Greetings! Today we are transitioning to a new topic: Real Estate. Although our firm specializes in both residential and commercial real estate, this month we will be covering a range of topics relating to residential real estate and the many potential pitfalls to avoid with relation to such transactions.
Securing expert advice is always recommended when making life-changing financial decisions. A sale or purchase of a home can certainly impact the trajectory of your quality of life. Even if you are a current or former homeowner, real estate terminology and how the market works can be daunting. Hence, it is important to work with an experienced realtor as well as a Real Estate Attorney to help you make sound decisions given your financial situation and unique set of needs. Below, we’ll be touching on why a Real Estate Attorney is needed and most importantly how they can help you save money in the long term.
There are numerous benefits to hiring an experienced Real Estate Attorney. Naturally, selling or buying a home involves a lot of paperwork and legal jargon some of which you may or may not recognize. A lawyer will interpret and advocate with your best interests in mind, as well as advise you regarding the legal and practical aspects of your sale or purchase.
The attorney can also provide many other essential services, such as:
- Review the contract and supplemental documents
- Advise prospective homeowner search for the best property
- Communicate with brokers
- Negotiation and Execution of the Contract of Sale
- Offer advice and negotiation regarding inspection issues
- Monitor critical dates (i.e. – home inspection and mortgage contingencies)
- Review and clear title, as necessary
- Prepare conveyance documents, as necessary
- Attend closing to review and explain all necessary documents with the client
Here are some benefits on how a Real Estate attorney can help you save money in the long term:
- Advising you on the restrictions on the property you are buying.
- Some properties have restrictions placed on them by third party regulatory bodies. For example, historic districts of a city may prohibit certain alterations from being made to a property that you later find out isn’t suitable for your needs, then what? You will probably want to sell the property in the near future. In this particular scenario, even if the housing market is going up, it’s unlikely that you will be able to fully recover everything that you spent.
- Reviewing your purchase contract.
- Hiring a Real Estate attorney to advise you on what kinds of terms are customary in contracts could save you a lot of money down the line.
- Hiring a Real Estate attorney to advise you on what kinds of terms are customary in contracts could save you a lot of money down the line.
- Ensuring that there are no issues with your title.
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- Your title, or deed, represents your ownership of the property. This element of a real estate investment is absolutely critical. There’s a lot of things that can go wrong when a title is being transferred. If the transfer is botched in any way or if there is somebody else that has a legal claim to the property, you will be in danger of losing the property all together.
- Negotiating Advantageous Deals.
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- When you hire a good real estate attorney, you are investing in someone that knows how to negotiate and obtain the best possible deal for you or your business. A great New York Real Estate lawyer like The Law Offices of Marjory Cajoux knows the ins and outs of how a real estate transaction works. It’s vital to make sure you have everything you want in a contract prior to signing the dotted lines. Negotiating a Real Estate deal for yourself without someone who is an expert in dealing with contracts and the market is a tall task. You can end up savings thousands of dollars over the course of a lease with the right attorney by your side during negotiations.
- Helping ensure that your transaction is properly recorded.
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- When the title (deed) of a property is transferred, the change in ownership is publicly recorded so that there is no ambiguity as to the identity of the true owner. No matter how well a deal might have gone, it’s still crucial that your ownership of the property be recorded properly. If there is an error, while you will still legally own the property, the door will be opened to competing claims on your property. It’s better to save yourself the troubles by having a real estate attorney ensure that your title is properly transferred and recorded in the first place.
The Law Offices of Marjory Cajoux has over 25 years of experience in Real Estate and we have the right training and expertise to handle both Residential and Commercial transactions efficiently. Contact us today to arrange for an initial appointment. Let the experience of a respected New York City Real Estate Lawyer be your advantage: 718.237.0411.
