Guo Fengli

Fengli Guo, Esq. has focused on real estate transactions and business transactions in New York ever since 2002. Our office represented purchasers, sellers, builders, and lenders with experience of over 5,000 closings. Fengli Guo, Esq. has focused on real estate transactions and business transactions in New York ever since 2002. Our office represented purchasers, sellers, builders, and lenders with experience of over 5,000 closings. Fengli Guo, Esq. specializes real estate and business transactions. Our practice includes: draft/review purchase contract, review title report, closing, commercial lease, and business transaction including liquor store, restaurant, dry cleaner and nail salon. The purchaser shall make sure the fund to purchase the real property is available in the bank account before signing the contract. This is especially important for those purchasers who purchase cooperative units or who need to apply for loans from banks. If the contract is signed first before the fund is available in the bank account, it’ll delay the loan approval or cooperative board approval. In case the fund is not available after the contract is signed, it will not only delay the transaction and closing but also put the purchaser at risk of contract default and loss of contract deposit. First the seller’s attorney sends the contract draft to the purchaser’s attorney. The purchaser’s attorney reviews the contract and makes revisions. After the seller’s attorney approves the proposed revisions to the contract, the purchaser will sign the contract first and send the contract deposit to the seller’s attorney. After the seller’s attorney receives the contract deposit, the seller will sign the contract. At this point, the contract is fully executed and becomes a binding legal. If a purchaser plans to purchase a residential house, it is strongly recommended that the purchaser shall have a home engineer inspect the house and have the home inspection report ready before entering into the contract. In the event that the purchaser plans to purchase a condo or cooperative unit, a home inspection may not be needed but the building offering plan and financial statements shall be reviewed by the attorney for evaluation.