For most people, buying a home is the largest purchase they will ever make. Even if you happen to find an incredible deal on a property, though, it is wise to protect your investment and long-term financial security by hiring a lawyer to represent you in the transaction. Both buyers and sellers can benefit from seeking legal representation prior to completing real estate closings in New York, and it is rare for either party to represent themselves because of what’s at stake. Below, Robert A. Schwartz of Rochester explains why you need your own attorney when buying or selling a home.

How a Lawyer Will Protect Your Financial Interests During Real Estate Closings

When Buying a Home

The process for completing real estate closings in New York is fairly complicated, and you cannot rely on the seller’s attorney to protect your interests along the way. For example, the contract of sale is typically drafted by the seller’s lawyer and then sent to the buyer for review. If you do not have experience with such contracts, you may not necessarily know what to look for regarding red flags or clauses that favor the seller over you.

When you have quality legal representation, though, you can be sure your attorney will request revisions of the contract that are in your favor and, ultimately, help you secure a better deal. In addition to reviewing the contract of sale, a buyer’s attorney can also help you obtain the best mortgage terms possible, structure a deal involving multiple buyers, conduct a title search, track all approaching deadlines, and attend the closing to ensure no last-minute disputes disrupt the deal.  

When Selling a Home

If you are selling a home in New York, your lawyer will help you negotiate for a fair price, draft the contract of sale, make any applicable revisions as requested by the buyer, resolve any title issues, explain all potential tax implications of the deal, and draft a new deed for the buyer. It is especially important to seek legal guidance when selling a home if you inherited the property from someone who is now deceased, are trying to sell the property with a financial partner, or have a lien on the property. In such scenarios, disputes and complications are likely to arise, but a seasoned attorney will have experience resolving them in the seller’s favor.

Neither buyers nor sellers should attempt to navigate real estate closings without seeking quality legal representation first because so much is at stake for both parties. If you are planning on completing a real estate transaction in the near future, turn to Robert A. Schwartz in Rochester, NY. Visit his website to learn more about his areas of expertise, including wage garnishment and bankruptcy. To schedule an initial consultation with a seasoned real estate attorney who can protect your best interests, call (585) 334-4270.