Should I Hire A Real Estate Lawyer in New York?

Are you planning to buy real estate in New York? Do you want to buy or transfer ownership of a property in the future? Then, you will need a real estate lawyer in New York by your side.

New York is not only a wonderful place to explore breathtaking tourist attractions or enjoy delicious foods but an ideal place for real estate opportunities during both high and low economic cycles. Whether you want to sell, buy, or transfer ownership of a house, apartment, condo, etc., hiring a real estate lawyer is an advantage. 

What Does A Real Estate Lawyer Do?

It is highly recommended to have a real estate lawyer as he or she will protect your investment or look out for your legal interests. Your lawyer will also do more than just guiding you during the contract signing. 

Real estate lawyers negotiate the deal for fairness. In addition, they act as representatives on behalf of the buyers at the contract closing. Below are some of the typical services they offer:

  • Title and loan commitments 
  • Contract reviews 
  • Condominium representations
  • Addressing the buyers’ concerns and questions 
  • Title confirmation after closing 
  • Handling closing and title documents 
  • Attending closing 
  • Charges verification to ensure fairness
  • Searching for liens

When to Hire A Real Estate Lawyer 

The decision of whether you need to hire a real estate lawyer or not depends on several factors. If the state law where you will have a real estate transaction does not require having a lawyer, you can decide based on the complexity of your situation. In New York, it is best to hire a lawyer for many reasons such as the ones mentioned above.

During your decision-making process, if you are going to hire a property lawyer or not, always make sure to do your own research. Leaving most of the decisions to the real estate agent is not a good idea. If you are not familiar with the real estate transactions happening in New York, hiring a lawyer won’t hurt as you can ask questions to an expert.

Additionally, you can save time, effort, and money by hiring a lawyer. You will not process all the necessary documents yourself or even study the contract on your own. That’s the job of your attorney who will explain this clearly to you. Plus, rest assured that you can potentially avoid major issues in the future once your contract has been signed.

Reasons Why You Should Hire A Real Estate lawyer:

Real estate lawyers have the education, experience, and qualifications with regard to real estate transactions’ legal aspects. In New York there are no shortages of legal complexities. In some cases, they are hired at the beginning of the transaction, guiding, and advising process.

There are two real estate law subsets: residential and commercial. Residential real estate lawyers are responsible for preparing and managing title, mortgage, and closing documents related to buying a home. Commercial real estate lawyers develop work with businesses to develop, buy or sell properties.

Meanwhile, below are reasons why you should hire a real estate lawyer when you have a real transaction in New York:

Protect Your Investment

Are you a property seller? Then, you have to consult with a lawyer before signing the brokerage agreement. The lawyer is often responsible for the sales contract’s first draft. Remember that you will become liable for a commission if you have carelessly reviewed the agreement, even if the real estate property does not sell. 

If you are a buyer, the property lawyer will do the due diligence. To start, the lawyer is responsible for reviewing the 2-5 years of board meeting minutes. By doing so, your lawyer will have a clue on any issues going on in the building, including recurring bed bug infestation or minor or major roof repair. The lawyer will also review the bylaws, building’s offering plan, and financial statements.

Have Someone Guide You During Real Estate Contract Processing 

Real estate contracts in New York should be written by a lawyer or a party to the transaction. Lawyers represent most real estate transactions in this state. In other words, it is critical to hire a real estate lawyer if you plan to sell or buy a property unless you are a licensed attorney.

In addition, ensure that your lawyer has reviewed the contract before having the property seller’s lawyer draft it. Once you reply to the seller’s attorney to draft the contract, you will end up with a one-sided sales contract. In most cases, mortgage companies often expect and require you to have a lawyer by your side before they approve your application and finance the transaction.

An Attorney Will Help You Close the Real Estate Transaction 

After contract signing and paying the down payment, the lawyers start to prepare for closing. 

For instance, if you are purchasing a single-family home or condo in New York, your lawyer will handle the title report to determine if there are problems that the property seller should resolve before closing, including property violations or liens issues. This is also the phase where an inspection will take place. The lawyer will negotiate repairs or other terms that must be amended before closing based on the title report and inspection results.

The real estate lawyer is also by your side to assist you with all the critical documents and information that the mortgage company may request as part of the mortgage application. Your lawyer may also help you get a reasonable closing costs estimate.

Having Someone Act as an Advocate of Closing 

During closing, the property title is transferred to the buyer from the seller. The closing often takes about three hours to complete in New York. The buyer, seller, and the attorneys of both parties, the real estate agents, mortgage lender, and the managing agent for the co-op are usually present at the closing. 

Your property lawyer will assist you through the transaction and ensure that all the closing documents are accurate, including mortgage documents, transfer tax returns, and deeds. Your lawyer will be by your side if something bad happens or some of the documents have errors or are inaccurate.

Conclusion 

New York is one of the best places to buy or sell real estate. However, you need to ensure that you have a lawyer who will assist and help you throughout the process. The good news is that you can find many reputable and experienced lawyers in NY who can help you throughout the process. 

Are you looking for a Real Estate Lawyer in New York City? Contact Fabular, Li and Associates, P.C. today!

Fabular, Li, and Associates, P.C. are real-estate lawyers in New York City that provide practical legal counsel related to all real estate transactions and disputes. When you have legal real-estate matters that you want to be handled efficiently and effectively, look no further. Contact us at (212) 518-8380 or email us at info@fabularli.com. We respond within 1 business day.

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