Per custom in New York State, both sellers and buyers have attorneys representing them. But is hiring a New York real estate attorney really necessary to sell a property? If you would like more information on this subject, please read on, then contact an experienced New City, New York real estate attorney: selling real estate today.
Does New York State require me to have a real estate attorney when selling a property?
If you are selling a home in New York State, you will need to hire not only a real estate agent to market and negotiate offers on the property, but also an attorney to prepare the contract of sale and represent you at the closing. As stated above, while the state does not mandate sellers and buyers to hire real estate attorneys, local custom advises it.
What role does a real estate agent play?
A real estate agent, or listing agent, is typically the first person hired in connection with selling a home. The agent will advise you on “comps,” or the prices for which comparable homes sold, and help you determine the price at which you will list your home. The agent might also advise you on marketing strategies such as staging your home or making repairs or other updates to improve your ability to sell at the highest possible price.
What does a real estate attorney do?
Based on the term sheet that your agent prepared and conversations with you and your agent, your attorney will prepare the contract of sale. Most sellers’ attorneys start with a standardized form and then add a rider with additional terms to be negotiated with the buyers. Once the attorneys have finalized the contract, you and the buyers will sign it, and the buyers will send your attorney a down payment, which is typically ten percent of the purchase price. The buyers can lose this money if they walk away from the deal without a reason contemplated by the contract. In any event, your attorney will deposit this amount into an escrow account.
Does a real estate attorney really help you?
After the parties have signed the contract, your attorney will need to do several things to prepare for a closing. He or she will:
- Review the title report ordered by the buyers’ attorney to see if the sellers will need to resolve any issues, i.e. liens or violations against the property, before a closing.
- Prepare all of the closing documents, including the deed and transfer tax returns.
- Calculate the amounts owed at closing.
If have any further questions, please reach out to a skilled Rockland County real estate attorney as soon as possible.
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If you require an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.