What Does It Cost to Hire a Long Island Residential Real Estate Lawyer?
When it comes to commercial property, buyers and sellers are nearly certain to hire a Long Island real estate lawyer to handle the transaction. Without a real property lawyer, parties to a commercial transaction risk significant financial and business consequences. Savvy commercial parties know that inaccurate documents, bad negotiations, lacking due diligence, and issues at closing ruin a sale. And these problems are far more prevalent without a real property lawyer.
The same risks are present in residential transactions, but it is far less common to hire a Long Island real estate lawyer. Some parties to residential transactions don’t even know hiring a lawyer is an option, but other homebuyers and sellers believe hiring a Long Island real estate lawyer is unaffordable.
First, many real estate lawyers are happy to assist with residential transactions, and some lawyers even focus entirely on the residential market. Second, and just as importantly, using a Long Island real estate lawyer for your residential transaction can mitigate substantial risks, at a cost-effective price.
What Is the Role of a Residential Real Estate Lawyer?
Long Island real estate lawyers serve a number of roles throughout a purchase and sale of residential property. In fact, legal input and advice become valuable as soon as an offer is made, when negotiating the terms of the sales contract becomes a priority. Whether you are buying or selling the property, it is essential to have certain terms in the sales contract. It is equally imperative to ensure those terms are correctly written and described in the contract. A residential real estate lawyer can help with negotiation and drafting.
Another job of a Long Island real estate lawyer in residential sales is handling deadlines and scheduling of inspections and due diligence information – including tasks related to financing and mortgages. As well, when information is received, a lawyer can handle review and analysis. In particular, it is important for a buyer’s lawyer to unravel information about liens, title, covenants, and borrowing.
Finally, a residential real property lawyer helps with closing. This includes the preparation of documents for execution at closing, scheduling a notary or closing agent to attend, if needed, and reviewing all documents and financial transfers as the closing takes place. Once you walk away from the closing table, your lawyer will also confirm that the new deed is filed with the county or applicable municipality.
Considering the Cost of a Real Estate Lawyer
The cost of real property in and around Long Island is high. Mistakes in purchasing a property can lead to substantial financial ramifications and losses. A Long Island real estate lawyer mitigates those risks and surprising to most parties, the cost of hiring a lawyer is affordable.
When hiring a lawyer, buyers and sellers can walk away with peace of mind and assurance that the transaction isn’t flawed or invalid. The cost of this assurance is frequently less than the costs of a real estate agent. In New York, there is a sliding scale of fees that are dependent on how involved the Long Island real estate lawyer is in the process.
Some parties want a lawyer present at each stage of the transaction, while other people are comfortable only having an attorney for closing. The variance in the level of legal assistance means clients can tailor their legal costs to specific needs, budget, and a number of complications in the transaction.
Often, buyers and sellers will find that real estate lawyers in Long Island, and elsewhere in New York have a flat fee for handling a closing. Included in this fee are the review of closing documents, explanation of all documents as you sign and special attention to any unique or unusual terms, and confirmation documents are executed properly.
Get a Quote from a Long Island Real Estate Lawyer
If you are buying or selling residential property in Long Island, lawyer Sami Perez can help. The Law Office of Samilde Perez has provided real estate advice in Long Island for 20 years, and counting. Our practice remains dedicated to clients in Long Island and focused on residential transactions. To schedule your initial consultation call (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.