As a home buyer, it’s critical that you obtain legal counsel to level the playing field and protect your interests in a real estate transaction. Home sellers often hire attorneys to represent them, so legal representation maximizes your chances of getting the fairest possible deal. The following is an overview of the role of the home buyer’s attorney in New York.
The first draft of the contract of sale is usually prepared by the seller’s attorney, often using a standard form with a rider that includes terms to be negotiated with the buyer. As the buyer, your attorney will review this initial draft and will often add an additional rider that includes terms to be negotiated with the seller. Once your attorney and the seller’s attorney finalize the contract, you and the seller will sign it, and then you will send the seller’s attorney a down payment that you can lose if you back out of the deal for any reason not contemplated in the contract.
Once the contract is signed, your attorney will order a title report to see if there are issues that the seller needs to resolve before closing. Title issues may include, for example, liens or violations against the property. Your attorney will also assist you obtaining the information and documents requested by lenders in connection with your mortgage applications. Your attorney will calculate the amounts that you owe at closing to the seller, the seller’s lender, and the title company, among others. Your attorney will also review and advise you on the documents that you’re signing, such as the deed, transfer tax returns, and mortgage documents, and will make sure that all payments are made correctly.
A skilled real estate attorney can help guide you through the home buying process and protect your interests. Call James H. Cook, Esq., at (646) 844-0425 for a free consultation.
James H. Cook, Attorney at Law 