A home is often the largest investment people make in their lives. When it comes time to sell, it’s critical to obtain skilled legal representation to maximize your chances of getting the fairest possible deal. The following is an overview of the role of the home seller’s attorney in New York.
As a seller, your attorney will usually prepare the first draft of the contract of sale, often using a standard form with a rider that includes terms to be negotiated with the buyer. The buyer’s attorney will review this draft and will often add an additional rider to the contract with terms to be negotiated. Once your attorney and the buyer’s attorney finalize the contract, you and the buyer will sign it, and the buyer will send your attorney a down payment that the buyer can lose if the buyer backs out of the deal for any reason not contemplated in the contract.
Once the contract is signed, your attorney will review the title report ordered by the buyer’s attorney to see if there are any issues that must be resolved before closing. Title issues may include, for example, liens or violations against the property. Your attorney will prepare all closing documents, which include the deed and transfer documents. Your attorney also will calculate the costs owed at closing and the proceeds owed to you by the buyer. If you have a mortgage, your attorney will request a payoff letter to determine the amount owed to your lender.
A skilled real estate attorney can help guide you through the home selling process and protect your interests. Call James H. Cook, Esq., at (646) 844-0425 for a free consultation.
James H. Cook, Attorney at Law 