Successfully Closing A New York Real Estate Deal
The details associated with buying or selling a home in the State of New York can be overwhelming for anyone, even if you have done property transactions in the past. This is one leading reason why people schedule a consultation with an experienced real estate attorney at the outset of deciding to move towards closing. Whether you are the purchaser or the seller, moving towards this final closing day can be an exciting prospect and one you look forward to greatly.
However, there are so many potential missteps along the way that it’s important to protect yourself by having an experienced attorney. While you are within your legal rights to buy a property without an attorney, it’s unusual and risky for any real estate deal in New York to go down without the involvement of at least a buyer’s attorney. Usually attorneys will be present on both sides of a real estate transaction throughout New York for the buyers and the sellers.
Make sure that if you allow the seller to stipulate the buying contract that you have your own attorney to review it prior to signing any agreements. This is one way to avoid several of the most common challenges associated with real estate transactions. Knowing what you are in for and what you have agreed to at the outset can minimize your problems. Even before you sign a contract for that new apartment, your attorney should be reviewing careful information such as several years’ worth of board meeting minutes, if there is a homeowners’ association or board of directors.
Your lawyer might also look at the offering plan and any necessary financial statements to make a final determination about whether or not this document truly protects you or whether you are exposed to greater risks. A smart buyer will hire an attorney well in advance of closing to avoid significant problems.
Hire an experienced NY lawyer for closing.
What Makes a Real Estate Attorney Different from A Home Buying Agent?
There are so many different professionals that you could potentially interact with the process of buying or selling a real estate in New York. Since it’s such a significant transaction, many people will hire a real estate agent early on to assist with the search for a home and negotiate on their behalf.
Real Estate Agents
Real estate agents generally fall into one of two categories; home selling agents or home buying agents. Home buying agents help to level the playing field for everyone looking to purchase and their knowledge of the neighborhood contractors, sellers etc. can be extremely valuable. Home buyers might also use real estate attorneys to represent their interests as they decide to move forward with the purchase of a home. Attorneys who are practicing in real estate law on a regular basis, can provide counsel on a broad range of legal issues that can arise over your home purchase.
Hiring a Lawyer or Buying Agent
Whether you hire a lawyer, a buying agent or both, you will be paying these professionals for their services. There are many different reasons why you may wish to hire an attorney in addition to a home buying agent. First of all, in the event of a legal problem surrounding the purchase of a home, only a knowledgeable and licensed attorney can give you legal counsel and represent you in court. If there are illegal encumbrances on the property such as liens, or there is a tenant who you want to evict in order to rent to someone else, a knowledgeable real estate attorney can provide you with the necessary insight to protect your interests and give you more information about how it is recommended that you proceed.
New York Home Purchase
Attorneys can also be very helpful in reviewing necessary contracts. If you are going forward with the home purchase without a buying agent, your lawyer should review the contract carefully to ensure that your rights are represented and that you are not exposing yourself unnecessarily to risks. Scheduling a consultation with a New York real estate attorney can tell you more about how this person can help you with your purchase.
Hire a real estate lawyer to help with your home purchase.