.9 : Deliver Condominium Documents4-9
    • § 4:1.10 : Complete Other Closing Checklist Requirements4-9
    • § 4:1.11 : Designate Person to File IRS Closing Report4-10
  • § 4:2 : Representing the Purchaser4-12
    • § 4:2.1 : Review Deed and Other Closing Documents4-12
    • § 4:2.2 : Deliver Note, Mortgage, and Other Loan Documents4-13
    • § 4:2.3 : Deliver Fire and Liability Insurance Policies4-19
    • § 4:2.4 : Have Title Report Marked and Redated4-19
    • § 4:2.5 : Have Transfer Tax Documents Signed and Delivered4-20
    • § 4:2.6 : File Miscellaneous Reports4-20
    • § 4:2.7 : Deliver Closing Checks4-21
    • § 4:2.8 : Pick Up Keys4-22
    • § 4:2.9 : Pick Up Condominium Documents4-22
    • § 4:2.10 : Complete Other Closing Checklist Requirements4-22
    • § 4:2.11 : Designate Person to File IRS Closing Report4-23
  • § 4:3 : After the Closing4-23
    • § 4:3.1 : Representing the Seller4-23
    • § 4:3.2 : Representing the Purchaser4-24
Chapter 5: Appendix A: Checklist for Sale of New York Real Property
Chapter 6: Appendix B: Checklist for Purchase of New York Real Property
Chapter 7: Appendices C-C6
Chapter 8: Appendix D: Rider to NY House Contract of Sale (Form 316); And Appendix D1: NY Condiminium Contract of Sale (Form 146)
Chapter 9: Appendix E: Florida Contract of Sale
Chapter 10: Appendix F: Texas Contract of Sale
Chapter 11: Appendix G: Chicago, Illinois; Contract of Sale
Chapter 12: Appendix H: Boston, Massachusetts; Contract of Sale
Chapter 13: Appendix I: California Contract of Sale
Chapter 14: Appendix J: Forms Comparison Chart
Chapter 15: Appendix K: NY Contract of Sale: Office, Commercial, and Multi-Family Residential Premises (ABCNY)
Chapter 16: Appendix L: Contract of Sale: Office, Commercial, and Multi-Family Residential Premises (All States) (ABCNY)
Chapter 17: Appendix M: Mortgage Note (NYBTU Form 8011)
Chapter 18: Appendix N: First Mortgage (NYBTU Form 8014)
Chapter 19: Appendix O: ALTA Owner's Policy with New York Coverage Endorsement (10/21/87)
Chapter 20: Appendix P: ALTA Owner's Policy with New York Coverage Endorsement (10/17/92); And Appendix P1: ALTA Owner's Policy with New York Coverage Endorsement (6/17/06)
Chapter 21: Appendix Q: Bargain and Sale Deed with Covenant (NYBTU Form 8002)
Chapter 22: Appendix R: Brokerage Agreement Letter; And Appendix R1: NY Real Property Law Section 443: Disclosure Regarding Real Estate Agency Relationship
Chapter 23: Appendix S: Customs in Respect to Title Closings
Chapter 24: Appendix T: Closing Checklist for Sale or Purchase of House
Chapter 25: Appendix U: Closing Financial Statement
Chapter 26: Appendix V: Closing Financial Statement (Alternate)
Chapter 27: Appendix W: Closing Memorandum
Chapter 28: Appendix X: Designation Agreement; And Appendix X1: I.R.S. Form W-9
Chapter 29: Appendix Y: New Jersey Contract of Sale
Chapter 30: Appendices Z-Z11
Chapter 31: Table of Authorities
Chapter 32: Index to Holtzschue on Real Estate Contracts and Closings

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