So, you are looking to buy a home! It is an journey event for sure, but one that can come with countless complications and legal issues. That is why so many states require real estate attorneys to be involved in real estate transactions. But what about New York?
Almost all homebuyers in New York have legal representation
While there’s technically no law in New York that requires buyers to have a real estate attorney, it is customary for both buyers and sellers in a real estate transaction to have their own legal representation. This is because there are laws limiting what non-attorneys can do, particularly at closing.
Real estate contracts in New York are almost always written up by the seller’s attorney. This means that there is a good chance the first draft of these contracts is designed to mostly benefit the seller, not you. As a homebuyer in New York, then, it is crucial to have your own attorney who can review it and fight for your own best interests up until the deal is done.
What does a real estate attorney do for homebuyers?
Beyond being there for you at the contract closing, real estate attorneys are also there to support you throughout the buying process. From investigating the property for any major issues that may affect you in the future to reviewing all the documents needed to complete the sale, having a real estate attorney by your side is highly recommended for buyers in order to make sure the process goes smoothly for you.
Check out some of the most common helpful services that your real estate attorney can provide for you during the process of buying a house:
- Reviewing the contract
- Confirming the fairness and accuracy of charges
- Investigating any issues that need to be resolved by the seller, such as liens, ongoing problems at the property, or any other violations
- Preparing or reviewing title and closing documents, including (but not limited to) title insurance policies, transfer of funds documents, mortgage deeds, etc.
- Representing the buyer at the closing
- Ensuring everything has been completed after closing
Overall, having a real estate attorney is a must-have for anyone looking to buy a house in New York. By having one by your side early in the process, you will enjoy protection from any potential issues or unscrupulous sellers, as well as fewer headaches by having someone handle all the complex legal tasks.