Capital Region Legal News

Saturday, March 11, 2017

Do I really need an attorney to buy property in New York?

Buying property could be one of the biggest decisions of your life. It can be very exciting to finally make a choice after visiting neighborhoods or locations, and comparing prices, features and other benefits against each other.

It can also be extremely nerve-wracking, especially if you are purchasing a home, or a condo in a place like New York City. You will want to be very careful throughout your decision making process. The high prices of New York real estate can make a mistake costly. Having an experienced real estate lawyer on your side can help avoid these types of mistakes.

What Should I Know?

In New York, it is customary for a buyer to use a lawyer as they buy property. There is no legal requirement to use an attorney, but the complexities of liens and titles can be very confusing for people to work through by themselves.

Contracts of sale are usually very complex, and even more jargon and details about stipulations could be added as the deal progresses based on the individual deal criteria.

The objectivity of a real estate attorney can also serve as a valuable asset in what is usually an emotional process. The right New York real estate lawyer is going to be able to give you advice that is free of any conflict of interest.

What Are Some Other Advantages Of Using An Attorney?

1. Cutting through roadblocks: The full process of purchasing property can take months, and a lawyer with experience in New York real estate deals will know the steps to be taken to get a deal done.

Real estate closings are usually tedious affairs, and a lawyer will be able to help you manage affairs if you have to work with realtors, mortgage lenders, or attorneys at banks.

2. Professional appearance: Having a lawyer represent you throughout the process can make your bid appear stronger. Some sellers also bring their own lawyer to the negotiating table, and you want to ensure you are not missing something throughout the process.

If the seller has an attorney, and you do not, you might be at risk of having an unfavorable, lopsided contract drafted for you to sign.

3. Ensuring due diligence: Real estate attorneys have a large amount of resources and contacts they are able to draw on in order to get information about your desired property. An attorney will be able to review board-meeting minutes to figure out if there are any potential issues, like looming lawsuits, and be able to advise you accordingly. They may be able to interview a property manager if there is one.

An attorney will also have knowledge of the surrounding area and the property market at large. They will be able to review your offering plan, and the sellers offering plan, and offer some advice, potentially helping you get a better deal.  

Thinking about buying or selling property in New York? Contact us today for a consultation. Serving clients in the Albany, Clifton Park, Glens Falls, Saratoga Springs, Troy, and the entire Northeastern NY areas at (518) 350.7755.


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