The New York Real Estate Transactions Explained
To start with, let’s address the most obvious question on the table. Will I need a real estate attorney while processing a real estate transaction in New York?
Whether you’re buying or investing, New York real estate transactions generally involve a large amount of money and a good amount of legal procedures and fine print that you have to address as part of the New Rork real estate transactional process.
Understanding the basics of real estate transactions in New York, as well as having dependable legal representation, helps make the process easier and most importantly protects you and your investment.
In New York, real estate closings generally always take place in an attorney’s office, and real estate attorneys help you throughout the entire real estate transactional and closing process.
Apart from legal papers and legal factors, a New York real estate attorney can also help assist with title searches, changing deeds, the legal paperwork that sets the agreement for and records the sale, and everything needed to ensure lawful ownership is properly transferred according to New York law.
To help explain this better, let’s take a look at the New York real estate transactional process for both residential and commercial real estate transactions.
New York Commercial and Residential Real Estate Purchase Transactions
When purchasing or buying real estate in New York, the entire real estate sale transaction and process will be governed by a contractual agreement between the buyer and the seller. No matter your position, it’s very important to ensure the contract includes the proper agreement terms, and necessary clauses to protect you, your investment, and your property. The clearer the contract and its language, the smoother the transaction and the less possible future repercussions, should any issues arise. Also read Nine Points Your New York Real Estate Contractual Agreement Should Include.
Managing New York Real Estate Closings
When completing a real estate transaction, the closing of a property is the final and most important part of the real estate transactional process. In almost all cases, a real estate attorney needs to ensure the deed of the property is recorded and filed with the local municipality.
In New York, the closing process requires a little more work than showing up and signing some papers.
A real estate attorney will help you to complete the closing process smoothly, including:
- Completing a title search: when buying a property, the last thing you want to come up after closing is surprises about the title of the property. Title issues could result in a considerable amount of trouble. A complete title search should be conducted prior to closing to search for any liens or encumbrances on the property.
- Preparing all paperwork to transfer the title and the deed of property: The title and the deed of property are the official papers that certify the legal and rightful owner of the property. Ensuring all the paperwork is in order and correctly done at the end of the real estate transaction process is very important.
- Helping establish the sum of money and method of payment at the closing: To help ensure a smooth closing process, a real estate attorney will help you determine the exact amount you should bring or receive at the time of closing, including all taxes, mortgage fees, and closing fees. The method of payment is also important to ensure a smooth and timely closing.
- Review all closing documents before and after signing: At the end of the close both buyer and seller sign the closing documents. A real estate attorney should be present to review all the documents both before and after the closing to ensure all the paperwork has been correctly filled out and all needed signatures are in place. This will not only ensure a proper and complete closing process but help avoid any hiccups in the future.
- Conduct the actual settlement: As mentioned above, the actual closing will, in most cases, take place in an attorney’s office. Here the attorney will oversee the actual closing process to completion and by the time you are done, you have either legally sold or purchased your property.
- Recording the real estate transaction: As the last step, a real estate attorney will ensure that the sale/purchase of the property, the transfer of title and ownership, and all needed paperwork is properly recorded with local and state government so the correct owner of the property is on record.
Seeking Help from a New York Real Estate Attorney
As you can see, a real estate attorney is crucial for any real estate transaction in New York to ensure a smooth and safe transactional process.
If you are in the middle of a real estate transaction and need legal representation, or if something has gone wrong before, during, or after a real estate transaction, it is never too late to get help from a capable real estate attorney who can help safeguard you, your property and your investment.
Whether you are selling or buying, residential or commercial, New York real estate transactions require an experienced and dependable real estate attorney. Piccinnini Law offers experience, full accountability, and the ideal legal representation for any New York real estate transaction. For more information contact Piccinnini Law at (516) 500-2110.