Buying a house is an exciting experience, but it can be nerve-racking, particularly for first time buyers.
While a real estate attorney is not legally required to purchase a home in New York, having an attorney assist you with the contracting and closing process is strongly recommended when it comes to handling all the legal aspects of buying a home, especially downstate and in the greater metropolitan region.
The home buying process
Once a seller enters into a contract with a real estate agent, the broker will show the home until they find an interested buyer.
The broker will then negotiate a price that works for both the buyer and seller.
Once there is an agreed upon price, it is in both buyer and seller’s best interests to retain an attorney before they enter into a written contract/purchase agreement for the purchased or sale of the property.
The contract/purchase agreement must address many aspects of the purchase itself, including price, additions to the property, home inspections, down payments, loan commitments, escrow arrangements, the closing date, etc.
The buyer will then obtain a loan commitment, and a title search will be conducted, before the closing itself takes place, the property is transferred, and the payment is made.
What can a real estate attorney do for me?
A real estate attorney can help you with various parts of the real estate transaction. Your attorney can:
- Prepare and review contracts/purchase agreements, mortgage documents, and title & transfer documents;
- Arrange for and review title searches of the property;
- Review title insurance policies;
- Attend the closing and make sure the transfer of title is legal and binding, and serves in your best interest; and
- Handle any contractual disputes that may arise
It is nearly impossible for someone not experienced in real estate to be prepared for all the issues that may come up when buying a new home.
Having an attorney on your side throughout the real estate purchasing process can give you peace of mind, and ensure that title to the home passes legally, and without issue
If you are in the process of purchasing, or selling a home, contact Bashian P.C.