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New York Real Estate

When you might need an attorney to purchase or sell a home

| Jan 19, 2021 | Real Estate Law, Residential Real Estate

Purchasing a home is one of the most important transactions that individuals undertake in their entire lives. Selling one is equally important. Individuals buying or selling a home in New York or elsewhere should seriously consider hiring legal counsel to assist them. There are certain tasks during the process that are best handled by a lawyer who knows this field.

Contract review

A real estate law attorney can help buyers review the contract of sale associated with a home purchase. Lawyers will generally tell a buyer if the contract is fair and suggest changes that are typically included in a rider signed by all parties. The contract and rider are important documents because they will govern the transaction and how the parties resolve any disputes.

Title review

Attorneys familiar with real estate law are also often useful during the title review process. Lawyers typically contract with a title insurance company to make sure the title is clear and that insurance is available to cover any undiscovered claims on the property. Lawyers also often review title documents themselves.

Closing documents

There are numerous documents to prepare before a closing occurs on a home. Such documents include a deed, affidavit of title, mortgage paperwork, tax forms and other materials. It is important that a lawyer carefully review all of these on your behalf to eliminate any errors that could affect ownership at a later time.

Attendance at closing

It is also important that buyers and sellers have a lawyer present with them at the closing table. Attorneys can help answer any questions and fix complications that may arise during this final phase.

There are many points in the process of purchasing real estate where assistance from an attorney could prove quite useful. Anyone buying or selling property should strongly consider having a lawyer by their side during the transaction.