Do You Need An Attorney For NYC Residential Real Estate Transactions?

Blog article about whether you need a Real Estate Attorney for NYC Home Buying or Selling!

A Real Estate Agent is your liaison to viewing or showcasing your property(s) and being the point of contact to the other Agents in buying or selling property. A Real Estate Attorney helps you draft, read over and amend contracts; as well as view legalities, during the buying, selling, and closing stages.

There are successful home buyers or sellers without agents; and sometimes without Real Estate attorneys, but it is rare. On the rare event that something awry happens during a transaction, you do not have the MLS, Realtor's Association, or Attorney to help out. 

Agent's know the landscape of the Real Estate map, but the Attorney goes into the little details, especially as it pertains to the legal profession. A good Real Estate Salesperson and Attorney is worth every penny because they will go to bat for you, and will navigate the landscape for you. Being preeminent is half the battle; you want to be prepared for anything.

Attorneys help with drafting up addendums and counseling you on what to do as a buyer or seller should the other agency's clients want something unique as part of the transaction. For example if they demand to purchase the home after they sell their own home; Attorneys will help you navigate it well. 

Attorneys and Real Estate Agents have a duty to have your best interests at heart. So when a clean title is at stake, attorneys will make sure that they help with any title defects et. al. 

They also help with negotiations. If normally, sellers pay transfer taxes upon selling property, but want to negotiate so that the buyer pays for transfer taxes, the attorney(s) will help draft and facilitate that. 

Not exhaustingly, and by far not least, they will help with making sure funds are facilitated correctly and not commingled. Commingling funds that should be in escrow accounts is illegal. The attorney(s) on both ends will ensure that this does not happen. They will be glad to provide you wise counsel on how everything goes.

A good Realtor and Attorney is worth the penny. Make sure that when you embark on this journey, you interview them all and choose the right fit. 

Do You Need An Attorney For NYC Residential Real Estate Transactions? Do You Need An Attorney For NYC Residential Real Estate Transactions? Reviewed by Alex Sung on June 08, 2021 Rating: 5

1 comment:

  1. I really loved reading your blog. It was very well authored and easy to understand. Unlike other blogs I have read which are really not that good. Thanks a lot!
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