In New York state, it is recommended that anyone buying or selling property to work with an attorney throughout the process. Though it is not a requirement to hire an attorney for residential real estate transactions in New York, it is a huge benefit – because working with a lawyer is the best way to ensure that your transaction is legally secure. An experienced New York real estate attorney protects your interests….
Your contract of sale will state everything from start to finish – such as financing and any contingencies involved in purchasing the property, including securing financing (such as a mortgage loan). The only way you can get the best out of this contract is for an attorney to see that certain things are done. As a New York attorney representing you and your property sale or purchase, I ensure you have the best terms that enable you to sell or buy the home.
If you are the person selling the property, you’ll want to know:
- That the buyer can get a loan on time.
- What the terms of the property sale are.
- Whether the buyer qualifies for the loan.
- What kind of loan the buyer qualifies for.
- And more…
If you are the buyer, you’ll want to know:
- That you and the property qualify for the mortgage loan.
- What the terms of your loan are.
- What the terms of your property purchase include.
- That all of this information is reflected in the contract of sale.
- And more…
We at Fier Law Offices spell out what is being sold or purchased so that each party in the transaction is 100% clear about what it is that they are agreeing to. This way, each side has the opportunity to make sure that the transaction covers the right contingencies and information – and they can move forward with confidence.
The Role Your Attorney Will Play
To understand what role your attorney will play, it’s helpful to understand the role of a real estate broker. As a seller, a real estate broker is there to find you a purchaser. As a buyer, a real estate broker is there to find you something to buy. Finally, real estate brokers will negotiate some of the terms ahead of time such as the purchase price and what exactly it is that is going to be sold.
Then, when it comes down to the contract, things change…
The client now sees the sale in black and white. For example, you may notice that a house sale includes the refrigerator in the basement, or that the current owners will take the porch swing when they leave the home. All such details have to be stated in the contract of sale.
So, before the sale or purchase, before taking any steps to buy or sell residential or commercial property in New York, you have to discuss any possible complications with your attorney.
Additionally, you have to make sure that the person has all the documentation together that shows:
- The seller’s authority to sell the property
- A clean, good title to that property
- A copy of the property deed
- A copy of the title policy to the property
- A copy of a survey
- Certificates of occupancy for all of the items within or on the property
- How the property is heated: oil, gas, solar, and/or electricity
- And more…
For example, if the seller’s property has solar heat based on a contract with a solar company, that contract has to be part of the purchase agreement. The person who’s buying has to know they’re subject to the terms in that contract, and they need a copy of that solar agreement.
Whether you’re buying or selling as an individual, a corporation, a trust, or an estate, you want a smooth transaction. Depending on your unique situation, you will see different complications in how to proceed and what documentation might be required. As such, your attorney will ensure that every aspect of your transaction is legally secure – and that any roadblock is handled with precision and ease.
Using A Realtor’s Standard Listing Agreement Contract
It’s important to understand that our firm never uses a standard listing agreement provided by the realtor – we don’t even use the Bloomberg contract. Over the years we realized that every item that we handle is going to be specific to your specific property transaction. Thus, our contracts are always specific to your transaction.
How To Choose The Right Attorney For You
When you are looking to hire an attorney to handle a real estate matter in New York State, you should ask yourself this question: “Does this firm specialize in real estate? Or are they a general practice firm?”
This question is important – not because general practice firms can’t handle the real estate matter for you, but because you always get a better outcome when you work with an expert.
For example, consider that you are working with an attorney who primarily handles divorces. As a separate matter in your divorce case, you ask your attorney if they can help with the sale of your home. Of course, this attorney will be legally able to help you – but they’re likely to refer you to a real estate attorney. Why? Because experience makes a big difference in real estate transactions.
At Fier Law Office, we specialize in residential and commercial real estate. This means we handle these transactions day in and day out, we’ve seen every possible scenario, and we’re ready to guide you through anything that may come your way.
With the guidance of a skilled attorney for Real Estate Law Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy.