Whether buying or selling real estate, it’s in your best interest to hire a lawyer to represent you through the transaction process. Because even the simplest real estate deals come with complicated legal language, terms, and conditions. Besides, New York is one of twenty-two states which requires the presence of a lawyer during real estate closings.
Why It’s Important to Hire a Lawyer
The buying or selling transaction process involves
attorneys, title insurance companies, property surveys, real estate agents, buyers,
sellers, and mortgage brokers or bankers. And all of these people have their
own sets of paperwork and legal jargon that may overwhelm you. A real estate
attorney understands and sorts through the jargon and ensures your legal rights
There are also times when residential real estate
transactions begin well, but disputes pop up during the process. And every real
estate transaction should be fair and impartial for both seller and buyer.
Real estate transactions are expensive. But if they’re
mishandled, they can result in problems for the buyer for years after the purchase.
What Lawyers Do to Help You with the
1. Lawyers Draw Up and Negotiate the Terms of the
Contract of Sale
The seller’s attorney draws up the contract of sale with the
price and terms and conditions already agreed upon between the buyer and seller.
Some items included in a contract of sale include:
- Down payment (usually ten percent of the
- Mortgage contingency (the time the buyer has to
obtain a mortgage commitment, usually 30 to 45 days)
- Approximate closing date
- List of repairs that need to be done by the
seller and appliances, fixtures, and all items that stay after the sale is
2. They Protect Your Best Interest
As a buyer or seller, your lawyer is there to make sure all documents you sign are in your best interest.
Your real estate attorney is also the mediator between the bank,
title company, and real estate agents. They are there to coordinate the
closing and make sure the monies are distributed properly.
3. Real Estate Attorneys Attend Closing Time
Ownership is transferred from the seller to the buyer at closing time, and their papers to be signed and checks to be passed around.
The closing is attended by both the buyer’s and the seller’s
attorneys, the lender’s attorney, and a representative from the title company.
And each represents their clients’ best interests.
The seller’s attorney is there to handle the payoff of the
- Back taxes, if any
- Other payoffs due at this time
This is done through the title closer.
The buyer’s attorney is there to:
- Ensure the terms of the contract are followed
- Make sure mortgage documents are all in proper
- Ensure that everything that was agreed upon by
the seller to the borrower (buyer) is honored
- Make sure a clean title is transferred to their
client, the buyer
And Others Who Attend the Closing
Title closers are there to represent the title insurance
company and their client, the buyer.
The title company attends the closing to:
- Ensure all liens, fees, and any existing bills
- Make sure a clean title of ownership is
transferred to the new owner
The lender’s attorney is at the closing to represent the
mortgage given to the buyer.
The bank attorney, as we call them, is there to:
- Have all the documents signed by the borrower
- Collect any remaining fees due to the lender by
Hire a Lawyer – It’s a Small Price to
As you can see, there is much to deal with in real estate
transactions. And the price to pay to hire a lawyer for peace of mind is small.
If you’re buying a home in New York, you must hire a lawyer to negotiate the contract of sale and represent you at closing. So, do your research to find and hire a lawyer who will truly represent your best interest.
If you need to buy or sell your home, contact Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. Call (718) 253-9600 ext. 206 or email firstname.lastname@example.org.
Your Brooklyn Real Estate Agent
718-253-9600 ext. 206
SOURCE: Brooklyn Real Estate Blog – Read entire story here.