New York Real Estate Attorneys
What Is A New York Real Estate Attorney?
New York real estate attorneys are attorneys that specializes in real estate law.
They may offer legal advice for transactions involving the following:
- buying real estate in New York
- selling real estate in New York
- leasing real estate in New York
- renting real estate in New York
- property closings in New York
- property tax appeals in New York
- property zoning in New York
They may also offer services such as dispute resolution. These types of disputes may arise due to conflicted opinions of property boundaries or contractual disputes between the buyer and seller of any real property.
A New York real estate lawyer, along with a New York real estate agent, can guide you through the process of buying and selling a home or commercial property in New York.
A home or even raw land can be a significant investment in New York and having the proper legal advice will make this NY real estate transaction go smoothly.
When Should You Get A Real Estate Attorney In New York?
It is recommended that anytime you buy, sell, or transfer property in New York that you have qualified New York real estate attorneys represent you during the real estate transaction and closing.
Do I Need An Attorney To Lease My Property In New York?
It is recommended that you have a New York real estate attorney provide you with proper leasing or rental contracts. Especially if you intend to lease or rent property in NY. A properly drafted lease or rental agreement in NY can safeguard and provide to you monetary compensation from physical damage to property.
Is There A Difference Between Leasing And Renting Property In New York?
Simply stated a lease is normally used for long term contracts for those whom may wish to stay in the property for a matter of multiple months or years. Rentals are normally for shorter periods of times such as a few weeks to a month or two. You may think of it as the difference between renting an apartment for a year as opposed to renting a vacation home for a short amount of time.
Do You Need A Real Estate Attorney To Buy A Home In New York?
New York law does not require you to hire any New York real estate attorneys to buy a home. However, with that being stated, having an attorney representing you throughout the home closing process is to your best interest.
New York Is A Disclosure State.
New York state law requires all sellers of property to disclose to potential buyers any and all home defects or material facts that may affect the buyer’s use and enjoyment of the property.
Having a NY attorney represent you at closing may be the difference between buying a fully functional home or one that is going to take an extreme amount of money to make livable. New York real state is some of the most expensive in the country and you should demand full disclosure to protect your investment.
How Much Do New York Real Estate Attorneys Charge?
This fee may be dependent upon the cost of the property and how your chosen attorney bills for services. This fee may also differ depending on if the property is commercial property or residential property.
Two of the most common real estate fee schedules in New York are as follows:
- An hourly fee : This fee is going to be based on your location and the experience of the attorney.
- A set fee : This fee is going to be based on the value of the property being purchased. It is normally derived as a percentage of the sells price.
Who Does A New York Real Estate Attorney Represent?
New York real estate attorneys may represent either the buyer or the seller.
As a buyer the attorney will review all the documents pertaining to the sell. Being sure that the buyer is receiving what they are paying for clear of all liens or encumbrances.
This is normally accomplished by doing a title search to be sure the seller is the actual owner of the property and has the legal right to sell the property.
As a seller the real estate attorney can help you by reviewing you sells documents and assuring that the financial obligations of the buyer are fulfilled at closing.
When a home mortgage is involved there may be several different attorneys involved in the property closing. One may be representing the mortgage lender, one the seller, and one for the buyer. As you can see real estate transactions can at times be complicated.
Title Insurance In NY
Some New York real estate attorneys may recommend that you purchase title insurance in NY on a given piece of property.
Title insurance is basically an insurance policy that may pay you the value of the property if years down the road it is found that the seller did not have good title to the land. More information about title insurance in New York can be found here.
Who Pays For Title Insurance In New York?
Title insurance may be a cost to the buyer or seller depending upon the stipulations in your sales agreement.
What Is A New York Property Sales Agreement?
The sales agreement or contract lays out the obligations of all parties involved in the real estate transaction.
Who Pays The Closing Cost For A Real Estate Transaction In New York?
Closing cost may be paid by the buyer, the seller, or a combination of both depending upon the sales agreement. Typically closing cost are broken down into two categories, the buyers and the sellers.
Buyers Closing Cost In New York :
Title/Deed recording fees
Title search fees
Credit report fee
Sellers Closing Cost In New York :
As you can see from above there are a variety of fees that may be involved with your New York real estate transaction. However, with that being stated all of the fees above may not apply to your particular situation. When paying with cash instead of receiving a home loan the fees are less expensive.
How Do I Find A Good New York Real Estate Attorney?
Finding good New York real estate attorneys is not as hard as one may think. You can start right here on this site. If one is not available then reach out to your circle of friends, family members or business acquaintances. If your working with a New York real estate agent you may wish to ask them if they have any recommendations.