The real estate industry in New York is constantly changing. One aspect of this industry that has not changed too much in the past few decades is the role of an attorney in the process. When purchasing a home or a piece of property, the assistance of an attorney is necessary. An attorney with draft documents, aid in negotiations, assist in the closing of the deal, answer any abstract questions that may arise, and more. Without an attorney, purchasing a home would be challenging for those without experience with the process.
A major job that a real estate attorney assumes is to draft any documents relating to the sale and transfer of ownership of the home or property. One of the most important documents that a real estate attorney will draft in this situation is the contract of sale, also known as the purchasing agreement. This document outlines the price of the home, the down payment needed, the terms of agreement, dates in which payments will be sent, the closing dates, the dates of occupancy, and more. Without this document, the transaction could not be completed.
Another aspect that a real estate attorney will help with the negotiation of the final terms of the sale. This is an extremely important aspect of the home-buying process. The attorney will negotiate the terms of the contract of sale with the other party’s attorney until they reach an agreement. This contract will eventually be signed by both parties in the presence of their respective attorney. With this, the home-buying process will then be able to move forward.
The real estate attorney will also aid in the closing process. The real estate attorney will represent their clients at the closing. Here, the attorney will act as their client’s advisor, reviewing the documents their client will be signing. The sale and purchase of a home often involves the transfer of a large sum of money. The attorney will help ease the buyer or seller’s anxiety and concerns through the completion of the process.
Attorneys will also be there to answer any outstanding questions or clarify vague terms for their clients. This is essential because some of the documents could be quite confusing and ambiguous. The attorney will be there for their clients throughout the whole home-buying process and will be there to assist with any legal questions.
In all, a real estate attorney plays a major role in a real estate transaction. If you are interested in purchasing or selling a home, it is important to seek guidance from an experienced New York real estate lawyer who can help you through the process and protect your legal rights. The Long Island real estate lawyers of McGuire, Peláez & Bennett, P.C. are sensitive to your needs, skilled in handling real estate matters, and will represent you diligently throughout the process. For more information or to schedule a consultation, contact our Central Islip real estate lawyers at (631) 348-1702 or fill out our contact form.