A Real Estate Attorney is a legal professional who has experience with real estate transactions. They can help with the negotiation and completion of contracts, assist in due diligence and review zoning and environmental regulations. They can also handle issues that may arise during the closing process, including problems with the title insurance policy or a lien.
Both buyers and sellers can benefit from the assistance of a real estate attorney, particularly investment property owners. Investment properties typically involve complex tax considerations that many people aren’t familiar with, and a lawyer can be a valuable asset in helping navigate these issues. However, even if the transaction is simple, an attorney can offer peace of mind, serving as insurance that all legal considerations have been addressed.
Buying a home is one of the most significant purchases you’ll make in your life, and it’s important to have an experienced New York Real Estate Attorney working on your side. A good attorney can save you money in the long run by preventing mistakes that might cost you down the road. For example, if a building has a history of bed bugs or lead paint, an attorney can ensure that you are aware of it before you sign the contract.
A Real Estate Attorney can also ensure that the mortgage loan documents are properly drafted and free from errors, which can be costly if not caught early on. Additionally, they can review the property appraisal, survey and title insurance policies to ensure that everything is in order for the closing date. They can also negotiate and resolve any contingencies that are included in the purchase agreement, such as the buyer needing to sell their current home or finding a suitable replacement before they can close on the new property.
In addition to reviewing the legal description of the property and ensuring that there are no liens or issues with the title, a Real Estate Attorney can also review the zoning restrictions, easements or agreements on the property to ensure that they won’t interfere with the buyer’s plans for the property. They can also work with the title insurance company to help transfer the property title from seller to buyer.
The role of a Real Estate Attorney can be vital in completing a smooth closing, and it’s usually required in the state of New York. An attorney will help schedule the closing, coordinate with all of the different parties and ensure that all of the required documents are signed and delivered before the closing date. Additionally, the attorney will conduct the closing, ensuring that all checks are signed, and answer any questions that the parties might have.
If you’re looking for a qualified Real Estate Attorney, ask your real estate agent for a recommendation. They’ll likely have a list of attorneys that they work closely with and can provide you with reliable recommendations. In addition, you can look online to find a highly-rated attorney, and consider whether they have a broad practice or if they specialize in residential or commercial real estate.