Anyone who is buying or purchasing real estate in New York would do well to consult with an experienced real estate attorney at the outset of the process. There are many different items and pieces of paperwork that must be addressed in a traditional home sale and having an attorney who has assisted others with this situation many times in the past can help you to target the materials that you need in order to stay organized. Your attorney will play a crucial role if you are selling your home in New York. Based on the conversations that you have had with your agent, your attorney is responsible for preparing the contract of sale.
Usually an attorney will initiate with a standard form and then add on writers that will incorporate the additional terms that have already been negotiated with your buyers. After your attorney and the purchaser’s attorney have finalized the contract, the sellers and buyers will sign it and the buyers will send your New York real estate attorney a down payment. If they walk away from the sale, you will still be able to keep this down payment unless they have walked away as a result of something listed in the contract. In New York state, the typical down payment is 10% of the purchase price and your New York real estate attorney is responsible for depositing this into an escrow account.
Your attorney will also have to do several things in preparation for closing after the contract is signed. The attorney works at the title report that has been ordered by the buyer’s attorney to determine whether or not there are any issues that need to be resolved before the closing. These include violations and liens against the property. Then your attorney prepares the necessary closing documents including the transfer, tax returns and the deed. And then the attorney will calculate the amounts owed at closing.
Your attorney can also request a payoff letter if you have a mortgage to determine the amount that needs to be paid back to the lender. Your attorney further calculates the closing costs that are owed by you and any proceeds from the buyers that are owed to you. Finally, your New York real estate attorney represents you at the closing portion of this sale. An experienced attorney is a crucial asset during a home sale or purchase.