Role of a Lawyer at a Real Estate Closing
The closing date is an important deadline for both buyer and seller of real property. This is the finalization of their agreement to transfer residential or commercial property, and the time when money will exchange hands. Therefore, it can be nerve-wracking for everyone involved.
The speed and process of closing, typically handled by a title insurance company or closing agent in New York, does not ease the anxiety. As closing agents have gone through the process thousands of times, they can pass documents, accept signatures, and exchange checks at a quick pace. This can leave the parties uncertain if everything was accurate.
Having your real property lawyer, such as Long Island lawyer Sami Perez, involved in the process can alleviate the unease and concerns.
Providing Assistance Prior to Closing
There is more to a successful real estate closing than what happens on the day. A real property lawyer will prepare and review all documents needed for closing. In many instances, contracts and documents contain straightforward obligations or requirements that are worded in legal language, which is unfamiliar to buyers or sellers. Hiring a lawyer to review closing documents can provide assurance that nothing is amiss or inaccurate in these documents.
Much of this work is handled prior to the closing date, particularly when commercial property is changing ownership. The lawyers and parties will exchange all drafts and documents, including the deed, financial documents, title documents, and authority documents if a business is involved in the transfer.
Your real property lawyer will draft some of these documents. In many instances, this is dependent on whether you are the buyer or seller. Sami Perez has extensive experience preparing and reviewing the closing documents for residential and commercial closings. If there are errors or omissions, she will inform her client and the other party. This ensures all documents are accurate on the closing date.
A Lawyer Present at Closing
New York does not require that a lawyer is physical present at real estate closings. This is typical of states across the country, but at the Law Office of Sami Perez we know that having your lawyer at closing can prevent a number of problems.
First, we will verify that all documents you sign are correct in substance and form. This means confirming that each document is the version agreed upon prior to closing and doing a final review for any errors. Second, we will ensure that all paperwork and documents are properly executed. This includes checking that copies are signed and if a notary is required, the appropriate signature and seal are affixed.
Third, if you have any hesitations or last minute disputes with the documents, property, or process, we will be there to address these concerns and seek a resolution. Lastly, if the other party decides not to proceed to closing, we will be there to advise you on your rights and appropriate actions to enforce the contract or collect damages from this breach of your agreement to transfer real property.
When to Hire a Lawyer
The sooner you hire a real estate lawyer for the transfer of property, the better. The Law Office of Sami Perez has represented buyers and sellers through all phases of a transaction, and we know that the earlier a lawyer is involved, the smoother the path to closing.