Real estate lawyers handle a variety of real estate related legal matters. These services include drafting and negotiating contracts, reviewing and preparing deeds, dealing with real estate litigation and property transfers.
Preparing a Contract to Buy or Sell a Home
When buying or selling a home, the purchase contract can be very complex. It will often require a review by a real estate attorney to make sure that the terms are fair and equitable. In addition, the lawyer may suggest changes to the contract if the buyer does not find a home that is in their preferred price range or if they are worried about potential problems with the structure of the house or land.
A real estate attorney also can prepare an agreement for a loan to help the lender understand if the buyer is qualified. This can include a review of the buyer’s credit history, employment record and assets. A good real estate attorney will ensure that the mortgage loan is made on a fair and reasonable basis, without allowing for too much debt to be taken out or too little equity to be invested in the property.
Title Searches and Inspections
During the home-buying process, the real estate attorney will complete a title search to determine whether or not the property is free of any legal claims. This could include issues with liens or unpaid debts. It might also include heirs or signatures that have been missing from the records, which can prevent the transaction from going through.
If a problem is found, it is then time for a quiet title action to resolve any title defects that have been discovered. This can include issues with the title such as a driveway shared by two properties or a property that is listed as a bedroom when in reality it only has one bed.
An experienced residential real estate attorney in New York City can help with a variety of issues that come up during the home-buying process. For example, a buyer in the outer boroughs of Manhattan might be unaware that the zoning rules for their area don’t allow them to build a pool. A local lawyer will be able to look over the documents and provide guidance on how the zoning rules affect you.
Drafting a Lease and other Real Estate Documents
The most common real estate documents are the purchase and sale agreements, mortgage documents, zoning and building permits and financing agreements. These can be complex and can be difficult to understand if you do not have experience in real estate law. A real estate attorney can provide clear, concise and detailed explanations of the documents and answer any questions you have.
During the legal review phase of the purchase and sale, the attorney will work with the seller’s agent to help them understand any concerns or questions they have about the contract. This is an important stage in the process and can lead to a successful conclusion for all involved parties.