The Most Significant Dispute in Real Estate Sales
The real estate lawyer assists with all aspects of buying, leasing, and selling residential and commercial real estate. Property sales and lease agreements can be complicated, and it’s in your best interest to hire an attorney who practices real estate law. Disputes surrounding short sales are the number one concern in real estate transactions. A short sale is one in which there are liens on the property, and the seller receives less than their asking price. However, if all parties agree to the price, the property can be sold. Transactions of this type can be complicated, and all parties should have the representation of a real estate attorney to avoid discrepancies.
Buying Real Estate in Webster, New York
When you’re buying property in Webster, a real estate attorney webster ny will be necessary to negotiate the sale. Whether you’re buying a residential or commercial property, you should consider hiring a local attorney to assist you with the process. Real estate laws are different in each state. In some cases, the requirements can vary between cities and counties, so it’s advisable to hire an attorney that’s familiar with the area.
How Realtors and Attorneys Work Together
Although buyers don’t have to work with an agent when buying a property, a local buyer’s agent is familiar with the housing market, knows what comparable homes in the area are selling for, and can advise you on making an offer. The buyers’ and sellers’ agents work together to negotiate the terms of the contract. Once all parties agree, the buyer’s attorney will work with the agent to handle the closing of the sale.
Find the Attorney to Suit Your Needs
Real estate lawyers focus on different aspects of property sales. Some attorneys have experience in residential sales, while others may target commercial transactions, handle foreclosures, or focus on environmental cases. Before you commit to hiring a real estate lawyer, you may want to talk to several to find out who will be managing your situation, what fees they charge, how long they’ve been practicing real estate law, and if they’ve handled transactions like yours.
The Role of a Real Estate Attorney
Real estate sales are approached differently depending on the location of the property. In New York, the seller’s attorney usually prepares a draft of the contract. The seller’s terms are part of the initial draft. The buyer’s attorney can add conditions to the contract for negotiation.
The typical down payment from the seller in New York is 10 percent of the purchase price which goes into an escrow account. When the buyer and seller sign the contract, the buyer’s attorney will order a title search to be sure that the seller has clear title and that there are no active liens on the property that are payable before the sale. If a mortgage is part of the transaction, the buyer’s attorney provides all the documents that the lender requests and determines the amounts that become due to the seller at the time of the closing. The attorneys for the buyer and seller are present at the closing to explain all payments and the documents they’re signing.