The risk of No Hiring an experienced real estate attorney can cost a buyer/seller thousands, if not tens of thousands of dollars. Since the purchase or sale of your home may well be your most important financial transaction, you should be neither sensible nor foolish.
Most people don’t realize how complicated buying and selling a home really is. The procedure involves reading and drafting complicated legal documents (ie long, small-print sales contracts) and requires familiarity with common practice in real estate transactions. Additionally, each step, from negotiating terms to drafting and closing, involves a great deal of paperwork.
the complex process
Most people will only buy or sell a home a few times in their life, but a real estate attorney will close a home sale or purchase a couple of times a week. Also, no two real estate transactions are the same. In fact, with each transaction you are likely to encounter different circumstances, obstacles and risks.
To buy or sell your home, you must complete a series of complicated tasks that include the following:
1. Negotiate the terms of the sales contract: Experienced attorneys want to get the best deal for their client (even if it’s at their expense).
two. Meet strict legal deadlines: Many real estate transactions fail because deadlines are missed (this could cost you your dream home).
3. Obtaining financing: Most contracts hinge on financing, and at closing, the buyer signs hundreds of pages of loan documents that only their attorney can explain.
Four. Obtain property inspections.: Your attorney will conduct a title search to ensure that the seller actually owns the property, has paid all taxes, and there are no existing judgments against the property. Additionally, your attorney will hire an engineer to inspect the land and structure to make sure there are no hidden defects.
5. Obtain insurance for the property and/or mortgage: Mortgage lenders will require the home to be insured to protect their collateral interest.
a lot of paperwork
New York State laws can be particularly complicated for home buyers and sellers, and each transaction involves a significant amount of paperwork. The documents are voluminous (ie hundreds of pages) and full of technical and legal terminology that is difficult for anyone unfamiliar with real estate transactions.
A buyer/seller should always have an attorney read the legal documents and explain the documents in layman’s terms. In fact, even an attorney who does not practice real estate law should hire a real estate attorney to help them understand what each document means.
