Archive for September, 2019

It’s In Your Best Interest to Hire a Lawyer

Monday, September 30th, 2019
Hire a lawyer
Buying or selling, hire a lawyer A real estate attorney is worth every bit of the peace of mind they give!

Whether buying or selling real estate, it’s in your best interest to hire a lawyer to represent you through the transaction process. Because even the simplest real estate deals come with complicated legal language, terms, and conditions. Besides, New York is one of twenty-two states which requires the presence of a lawyer during real estate closings.

Why It’s Important to Hire a Lawyer

The buying or selling transaction process involves attorneys, title insurance companies, property surveys, real estate agents, buyers, sellers, and mortgage brokers or bankers. And all of these people have their own sets of paperwork and legal jargon that may overwhelm you. A real estate attorney understands and sorts through the jargon and ensures your legal rights are protected.

There are also times when residential real estate transactions begin well, but disputes pop up during the process. And every real estate transaction should be fair and impartial for both seller and buyer.

Real estate transactions are expensive. But if they’re mishandled, they can result in problems for the buyer for years after the purchase.

What Lawyers Do to Help You with the Transaction Process

1. Lawyers Draw Up and Negotiate the Terms of the Contract of Sale

The seller’s attorney draws up the contract of sale with the price and terms and conditions already agreed upon between the buyer and seller. Some items included in a contract of sale include:

  • Down payment (usually ten percent of the purchase price)
  • Mortgage contingency (the time the buyer has to obtain a mortgage commitment, usually 30 to 45 days)
  • Approximate closing date
  • List of repairs that need to be done by the seller and appliances, fixtures, and all items that stay after the sale is completed

2. They Protect Your Best Interest

As a buyer or seller, your lawyer is there to make sure all documents you sign are in your best interest.

Your real estate attorney is also the mediator between the bank, title company, and real estate agents. They are there to coordinate the closing and make sure the monies are distributed properly.

3. Real Estate Attorneys Attend Closing Time

Ownership is transferred from the seller to the buyer at closing time, and their 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. And each represents their clients’ best interests.

Seller’s Attorney

The seller’s attorney is there to handle the payoff of the seller’s:

  • Mortgage
  • Back taxes, if any
  • Fees
  • Other payoffs due at this time

This is done through the title closer.

Buyer’s Attorney

The buyer’s attorney is there to:

  • Ensure the terms of the contract are followed
  • Make sure mortgage documents are all in proper order
  • Ensure that everything that was agreed upon by the seller to the borrower (buyer) is honored
  • Make sure a clean title is transferred to their client, the buyer

And Others Who Attend the Closing

Title Closers

Title closers are there to represent the title insurance company and their client, the buyer.

Title Company

The title company attends the closing to:

  • Ensure all liens, fees, and any existing bills are paid
  • Make sure a clean title of ownership is transferred to the new owner

Lender’s Attorney

The lender’s attorney is at the closing to represent the mortgage given to the buyer.

Bank Attorney

The bank attorney, as we call them, is there to:

  • Have all the documents signed by the borrower (buyer)
  • Collect any remaining fees due to the lender by the borrower

Hire a Lawyer – It’s a Small Price to Pay

As you can see, there is much to deal with in real estate transactions. And the price to pay to hire a lawyer for peace of mind is small.

If you’re buying a home in New York, you must hire a lawyer to negotiate the contract of sale and represent you at closing. So, do your research to find and hire a lawyer who will truly represent your best interest.

If you need to buy or sell your home, contact Charles D’Alessandroyour Brooklyn Real Estate Agent with Fillmore Real Estate. Call (718) 253-9600 ext. 206 or email [email protected] 


Charles D’Alessandro
Your Brooklyn Real Estate Agent
718-253-9600 ext. 206

Does a Home Inspection Need to be Stressful?

Sunday, September 15th, 2019

Home inspections

A home inspection is beneficial to the seller as well as the buyer. No need to stress about home inspections.

Your home is on the market. And things are progressing well. You’ve got a buyer! The offer, the terms, and the price are all agreed upon. What comes next? The home inspection. And most homeowners find a home inspection to be stressful. Why?

What is a Home Inspection?

Before you and the buyers actually go to contract (aka escrow), the buyers will pay for a home inspection. Home inspections afford them the peace of mind that the condition of your house is in good order.

A home inspection is a report on the overall condition of a home. They are done by home inspectors who are trained and certified to do so.

The home inspector prepares and delivers a written report of their findings to the buyers. The buyers then use this information to help them make more educated decisions concerning their pending real estate purchase.

What to Expect on Home Inspection Day

No home is perfect. But a home inspection alleviates stress for you as the seller. Because knowing what an inspector looks for, allows you to sort out minor issues in advance.

The home inspector looks at and provides a written report on:

  • HVAC system
  • interior plumbing
  • electrical systems
  • roof
  • attic
  • floors
  • windows
  • doors
  • basement
  • foundation

Home inspections usually take two to four hours, sometimes longer, depending on the size of the house.

While the inspection is underway, you may feel helpless or that at the mercy of the buyer and his home inspector. But just let the process run its course.

What to Expect Following the Home Inspection

Most inspectors are fair and realize that whatever is in disrepair can be fixed. And most buyers understand a house is always in need of some repair. They expect that some things will need their attention after they move in.

Upon completion of the home inspection, it may take a couple of days for the buyer to receive a copy of the report. Exercise patience. Now is not the time to negotiate or fly off the handle. Just wait for the results of the report. If the buyer comes back with a list of repairs, expect to negotiate a compromise that works for both parties.

But remember, the ultimate goal is closing on the house.

Ask for a copy of the report and schedule time with your Realtor to review the following:

  • Small repairs listed that are not necessarily urgent
  • Repairs that were known by both parties in the original negotiations

When it comes to making the repairs listed in the report, what are your options?

  • Agree to do some repairs
  • Give the  buyer a credit
  • Reduce the price of your home
  • Do nothing at all

Remember though when you choose not to fix what needs fixing, you choose to sell your home as is and for a lower price. But this isn’t always the best choice since your ultimate goal is closing on the house.

And if there are major repairs listed, be sure to shop for the lowest cost of repair before you make a decision.

Home Inspections Don’t Have to be Stressful

Remember, home inspections are a normal part of the process. So stay cool.

Michael Reinhardt, a local attorney and Brooklyn real estate lawyer for over 20 years, wrote ‘Selling A Home Doesn’t Have To Be Stressful.’ Ask for your free copy today. There is no obligation, and the book’s information helps alleviate stress you may be feeling about the home selling process.

If you need to sell your home or have specific questions about home inspections, contact Charles D’Alessandroyour Brooklyn Real Estate Agent with Fillmore Real Estate. Call (718) 253-9600 ext. 206 or email [email protected] 


 

Charles D’Alessandro
Your Brooklyn Real Estate Agent
718-253-9600 ext. 206
[email protected]