| The risk of not hiring an experienced Real Estate | | | | met (this could cost you your dream home). |
| Attorney can cost a buyer/seller thousands if not | | | | 3. Obtain financing: Most contracts are contingent |
| tens of thousands of dollars. Since the purchase | | | | on financing and at closing the purchaser signs |
| or sale of your home may well be your most | | | | hundreds of pages of loan documents that only |
| significant financial transaction, you should not be | | | | your attorney can explain. |
| penny wise, pound foolish. | | | | 4. Obtain inspections of the property: Your lawyer |
| Most people don't realize how complicated buying | | | | will conduct a title search to assure the seller is |
| and selling a house really is. The procedure | | | | actually the owner of the property, has paid all |
| involves reading and drafting complicated legal | | | | the taxes, and there are no judgments existing |
| documents (i.e. long, small print sales contracts) | | | | against the property. In addition, your lawyer will |
| and requires a familiarity with the standard | | | | hire an engineer to inspect the land and structure |
| practice in real estate transactions. In addition, | | | | to ensure there are no hidden defects. |
| each step from negotiating terms to drafting to | | | | 5. Obtain insurance for the property and/or |
| closing entails a significant amount of paperwork. | | | | mortgage: Mortgage lenders will require the home |
| The Complex Process | | | | to be insured to protect their security interest. |
| Most people will sell or purchase a home only a | | | | Lots of Paperwork |
| few times in their lifetime, but a Real Estate | | | | New York State laws can be particularly |
| Attorney will close a sale or purchase of a home | | | | convoluted for home buyers and sellers, and each |
| a couple of times a week. Plus, no two real | | | | transaction involves a significant amount of |
| estate transactions are the same. In fact, with | | | | paperwork. The documents are voluminous (i.e. |
| each transaction you are likely to encounter | | | | hundreds of pages) and are filled with technical |
| different circumstances, obstacles and risks. | | | | and legal terminology that is difficult for anyone |
| In order to buy or sell your house you have to | | | | not familiar with real estate transactions. |
| complete a number of complicated tasks including | | | | A buyer/seller should always have an attorney |
| the following: | | | | read the legal documents and explain the |
| 1. Negotiate the terms of the Sales Contract: | | | | documents in laymen terms. In fact, even an |
| Experienced attorneys want to get the best deal | | | | attorney who does not practice in real estate law |
| for their client (even if it's at your expense). | | | | should hire a real estate attorney to help him/her |
| 2. Meet strict legal deadlines: Many real estate | | | | understand what each document means. |
| transactions fall through because deadlines are not | | | | |