Practice Area

Real Estate Law

Direct consultations in 한국어, 中文, and English — no interpreters.

Residential and commercial closings, 1031 exchanges, FIRPTA compliance, title issues, real estate financing, leases, and HOA matters for Korean-American buyers, sellers, and investors across NJ and NY.

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2RE Attorneys

NJ · NYClosings

EN · KODirect Communication

01 · Our Team

Two-Attorney Real Estate Team

Real estate transactions require attention to both deal flow and detail — from contract negotiation, to title and due diligence, to closing. Song Law Firm’s real estate practice combines a Korean-bilingual founding member with a senior associate who handles residential and commercial closings end-to-end.

Joseph D. Song

Founding Member

Admitted in NJ, NY, TX, GA. Counsels Korean-American buyers, sellers, investors, and family-owned real estate owners on residential, commercial, multi-family, and cross-border transactions. Fluent in English and Korean.

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Stacey Jung, Esq.

Senior Associate Attorney

J.D., Cardozo School of Law; B.A., University of Chicago. NJ and NY bar. Handles residential and commercial closings, contract review, title issues, landlord-tenant matters, and HOA/condo disputes. Fluent in English and Korean.

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02 · Practice Scope

What We Handle

Residential, commercial, and investment real estate from contract to close.

Residential Closings

NJ & NY single-family, condo, co-op, townhouse closings — buyer and seller representation, contract review, attorney review period, mortgage commitment, title clearance, closing.

Commercial Real Estate

Office, retail, industrial, mixed-use, multi-family acquisitions and dispositions. Sophisticated entity buyers, 1031 exchanges, environmental due diligence.

1031 Exchanges

Like-kind exchange structure under IRC §1031 to defer capital gains on investment property. Qualified Intermediary coordination, 45-day identification and 180-day closing windows.

FIRPTA & Foreign Buyers

FIRPTA withholding compliance for foreign sellers (15% of sales price), Form 8288 filings, withholding certificates, and structuring for Korean residents purchasing US property.

Title Issues

Title clearance, easements, encroachments, adverse possession claims, title insurance coordination, quiet title actions, lien removal.

Real Estate Financing

Purchase money mortgages, refinancing, hard money loans, seller financing, private lending documentation, deed in lieu of foreclosure.

Lease Drafting

Residential and commercial leases, NJ and NY-compliant disclosures, security deposit handling, options to renew, options to purchase.

HOA & Condo Matters

HOA covenant disputes, condo board issues, assessment challenges, governing document review, common element disputes.

03 · Critical Window

Timing Matters in Real Estate

Three deadlines that determine deal outcome.

Attorney Review (NJ)

NJ contracts include a 3-day attorney review period after both parties sign. Attorney must approve or reject within the window — missing it locks in the contract.

Mortgage Commitment

Standard contracts include a mortgage commitment deadline (typically 30-60 days). Missing the date allows the seller to cancel — buyer’s deposit at risk if not extended.

1031 Identification

Like-kind exchange requires identification within 45 days and closing within 180 days after the sale of the relinquished property. Missing either deadline triggers full capital gains.

04 · Results

Representative Outcomes

Selected residential, commercial, and cross-border transactions.

$5M Commercial Sale

Sale of NJ mixed-use commercial property — purchase agreement, title clearance, 1031 exchange coordination, post-closing transition.

FIRPTA Compliance

Structured sale of NJ residential property by Korean resident seller — FIRPTA withholding certificate obtained reducing withholding from 15% to 0%.

Multi-Family Portfolio

Acquisition of 3-property multi-family portfolio in Bergen County by Korean-American investor — entity structuring, environmental due diligence, financing coordination.

Title Defect Resolution

Cleared cloud on title for residential closing — quiet title action and old lien release allowing transaction to close on schedule.

05 · Questions Answered

Common Real Estate Questions

What is the attorney review period in NJ?

NJ standard residential contract includes a 3-business-day attorney review period after both parties sign. During this window your attorney can reject or propose modifications. Missing the deadline locks in the contract as-is.

Do I need an attorney for closing in NJ or NY?

NJ: Customary but not legally required. NY: Customary in NYC and downstate. Both states strongly benefit from attorney representation for contract negotiation, title review, and closing.

What is FIRPTA?

Foreign Investment in Real Property Tax Act — requires the buyer to withhold 15% of the sales price when purchasing US real estate from a foreign seller. A Withholding Certificate can reduce or eliminate withholding based on actual tax liability.

How does a 1031 exchange work?

Like-kind exchange under IRC §1031 lets investors defer capital gains by reinvesting in a similar investment property. Strict timing: 45 days to identify replacement property, 180 days to close. Qualified Intermediary required.

What is title insurance?

Insurance protecting against losses from defects in title (undisclosed liens, fraud, ownership challenges). Lender’s policy required by mortgage lender; owner’s policy optional but recommended.

I am a foreign buyer. Can I buy US real estate?

Yes. No citizenship or residency requirement to buy US real estate. Korean residents commonly purchase US property for investment, family use, or as a US base. ITIN, escrow, financing, and tax compliance need planning.

What are closing costs?

Buyer costs typically include title insurance, attorney fees, recording fees, prepaid interest and escrow. Seller costs typically include real estate commission, transfer tax (NJ: 1%, NY: 0.4%+mansion tax over $1M), attorney fees.

What is escrow?

Third-party holding of funds during a transaction. In NJ/NY closings, the buyer’s down payment is typically held in attorney trust account or title company escrow until closing.

Can a foreign citizen finance US real estate?

Limited financing options. Some US banks offer “foreign national” loans (higher rates, larger down payment, often 30-40%). Korean banks’ US affiliates and private lenders are common alternatives.

How much does real estate counsel cost?

Residential closings typically flat fee ($1,500-$3,500). Commercial transactions hourly or flat with complexity premium. Title and 1031 work additional. Initial consultations are free.

06 · Service Area

Where We Serve

From our Fort Lee headquarters we close transactions across NJ, NY, and serve Korean residents buying US real estate.

NJ & NY

Fort Lee, Palisades Park, Englewood, Tenafly, Hackensack, Paramus, Closter, Bergenfield, Teaneck, Hoboken, Jersey City. Manhattan, Queens (Flushing), Brooklyn, Long Island, Westchester.

Cross-Border

Korean residents purchasing US residential/commercial real estate, FIRPTA structuring for Korean sellers, entity choice for foreign buyers.

Office: Parker Plaza, 400 Kelby St, 19th Floor, Fort Lee, NJ 07024.

07 · Recent Articles & Columns

Real Estate Articles

Recent columns on residential and commercial real estate from Song Law Firm.

08 · Success Stories

Recent Real Estate Matters

Selected closings and transactions.

09 · Get in Touch

Close with Confidence.

Free initial consultation. Direct counsel in Korean, Chinese, or English. No interpreters, no second-line staff — senior attorney on your matter from day one.