The Importance of Hiring a New York Real Estate Attorney

People often ask, “Why should I hire a real estate attorney?”  The answer is simple: experience.  Purchasing and selling real property, whether a private home, condominium or cooperative apartment, is often one of the biggest financial endeavors one undertakes in their lifetime.

Below is a brief list of how an attorney can help and protect you in your upcoming real estate transaction.

Contract

An experienced real estate attorney will be able to negotiate the purchase/sale contract in order to obtain favorable terms on your behalf – specifically if the purchaser needs to obtain a mortgage for the purchase or sell a current home before purchasing another. The entire transaction stems from the contract so it must be well written and strongly protect your interests.

Title

Purchasers are going to want title insurance on the property.  For this reason, you need an attorney to oversee the removal of any liens, encumbrances, encroachments and variations on the property to make sure the home is fully covered by insurance. An attorney will explain any easements or use restrictions on the property which may affect your decision to purchase the property.  You want to know what you are getting into before-hand, not be surprised afterwards.  It is especially important for an attorney to be involved when clearing legal claims made against the seller or property.  Problems inevitably show up in title.  It is very important that they are handled properly.

Condominium/Coop

When buying a condo or co-op, it is important for an attorney to review documents such as a proprietary lease, by-laws or rules and regulations.  These documents are often lengthy and written in legalize but strictly control your living situation after you purchase the property.

Estate/Trust Sales

If buying or selling a house from an estate (from someone who has passed away) or from a Trust agreement, it is important a real estate attorney is involved who is also familiar with Trust and Estate laws.  Probate and Trust laws can be complicated and impact everything from pricing to time frame.

Closing

From providing guidance to a successful walk through prior to closing to attendance at the closing table, experience counts here.  The closing can be overwhelming for the inexperienced between financials and paperwork.  Make sure an attorney is property calculating the dollars and cents of your transaction.  This is a prime opportunity where an inexperienced person predictably pays more than they should have.  Your real estate attorney will calculate adjustments such as taxes, water, utilities and other fees to make sure you are not overcharged.

For more information on sale and purchases of residential real estate, click here.