6 Reasons you Must Have a New York City Real Estate Lawyer
When you're looking to buy or sell an apartment in New York City, a real estate lawyer is a must-have. While your real estate broker will help you navigate the real estate market by either offering you buyer representation or listing your property, it will be the real estate lawyer who will legally bind any deal you make. Here are the top reasons why you need to have a real estate lawyer for any sales transaction in which you engage.
1. NYC Real Estate Lawyers will Conduct Due Diligence on the Property
Once you have an agreed upon deal for a property, the first order of business for your real estate lawyer will involve conducting due diligence (assuming you are on the buy-side of the transaction). Your real estate lawyer will look over the property's offering plan, amendments, financials and board minutes. Your lawyer will advise you of any risks or concerns based on their due diligence. Of course, it's important to know that every building is different and will have unique circumstances.
2. NYC Real Estate Lawyers will Draft your Contract of Sale
For any real estate transaction to be legally binding, you will need to have an executed contract of sale with the counter party. Your real estate lawyer will ensure that you're properly represented in the contract of sale, while also ensuring that you're protected. The contract of sale will reflect the sales price, terms and conditions, and any other contingencies that may have been pre-negotiated amongst real estate brokers.
Your real estate lawyer represents your interests and will ensure that you have a smooth transaction. The foundation of a smooth transaction lies in the contract of sale, which your real estate lawyer will take a direct part in putting together. The contract will generally be drafted by the seller's real estate lawyer, and the buyer's real estate lawyer will make edits and provide comments to send back for revisions. Once all revisions are agreed upon by both sides of the transaction, the contract may be signed. This process can take anywhere from 1 to 2 weeks.
3. NYC Real Estate Lawyers will Create Riders to Protect your Interests
In some cases, the contract of sale may not be enough to protect your interests. When this is the case, your real estate lawyer will draft a rider that contains additional terms. Riders may have terms and conditions such as mortgage contingencies or that the purchase of the property is conditioned on the sale of an existing property. Riders will also need to be agreed upon by both parties of the transaction.
4. NYC Real Estate Lawyers will Schedule the Closing
Real estate lawyers will schedule the closing of the subject property. Scheduling takes a large effort, as the following parties are involved in a real estate closing in New York City:
- Buyer's Real Estate Broker
- Seller's Real Estate Broker
- Buyer's Real Estate Lawyer
- Seller's Real Estate Lawyer
- Buyer(s)
- Seller(s)
- Lawyer Representing Lender
- Title Company Representative
As you can see, there are a lot of schedules to line up for the real estate lawyers.
5. NYC Real Estate Lawyers will Facilitate the Closing
Once the closing has been scheduled, your real estate lawyer will ensure a smooth closing. They'll go through all the required paper work with you, explaining every document which is being presented to you. Additionally, they'll answer any questions that you have along the way. Real estate lawyers will ensure all the checks are written to the appropriate parties and settle all the debits and credits. Closings generally take place at the law offices of the seller's attorney.
6. NYC Real Estate Lawyers Have a Fiduciary Duty to Protect your Interests
Your real estate lawyer has a sworn duty to represent your interests. This means they're there for you and will serve you to the fullest extent. Your real estate lawyer will always be there to answer your questions and help you out all the way from contract negotiations to closing. If ever you have any important questions, or concerns, your real estate lawyer will be there for you.
So how do you select a reputable real estate lawyer?
At Blooming Sky, we've developed a strong network of professionals that we trust and recommend to all of our clients. Our clients have loved working with our recommended real estate lawyers. Are you currently looking for a real estate lawyer to handle your transaction?
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