Professional Insights: The Critical Role of Attorneys in NYC Real Estate Transactions
When purchasing property in New York, many buyers mistakenly assume the process is as simple as "signing a contract, paying a down payment, and closing." However, real estate transactions can be fraught with risks, including sophisticated fraud schemes. Attorney Mengyang Li from MC Law, P.C. shares two real cases to highlight why legal representation is essential.
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** Case 1: Forged Deed Scam (2023, Brooklyn) **
In Fort Greene, Brooklyn, a fraudster forged a property deed, impersonated the owner, and listed a vacant home for sale. The buyer, acting without an attorney, quickly completed the viewing, signing, and downpayment—only to later discover the "seller" was not the true owner, resulting in significant financial loss.
How an Attorney Helps:
- Conducts a “”title search“ ”to verify ownership and uncover liens or disputes.
- Identifies red flags (e.g., fraudulent sellers) before closing.
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**Case 2: Fake Development Scheme (2015, Manhattan)**
A "developer" in Manhattan marketed a luxury condominium project, collecting $86 million in presale investments. Investigations later revealed the project lacked construction permits, and the land was fraudulently claimed.
How an Attorney Helps:
- Reviews “”offering plans“”, “”building permits“”, and zoning approvals.
- Ensures the project is legally viable before funds are committed.
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**Why You Need a Real Estate Attorney in NYC
1. “Title Examination” – Confirms clean ownership and uncovers hidden claims.
2. “Contract Review” – Modifies unfavorable terms and protects your rights.
3. “Secure Escrow” – Safeguards deposits through regulated escrow accounts.
4. “Fraud Prevention” – Detects scams, forgery, or misrepresentation.
5. “Legal Recourse” – Provides litigation support if disputes arise.
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**Key Takeaway**
Real estate attorneys’ fees are a small fraction of a property’s value but can save buyers from devastating losses. Whether you’re a first-time homebuyer or an investor, legal due diligence is non-negotiable.
MC Law, P.C. specializes in NYC real estate law, offering end-to-end legal support for buyers, sellers, and developers. Contact us for a consultation.
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*MC Law, P.C. | Real Estate, Business Transaction, Commercial Lease, Landlord-Tenant Dispute, Immigration*
*Tel: 929-988-0972 | Email: mclawnyc@gmail.com | WeChat: MCLawNYC*
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Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult an attorney for case-specific guidance.