Real estate property and transaction handling can be very difficult to manage and cope without any legal help. Real estate emphasized on the need for a real estate attorney is a priority since it can be difficult for you to buy a home or sell it without any legal processing of details and preparation of required documents. Usually, the fee of the real estate attorneys varies in terms of the experience and reputation, however there is always room for negotiation. Real estate attorneys work specifically with the real estate transactions and assist you in following the legal process and creating required documents so you might not fall into trouble later.

Different states and areas have different sets of rules and requirements that need to be fulfilled. If you fail to meet those requirements, you might lose a lot of time and even offers as well. These requirements include paperwork, correct papers, transaction history etc. Usually mortgage lenders hire a real estate attorney to avid any possible mistakes. In case you are dealing with real estate in New York, you will need to hire an experienced attorney who not only helps in negotiation of property but also helps you in closing of deals and in paperwork. Westchester County, NY Real Estate Attorney can help you in dealing of real estate matters and transactions professionally. There is no specific ruling of law required to hire a real estate attorney to proceed your deal, however, it is always a good idea to avoid any disputes later.

 

Need of a Real Estate Attorney in Westchester County, New York

There are some states that require mandatory assistance of real estate attorneys, however that is not the case everywhere. New York state requires the mandates assistance of a real estate attorney, which justifies the question why it is required in the state. Real estate transactions these days have taken a shift and have become standardized such that they are use directly in purchase contracts by just changing and filling few of the blanks in a contract. But in such cases, there sometimes can be legal issues which arise later for which you will again need the help of a real estate attorney. A lot of people confuse the concept of real estate agent and attorney. Real estate agents help in finding and selling your property, but real estate attorneys help in negotiation and contracting of the deal in short, sorting out the legal requirements.

For instance, you have found a potential real estate property which has an illegal unit as well. In this case, only a lawyer can help you out in trying to get the place, sorting out the details under legal obligations etc. The attorneys also help in estimation of real time value of the property and drawing up the lease if you are renting real estate property.

 

Advantages of Hiring a Real Estate Attorney

Real estate attorneys contribute a lot in saving people from major financial losses. These losses can be for either the sellers or the buyers both. Real estate attorneys develop a complete and detailed contract which involve the clauses of allowing termination in case of a fraud, failed inspection or any illegal property issue in the real estate. Such problems lead to loss of hundreds and thousands of dollars, and to avoid such issues, hiring a real estate attorney is preferred. Another problem can be of loan documents which is not reviewed carefully and consists of any errors. These files can later cause a lot of trouble legally and financially which is why handling the job of real estate transactions alone is hectic and risky. Real estate attorneys mention the seller’s and buyer’s interest in the contract and review the legal paperwork that is necessary to ensure the interest of both parties.

Basically, a buyer’s real estate attorney checks the contract and verifies the legal documents before he or she commits to the buyer to purchase the property. It is the duty of a real estate attorney to protect the buyer from any risks. The role of the attorney involves checking the title thoroughly, verify ownership of the real estate property, check mortgage loan and any other legal documents that are required to buy the property.

 

Attorney’s Role in dealing of Real Estate in Westchester County, New York

The real estate attorney follows a process to develop the contract between the buyer and the seller. This is basically a sheet that involves the terms and conditions from both sides, any standard negotiations, or additional terms added from either sides and is written in a document. Once the attorney of both parties has finalized the contract details, both parties will sign it and the buyers will transfer the payment to you. In Westchester Country, New York, the initial down payment of the real estate property at the time of signing the contract is about 10% of the total payment. This amount has to be transferred by the attorney into your account.

Once the contract is signed, the role of your attorney is doubled. He or she must prepare some paperwork and things that need to happen for closing a deal. First of all, the attorney is responsible for reviewing the title report and go through the contract details in case of any errors and issues. Next, the attorney needs to prepare and collect all the closing documents required for a deal, which will include the deed itself and the returns of tax. Lastly, your attorney will estimate the total cost of closing that you need to pay off. In case you have a mortgage, your attorney will forward the request of a pay-off letter to know the exact amount of money you owe to the lender as well as the closing costs that were discussed by the buyer and you. It is the duty of your attorney to represent you at the final closing of the deal, and to advise you about signing documents and to handle the transactions of real estate property.