Buying and selling real estate, especially in today’s hot market, can be stressful and may leave you legally vulnerable. While many individuals buying or selling a home know the basics of a real estate purchase, the basics won’t help if you get into a dispute with a potential investor. There are things to consider when selling your home. You may also find that you didn’t fulfill some of your contractual requirements as a first time buyer in New York, and now you are stuck.
Outside of New York State, it is not uncommon to see real estate transactions done with nothing but real estate agents and title company involvement, but it’s to every buyer or seller’s advantage to have legal guidance. While agents are an invaluable resource, they can’t dispense legal advice and are only liable for the specific services they are licensed to perform. However, New York real estate transactions can get really complicated and require an experienced attorney to navigate through the process.
A skilled NYC real estate attorney can review your contract, manage your due diligence, and guide you through closing. Having a real estate lawyer in your corner helps ensure the safety of your transaction and cuts down on the potential for litigation. But not all attorneys are alike. Asking the right questions will lead you to the right attorney for you.
Do You Need A Lawyer When Buying A House?
Purchasing a home entails more than a simple transaction; it involves the intricate legal transfer of property ownership from one party to another. Given the intricacies involved in this legal procedure, it is often recommended, and sometimes required, for both homebuyers and sellers to engage the services of an attorney who can protect their best interests. Utilizing the services of an attorney to navigate the process can lead to both time and cost savings.
Real estate attorneys, also known as real estate lawyers, are legally authorized professionals practicing in the field of real estate law. This means they possess the knowledge and expertise to offer counsel to individuals involved in real estate transactions, such as home sales or short sales.
Real estate attorneys are skilled in preparing and reviewing documents and contracts related to home sales and purchases, and in some instances, they oversee the closing process. These legal professionals are well-versed in offering valuable advice across a wide range of real estate-related legal matters, including but not limited to:
- Reviewing your purchase agreement.
- Reviewing all legal documents linked to the real estate transaction.
- Resolving title issues, such as liens.
- Proving guidance on dealing with short-sale or estate-sale properties.
- Reviewing lease agreements for homeowners seeking to rent out their property.
Navigating New York’s real estate market and legal framework can be a complex and daunting task. At Sishodia PLLC, our skilled NYC real estate attorneys understand the intricacies of real estate law and can help you with contracts, negotiations, and due diligence for a smooth and secure home purchase. Contact us today to schedule a consultation and secure your dream home without the headaches and legal complications.
Do You Practice Other Types of Law?
While many attorneys practice multiple areas of the law, you want an attorney whose primary focus is real estate. This ensures that he or she is well-versed in all the complicated real estate laws that your transaction may be subject to. It’s impossible to be the best at what you do if you practice multiple unrelated types of law, and you are looking for a lawyer who offers the best real estate legal guidance possible.
How Familiar Are You With My Type of Real Estate Transaction?
Real estate transactions are not created equal. Commercial and investment transactions are completely different from residential primary home transactions. There will be different due diligence requirements, liability issues, and tax implications depending on the type of property and transaction. You want to ensure that the New York City real estate attorney you choose has extensive experience with your particular type of real estate transaction, whether you are buying or selling a home or investing in an apartment complex.
Will I Be Dealing With You or Your Paralegal?
While a paralegal is a skilled professionals, their legal advice and liability are extremely limited. A paralegal is valuable for drawing up and filing important documents and conducting title searches, but dispensing legal advice and guidance is not in their wheelhouse. You are paying for the services of a lawyer, and that is what you should get. If a lawyer expects their paralegal to address all of their clients’ issues, you will not be getting the legal services you are paying for.
What Do Your Services Include?
A good real estate lawyer should offer 360-degree legal guidance from the thorough review of your contract through managing any other legal and financial due diligence necessary on your behalf. This can be extensive and will be different for each property type and transaction. You want a lawyer who has a good command of what will be necessary for your particular transaction and is clear about the services they will provide for you.
What Do Your Fees Include?
Traditionally, most real estate attorneys in New York City charge an all-inclusive fee depending upon the type of transaction and its complexity. This is typically taken at closing. If you are interviewing an attorney with a too-good-to-be-true fee structure, you may be paying extra for everything from the copies they make for you to the time they spend on a phone call on your behalf. How the lawyer expects to be paid and exactly what is included should be in writing.
What Can Go Wrong In Attorney Review?
The attorney review is a process in which the lawyers of both parties review and modify the contract. Typically, the review lasts for three business days unless an extension is agreed upon by both sides. Attorneys may modify, add or delete items relevant to the transaction.
During this period, negotiations take place between the two parties to agree on the terms of the contract. The attorneys are responsible for negotiating and setting dates, determining deposit amounts, and resolving any legal issues that may arise. Once the attorney review period is over, the contract becomes legally binding for both parties. It is important to note that either party can withdraw from the agreement with no consequences during this period.
Several matters must also be discussed and settled through negotiation. These matters include but are not limited to the extent of inspections, the amount and deadline for the deposit, as well as the buyer’s mortgage commitment period and closing date. Other issues that require negotiation may involve a home sale contingency, allowing a buyer to sell their current residence, or a replacement home contingency, giving a seller time to find a new house. Additionally, parties might need to discuss a use and occupancy agreement that would allow the seller to stay on the property after the sale’s completion, while bearing the buyer’s carrying costs, such as daily mortgage and tax expenses.
What Are Your Qualifications?
When choosing a real estate attorney, it’s essential to understand their qualifications. There is a significant difference between a lawyer with decades of experience and one who has only recently graduated from law school. While a new attorney might handle basic residential transactions adequately, more complex deals require a seasoned lawyer. Although the fees for a more experienced attorney may be higher, the potential savings in taxes, superior negotiation skills, reduced liability, and avoidance of delays can more than justify the cost.
A qualified real estate lawyer should have obtained a law degree from an accredited school. Don’t hesitate to inquire about their years of experience specifically in real estate law. Additionally, ask how long they have been practicing in your state, as real estate laws can vary significantly from one state to another. Local experience is crucial for navigating state-specific regulations and practices.
By thoroughly examining an attorney’s background, you can make an informed decision that could save you time, money, and stress in the long run. Hiring a well-qualified lawyer means you are better equipped to handle the intricacies of real estate transactions, ensuring smoother processes and more favorable outcomes. This diligence in selection helps ensure that your legal needs are met efficiently and effectively, giving you greater peace of mind throughout your real estate dealings.
| Questions to Ask a Real Estate Lawyer | Details |
|---|---|
| Do You Practice Other Types of Law? | Ensure the lawyer’s primary focus is real estate to guarantee expertise in real estate laws. |
| How Familiar Are You With My Transaction? | Confirm the attorney’s experience with your specific type of real estate transaction, be it residential, commercial, or investment. |
| Will I Be Dealing With You or a Paralegal? | Clarify whether you will receive legal advice directly from the lawyer or if a paralegal will handle certain aspects. |
| What Do Your Services Include? | Discuss the lawyer’s scope of services, such as contract review and due diligence, tailored to your specific transaction. |
| What Do Your Fees Include? | Understand the attorney’s fee structure, whether it’s an all-inclusive fee or if additional charges may apply for various services. |
| What Can Go Wrong In Attorney Review? | Learn about the attorney review process, including the potential modifications and items addressed during this critical phase. |
If you are searching for an experienced New York City real estate attorney, the team at Sishodia PLLC offers fine-tuned and individualized legal representation from first-time residential sales to highly-complex commercial transactions. Contact us at (833) 616-4646 or schedule a consultation through our online contact form.
