As you prepare to purchase a property in New York, you may wonder how necessary it is to hire a real estate attorney. Collaborating with a legal professional can help you avoid costly mistakes that many homebuyers unintentionally make.
Knowing some of the benefits of this decision may help you to confidently determine your next steps.
Contract and negotiation
Real estate contracts contain complex information that pertains to the transfer of a property’s title. According to Realtor.com, this may include details about escrow, warranties and settlements. Given the seriousness of such a transaction, your contract may contain a plethora of information including the following:
- Descriptions of the property for sale
- Values of earnest money deposits
- Conditions for various contingencies
- Personal information for both buyer and seller
- Date of closing
A real estate attorney can help you break down and understand each component of the contract so you can verify its legitimacy. They can clarify clauses that may cause confusion and provide reassurance that your agreement contains everything the seller promised you. If you wish to negotiate some of the terms, a real estate attorney can take charge and help you drum up a reasonable and competitive counteroffer.
Inspection and closing
A home inspection will address the condition of the property you wish to purchase. Professionals will examine the home’s structural integrity, as well as make note of superficial damages you may wish to address prior to moving in. A real estate attorney can provide guidance throughout this process to make sure you do not encounter discrepancies that may cause serious long-term consequences.
As you prepare to close on a property, you can feel confident that the help of your attorney will protect you from deceptive practices. Because buying a home is a task of significant importance, working with a professional to help you make that purchase may only increase the chances of a positive experience.