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.

Closing Time:

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.

by Charles D’Alessandro and Brooklyn Real Estate Sales

To learn more about me and how I can help you achieve your real estate goals, read my Brooklyn Real Estate newsletter

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12 Responses to “Why Do I Need A Lawyer For My Brooklyn Real Estate Transaction?”

  1. Asha says:

    This is great information for the buyer, seller and agents to know. As a new agent a lot of things gets lost in translation meaning the “Jargon” that is used. A good Attorney can make it all seem so simple at the end of the day.

  2. Lawyers says:

    I was looking for lawyer related articles and this was helpful

  3. I feel it is important to educate people with regards to lawyers and real estate transactions and would like to hear some input if you would like .

  4. […] Hiring a Lawyer and Signing the contract. Once the contract is signed, a new panic may set in. You may wonder if you got a fair price or if you chose the right property for you. From this point until closing day, you will think about this decision and about all the changes before you. Moving means finding new stores and restaurants and new roads to work.  This is called buyer’s remorse.  Just remember, it’s a common phenomenon that you’ll get through it. […]

  5. There is obviously a lot to know about buying real estate and hiring lawyers. I think you made some good points in Features also.

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