It’s no secret that the real estate market can be extremely competitive and cutthroat, especially here in New York City. By hiring a real estate lawyer to represent you and provide legal counsel, you can eliminate some of the most common headaches that come with buying or selling homes, as well as protect you against some of the lesser-known pitfalls of real estate. Having a real estate lawyer in your corner can give a buyer or seller extra peace of mind when navigating the often-complex process of closing on a property. Here are a few of the most beneficial reasons to consider a real estate lawyer for your next home purchase or sale.
Legal protection– Unlike a real estate agent, a real estate lawyer is involved with the oversight of all of the legal work related to the purchase or sale of a home. A buyer’s attorney, or the attorney who has been retained by the buyer of the property, will thoroughly examine all legal documentation related to the purchase of the home, including the sales contract to ensure that the buyer is protected against any problems or liabilities and to be certain that there are no liens on the property for which a buyer might be responsible. The seller’s attorney will ensure the seller’s protection on the other end of the transaction by checking the sales contract for any potential title issues that may arise, as well as prepare the documents which are necessary for transferring ownership of the property and manage any final payoffs of existing loans which must be attended to prior to closing. Having attorneys managing the legal aspects of both buying and selling will ensure a smooth closing on both sides of the table.
Expertise– An attorney who specializes in real estate law is going to be much more familiar with the intricacies and complexities of real estate transfers than a standard real estate agent or an attorney who does not primarily practice real estate law. This is especially important in the case of real estate transactions with a lot of moving parts, or transactions with extremely specific or unique issues attached. By hiring an experienced real estate lawyer to represent you during your transaction, you can be assured that you will have the best possible experience when purchasing or selling a property.
Loss prevention– Simply hiring an experienced real estate attorney to read over your sales contract and other loan documents prior to signing can save a buyer a great deal of money in the long run. For example, if a sales contract does not have a termination clause if the house fails inspection, the buyer can be out hundreds of dollars for a contract termination fee if a home inspector finds a major issue such as mold. On the seller’s side of things, a real estate attorney can help save money by spotting and correcting errors with the title so that everything is in order.
The law firm of Scheichet & Davis is here to help New York City residents successfully complete their real estate transactions, no matter how complex. Our firm specializes in real estate law and can effectively represent you throughout your home-buying or selling process. Call today to schedule a free initial consultation with one of our experienced real estate attorneys- 212-688-3200.