Buying and selling property in the fast-paced New York real estate market is intimidating. To protect your financial interests at every stage of the transaction, enlist the help of a real estate attorney from day one. Here are just a few reasons why all buyers and sellers should seek legal counsel before proceeding with a property sale.
3 Reasons to Hire a Real Estate Attorney
1. Drafting, Reviewing & Modifying Contracts
The documents involved in real estate transactions are complicated. Seek help from professionals when it comes to creating, evaluating, and revising them. Having an attorney assess paperwork at every step of the process may save you money in the long run. With the help of a lawyer, for instance, sellers are less likely to sign off on a faulty brokerage agreement that leaves them liable for commissions even if the sale falls through.
2. Mitigating Potential Issues
If you hire a lawyer from the start, you’ll be well-equipped to handle complex real estate transaction problems, like title disputes and zoning issues. They’ll also help you craft a contract with riders based on the results of your home inspection and walk you through any contingencies. If an unanticipated problem does arise, your attorney will use their extensive knowledge to develop strategies to resolve the matter quickly. They’ll also aid you in preparing documents for loans.
3. Fulfilling Legal Requirements
New York state law requires that either the principal – that is, the seller – or their attorney draw up the contract. Additionally, only a licensed lawyer can receive compensation for preparing mortgages, deeds, leases, and other vehicles essential for completing real estate transactions, which means agents can’t help you with this part of the process. If you’re a buyer, don’t rely on the seller’s attorney to provide a fair contract. Hiring your own lawyer will level the playing field and ensure your best interests are represented.
If you need a real estate attorney in New York, turn to Stephen B. Kaufman, P.C. Based in the Bronx, NY, this lawyer has been serving the community in which he was born and raised for more than four decades. As a knowledgeable real estate attorney, he has a track record of successful outcomes for his clients. He also practices elder law, estate planning, and personal injury law. To schedule a free no-obligation consultation, fill out the form on his website or call (718) 822-0500.