The Complexity of a Closing
When you are involved in a real estate transaction, be it buying or selling a property, both buyers and sellers have to face numerous technicalities which they may be naive. It is a complex task regarding selling/buying a house. Even when you are using a real estate agent, you need to be cautious. Closing a real estate sale is perhaps the most important event in a person’s lifetime. From a workload standpoint, proper closing papers and an appropriate deed must be prepared. The number one tool at your side during this entire process is a real estate closing lawyer.
The first reason one should consider hiring a real estate attorney is somewhat apparent: They will draw a contract for you. Verbal agreements do exist. However, we live in an age where everything has to be documented. A deal must materialize in writing and adhere to state law to become legally binding. A benefit of a real estate closing lawyer in New York is not only their knowledge of general practices, but their understanding of state & federal law.
According to Investopedia, there are many complexities with real estate closings that have the potential to occur before you successful close on your house. Read on to find out more about how a real estate attorney can assist you in your real estate closing.
Another vital service an attorney offers to the purchaser is the effort they put into searching for a title. The title search is a task performed more efficiently by an attorney. A lawyer will make sure that their client’s prospective property is free from any liens or property sharing. Attorneys can obtain information regarding the title search and will make their clients aware of whether or not the seller has the legal right to sell the property. It can happen when an attorney realizes the seller has to pay a lien or an outstanding court judgment. Also, before selling a home, the attorney can come across documentation that stipulates a seller must receive permission from another party to sell the said home. Without the help of a real estate closing lawyer, you, as a buyer, would have difficulty coming across such information.
On a seller’s part, your lawyer can help you draw a brokerage agreement with the real estate agent and readily recognize the taxable consequences that may take place during a home sale. The right attorney understands the various exemptions and exclusions available to a seller.
In closing, although not mandatory, a real estate closing lawyer is a crucial component regardless of what party you are in a real estate transaction. Richard F. Rozhik, Esq., is an experienced attorney who understands the process thoroughly. With offices in South Brooklyn, he is able to take on all forms of real estate closings in Brooklyn, Queens, Manhattan, Bronx, Staten Island, Long Island, and all surrounding counties located in the state of New York. Contact him today for information or call him at (917) 567-1963.