The Ins And Outs Of Real Estate Transactions In New York
The legal practice area of real estate, also known as real property, consists of sales, purchases, and other transfers of land that includes permanent structures and the rights and benefits attached to that property.
If handled properly, owning real estate can prove a lucrative and reliable source to generate substantial returns and a consistent income stream, all while supplementing and diversifying your portfolio and offering tax benefits. Whether you’re purchasing a small personal residence or an entire commercial development, real estate can be financed through private banks, government loans, individual lenders, real estate investment trusts (REITs), and investors, often in the form of a mortgage secured by a lien on your property. Once purchased, real estate becomes part of your individual or corporate assets.
While a real estate agent can help guide your purchase or sale of property and negotiate offers, it’s important to also have a real estate attorney by your side to cover all legal aspects of the transaction. Real estate is a complex practice area, and the laws throughout the state of New York vary. Having a seasoned New York real estate attorney at hand to prepare the contract of the sale and represent you at closing is the safest way to handle any real estate sale or acquisition without issue. Here in New York, custom dictates that both buyer and seller are represented by their own legal counsel.
The Role Of Your Attorney In New York Home Sales
When you’re selling real property, you typically will first reach out to a real estate agent, or listing agent, to advise you on the listing price for your house and marketing strategies. After placing advertising for your home, they will show your home to potential buyers. Their goal is to help you sell your house for the highest possible price.
Once you have an interested buyer and your agent has negotiated the basic terms of the deal, your broker will present them with an offer form to be used in the purchase of your home. If you accept the offer, your agent will communicate with the buyers and prepare a term sheet for your attorney and the attorney representing the buyers to aid them in preparing the contract. The buyers should conduct a home inspection in the presence of your agent at this time.
You and the buyers will sign the contract created by your attorney, and your attorney will accept the buyer’s down payment on your behalf (which is typically 10% of the purchase price in New York). After reviewing the title report from the buyer’s attorney for any issues, your attorney will prepare the closing documents and calculate the amount owed at closing. During this time, both your agent and your lawyer should work together to keep you informed. Your attorney will also calculate the amount owed to your lender for your mortgage and ensure all payments are made correctly.
John M. Crane, P.C. Streamlines The Process Of Real Estate For You
At John M. Crane, P.C., our main goal is to enable busy professionals in buying and selling real estate. Through our Platinum Property Transfer System, we become the single point of contact for loan officers, realtors, and third parties, freeing your valuable time. You can be minimally involved in the minutia of the process but kept well-informed by our dedicated legal team.
We have over 17 years of experience and have helped close on more than 2,000 properties. We’re experts in the process of real estate transactions here in Westchester and Queens, allowing us to utilize a streamlined approach to sales and acquisitions.
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