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Attorney for Real Estate Brokers in New York, NY
Real estate brokers for buyers or sellers of real estate property in New York generally use attorneys to review the contracts and other closing documents. Although having an attorney to review these documents is not required under law, most real estate brokers recommend attorneys in these transactions because of the large amount of investment required in a real estate purchase or sale. Real estate brokers may also need the services of an attorney in several disputes regarding commission or the performance of their work that may require legal representation.
What Attorneys Do in Real Estate Transactions
Real estate brokers in New York are not permitted to draft legal documents or give legal advice since this may be considered an unauthorized practice of law. For this reason, attorneys are retained by buyers and sellers in real estate transactions, usually after the buyer has made and the seller has accepted the offer. Real estate brokers may refer the services of an attorney who they have previously worked with, in case the buyer or seller is not familiar with any real estate attorney.
The buyer’s offer to purchase is usually a one-page form that the real estate broker prepares. It contains the basic terms of the transaction such as the purchase price and its inclusions. After a satisfactory home inspection, both the buyer and seller then retain their respective attorneys to prepare the first draft of the sale contract, negotiate the terms, finalize the contract, order a title report for the property, and review closing documents. The attorney also advises and explains the documents that are being signed, which includes the deed, transfer tax returns, and mortgage documents.
Real Estate Broker Issues
Aside from real estate transactions, real estate brokers may encounter legal issues that may require legal representation. Examples of these issues are:
Disputes over Commission
Disputes may arise between brokers and their clients or between co-brokers regarding the agreed commission split. In this case, legal representation may be needed to negotiate and resolve the dispute.
Dual agency disputes
When a broker represents both buyer and seller in the transaction, a dispute may arise, even if the parties have previously agreed on the dual agency. This usually happens when one party feels that the broker has breached his fiduciary duties by reason of the dual agency.
Procuring cause disputes
When multiple brokers claim to be the cause of the sale or different brokers claim the buyer as their contact, there can be disputes regarding the broker who should be entitled to the commission.
Despite the expertise of a real estate broker in real estate transactions, these brokers may still need the services of an attorney in disputes they may face in the course of the performance of their services. Having an experienced real estate attorney to represent the broker’s interests is important in achieving a successful outcome of the matter. Should you need assistance, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York, NY, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licensed New York attorney with over 18 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
