Why Do I Need A Lawyer For My Brooklyn Real Estate Transaction?
When buying or selling real estate, you should always have a real estate attorney to represent you through the process. In the boroughs of New York City, it’s normal protocol for both the buyer and the seller to hire their own attorney. Even the simplest real estate deals come with a lot of complicated legal language, terms and conditions.
Here are some ways an attorney will help you through the process:
Drawing up and Negotiating the Terms of the Contract of Sale: The seller’s attorney is usually the person who draws up the contract of sale. (With the price and terms and conditions that were already agreed upon between the buyer and seller). Some of the things included in a contract of sale would include: the down payment amount which is usually 10% of the purchase price, a mortgage contingency which outlines the time the buyer has to obtain a mortgage commitment which is usually 30 to 45 days, and an approximate closing date. Any repairs need to be done by the seller would be in writing, as well as any possessions that would be staying with the home such as: appliances, fixtures, or any other items that stay after the sale is completed.
Protecting Your Best Interest:
Whether you are a buyer or a seller your attorney is hired to protect your interest. The attorney is there to make sure all the documents you are signing are in your best interest.
The real estate attorney is also the mediator between the bank, title company, and Realtor if any. He is there to coordinate the closing, making sure the monies are distributed properly.
This is when ownership is transferred from the seller to the buyer. There are lots of papers to be signed and checks to be passed around. The closing is attended by both the buyer’s and the seller’s attorneys, the lender’s attorney, and a representative from the title company each representing their clients best interest .
The seller’s attorney is there to handle the payoff of the sellers mortgage, if any, back taxes, fees or other payoffs due at this time. This is done through the title closer.
The buyer’s attorney is there at the closing to ensure the terms of the contract are followed, to make sure the mortgage documents are all in proper order, and everything is what was agreed to by the borrower (buyer) . The buyers attorney is also there to make sure a clean title is tranfered to his client , the buyer.
The Title Closer is the person who is there to represent the title insurance company and their client the buyer. The title company insures that all liens, fees, and any existing bills are paid to ensure that a clean title of ownership is transferred to the new owner.
The Lender’s Attorney is at the closing to represent the mortgage that is being given to the buyer.The bank attorney as we call them is there to have all the documents signed by the borrower (buyer) and collect any remaining fees due to the lender by the borrower.
As you can see the process has a lot involved, attorneys, title insurance company, property surveys, Realtors, Buyer, Seller, mortgage broker or banker, and all these people have paperwork and legal jargin . There is a lot to be dealt with and the price of an attorney is a small price to pay for a little piece of mind. Please do your research in finding the right real estate attorney to represent your best interest.