Buying a house can be exciting, but it can also be frightening because of the many complex laws and rules associated with it. However, many real estate buyers in New York still forgo hiring a real estate law attorney to save a few dollars, which is a huge mistake. Real estate is comprised of complicated laws and regulations. Just one mistake or missed document can cause you countless problems. And, on top of that, real estate laws may vary from state to state. That’s why you cannot and should not go without a lawyer, especially when buying a real estate property of significant value.
Title Search
It is vital that you conduct a thorough title search after signing the purchase agreement. This tells you if the seller has a legal right to sell the property. So, in a way, you are ensuring that the title is clean and that there are no problems on the property, such as liens. Property liens are one of the most common reasons why many real estate transactions fail. A real estate lawyer can find a way to satisfy those claims and obtain you a clean title so that the deal doesn’t fall through.
Contract Review
Legal documents are full of jargons that a layperson cannot easily understand. Your lawyer will prevent you from being pressured into signing something you do not fully understand.
Proper Closing
Just because you are at the end of the transaction, doesn’t mean you should be complacent. A lot of important steps happen during the closing of a real estate purchase.
- Preparation of the closing papers
- Passing of the property title from the seller to the buyer
- The buyer paying the purchase price balance
- Preparation of a closing statement that itemizes the transactions between you and the seller
Hiring a real estate law attorney provides you with valuable assistance if there are any disputes on the property or if you have last-minute questions. They will protect your rights at all costs and make sure that you do not get taken advantage of.
