For most people, buying a new home or investment property is a momentous occasion. It’s also a transaction with an entire area of law dedicated to it. Real estate attorneys specialize in facilitating property transactions, taking a certain amount of risk out of them, and helping new buyers understand the associated legalities. Below is a list of benefits and protections you will receive when you hire an attorney to assist you with your purchase.
Professional Contract Review
For many people, legal jargon is a language all its own, but signing a contract without reading and understanding it is a huge risk. Banks and realtors generally use form contracts that may not be appropriate for your particular transaction or be 100% in your best interests. A real estate attorney will ensure that you understand all the terms of the sales contract, warn you if anything is potentially detrimental, and negotiate amendments on your behalf.
If you’ve ever bought real estate before, you’ll know that a mountain of paperwork is involved. They include:
- Legal property descriptions
- Mortgage satisfaction records
- Land surveys
- Title insurance policies
Your lawyer will review these important documents, explain them, and guide you through the transaction. If something doesn’t seem right or any paperwork is missing, they will inquire on your behalf.
Experienced Intermediary Services
Your attorney will work with your realtor and the buyer’s attorney to finalize dates and a timeline for important contingency events such as the title search, home inspection, and mortgage commitment.
These are all necessary steps in the acquisition process that many property buyers may not be aware of or understand properly, especially if the real estate in question is a commercial property.
Thorough Title Searches
Many new buyers have been dismayed to discover that their seller never legally had the right to sell the home, or that an easement allowed others access to the property. Other potential complications include:
- Liens against the property
- A married seller did not get their spouse’s signature on a contract
- Survey or boundary issues
These are issues that your attorney can discover in a title search. While some can be resolved efficiently, others can make the purchase more trouble than it’s worth.
Correct Paperwork Filing
Your attorney will ensure that all paperwork is handled and filed correctly, so that title to the home will be transferred to your name in all legal records as efficiently as possible.
Hiring a real estate attorney gives you peace of mind. You can rest assured that you will be fully informed at every stage of the sale and alerted if any contract or situation is not in your best interests. At Rosen Law LLC we have helped both homebuyers and property investors throughout New York and Florida with their real estate transactions and will apply the same diligence and dedication to your acquisition. To speak with an experienced real estate attorney in New York or Florida, please call (516) 437-3400.