Planning to buy a home in NYC? Top reasons to hire a New York real estate attorney

• 7 Jul 2021
• real estate lawyers

Buying or selling a property in NYC is a crucial deal! Since property rates in NYC have appreciated over the years, housing prices are among the highest in the USA. Such transactions that involve a massive amount of money, documentation work, and legal formalities should not be taken lightly. Therefore, all housing experts suggest buyers and sellers consult a New York real estate attorney while initiating a real estate sale in NYC. Suppose you are buying an apartment or a condo in New York City. In that case, you must understand all the necessary procedures as purchasing a condo is different from buying an apartment. There are some fundamental differences you should be aware of. In the absence of a broker, it becomes increasingly important to consult a lawyer so that the process of purchase remains hassle-free. An experienced New York real estate attorney can be valuable support because they’ll be able to safeguard your rights and protect your rights under legal jurisdiction. They can help you in – 

Protecting your investment

If you plan to buy a home in NYC, you must consider a New York real estate attorney. Make sure you hire an experienced lawyer before signing the agreement or a contract for your apartment. You must wait for your lawyer to perform their due diligence. How does the attorney help? The lawyer can review the property, the building and can evaluate the potential threats. They can perform an inspection like roofing, bug infestation, etc. If the lawyer feels that the deal isn’t worthy enough, he’ll suggest you pursue another apartment. 

Drafting your contract of sale

A contract of sale is a legal agreement between you and the seller; it is a bilateral contract. In such an agreement, the property owner agrees to sell the property later after all terms and conditions are fulfilled. Such an agreement is recognized under the acquisition and transfer of property laws. A New York real estate attorney will help you draft the contract in writing and ensure that everything is registered in the books of the law. 

Creating riders with additional terms to protect your interests

What is a rider? A rider is a sign next to the For Sale sign that offers supplementary details about the real estate agency or agent selling the property. Riders are very common for buying and selling agreements. Your real estate lawyer will add a rider (addendum) to your P&S agreement. The creation of a rider safeguards your interests. It involves several intricate details that may appear redundant to you but are vital too. These details may include seller’s warranties, buyer’s obligations, etc. 

Scheduling and facilitating the closing

Once your lawyer has done the inspection and has taken a report of all the damages, they shall negotiate critical repairs before closing the deal. Your attorney will provide additional support and information to the seller, who may demand a separate application before finalizing the closing cost estimate. Your attorney will make sure that all closing documents like transfer tax returns, payment amounts, deeds, etc., are accurate. They may even schedule a specific date when the buyer shall make the payments. 

They have a fiduciary duty to protect your interests

Every real estate attorney owes a fiduciary duty to protect the interests of their client. The lawyer shall take all the necessary actions and suggest vital adjustments to their client while using their professional knowledge to protect their interest. 

Purchasing a home in New York City can be an intimidating and complicated process. Therefore, one must educate themselves about the various elements of buying a property before getting into an agreement. Hiring a real estate attorney is worth considering when you don’t want to get into a complex situation. Lawyers at https://www.radowlawgroup.com/ can help you with their expertise as they have been finalizing real estate deals in New York for the past decade.