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5 Ways Working with an Attorney Could Make Your Property Transaction Easier

Whether this is your first real estate transaction or your 50th, there are huge benefits to working with a New York real property attorney during the transaction. An attorney offers a unique perspective on the transaction and can offer insight into all phases of the purchase and sale. Want to better understand the specific benefits of working with an attorney, keep reading.

#1: Draft a Favorable Agreement From the Start

Each document in a real estate transaction is important and necessary, but the purchase and sale agreement is the cornerstone for the transaction in New York. This contract between buyer and seller of real property states the purchase price of the property, how that money will be paid, and when. The purchase and sale agreement also determines what inspections can be performed, how much property information the buyer receives, and allocates risk.

Whether you are buying or selling real property, you need this contract to protect your interests and drafted favorably to your position. A real estate attorney’s involvement in the early stages of a property transaction ensures your interests are understood and represented in the agreement.

#2: Negotiating Non-Financial Terms Impacts Your Bottom Line

Typically, a party heads to an attorney’s office with the financial terms of a property transaction already determined. There is an erroneous assumption that with this single aspect of the transaction in hand, the deal is done and negotiations completed. Often, this isn’t the case. The allocation of risk, in terms of which party is liable between contract and closing, what happens if an inspection reveals property damage, or what if there is a problem with the survey, title commitment, or title to the property, is extremely valuable.

Each of area of risk is a separate determination and must be negotiated with the opposing party. Hiring a strong negotiator and knowledgeable real estate attorney can make a huge difference in how these non-financial terms are finalized.

#3: You Won’t Miss a Deadline

Real property transactions require tracking and meeting several deadlines. The majority of property sales have a due diligence period. During this these weeks or months, the buyer is can investigate the property’s history and current condition. This could include an inspection of the property, drafting an updated survey, reviewing a title commitment for commercial property, and receiving an environmental report. The information and reports a buyer receives are determined by the purchase and sale contract.

Each party must track the deadlines during a due diligence period. For the buyer, it is important not to miss the opportunity to learn more about the property. For the seller, missing a deadline could impact the purchase price or delay the closing. An attorney is another person reasonable for knowing and meeting the deadlines in a property transaction.

#4: Understand the Results of a Title Search

The information provided on a title search is extremely valuable to the buyer in a real estate transaction. It alerts the buyer to potential problems and limitations of the property, such as easements or restrictions. Yet, title searches and title insurance are notoriously misunderstood; particularly, by individuals new to real estate transactions.

A New York real property attorney is required to review and interpret the results of a title search for most transactions. Therefore, an attorney can parse out the information in a title search, identify any concerning exceptions, and explain the impact of title exceptions on your sale or purchase.

#5: Have an Extra Set of Eyes at Closing

Transfer of the property takes place at closing. As well, this is also the moment money changes hands. While both of these steps can occur digitally and from separate locations, the consequences of an incorrect document or missed signatures remain the same. Both the buyer and seller are hugely invested in closing proceeding smoothly and without any mistakes. Assistance from an experienced attorney can ensure your responsibilities, obligations and those of the other party at closing occur without hindrance.

Find a Knowledgeable Real Property Attorney

Sami Perez has built a strong reputation for representation of both buyers and sellers in real property transactions. Her practice is conveniently located to reach clients across Long Island and her knowledge of commercial real estate in the area unmatched. Contact the Law Office of Samilde Perez today to schedule your free, initial consultation at (516)-216-5060.


The information in this blog post (“Post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this Post should be construed as legal advice from The Law Office of Samilde Perez or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter.