Real Estate Closing Attorneys in New York, NY

As real estate closing attorneys, we handle closings of a real estate transaction. The closing occurs when the buyer and seller complete the sale and purchase of real estate property. We can represent either buyer or the seller in the transaction. Our duties and responsibilities depend on whether his client is the buyer or the seller.

Real estate transactions involve signing contracts containing voluminous pages. A real estate closing attorney can guide you through the process, explaining all the contracts and the duties and responsibilities you are signing up for, reviewing the documents to see if there are extraordinary clauses included in it that should be paid attention to, and representing your interests to ensure you get the best deal and that your rights are protected

Real Estate Closing Attorneys for the Buyer

The duties of a real estate attorney for the buyer depends on when the buyer engages the services of the attorney.

Prior to Deciding What Real Property to Purchase

When the buyer engages the real estate attorney at the earliest possible time, the real estate attorney can provide due diligence and title search examinations for the real property the client is considering. For a house, it includes making sure the buyer is real, the property is real, and there are no issues or concerns with the title. For condos and co-ops, due diligence consists of reviewing by laws and several years' worth of board meetings and financial statements to see if there are expensive building problems that need to be repaired, which costs will be passed on to the condominium or co-op owners in the future through an increase in the monthly dues.

After Deciding What Real Property to Purchase

Once the buyer has decided what property to purchase, a real estate attorney is then engaged to handle the closing. If the official offer form submitted to the seller by the buyer's agent, stating the property details, purchase offer, earnest money deposit, closing costs, and closing date, interests the seller, the real estate closing attorney would then perform the duties related to closing the transaction, such as:

• Review the seller's proposed counter offer and modifications, and negotiate terms such as purchase price, closing costs, and contingencies
• Review and negotiate the real estate contract
• Explain the real estate and mortgage contracts to the buyer
• Communicate with the seller's attorney, the title company, and the mortgage company to resolve any issues before closing, such as repair problems, house damage, etc.
• Legal representation at closing to ensure all documents are properly executed and the buyer's rights are upheld

Real Estate Closing Attorneys for the Seller

In New York, a seller is required to be represented by a real estate attorney during closing. A real estate attorney for a seller provides the following services during closing:

• Prepare the initial draft of the real estate contract
• Explain the provisions of the real estate contract to the seller
• Communicate with the buyer's attorney to resolve issues related to the contract, such as repairs and contingencies prior to closing
• Prepare and review all documents for closing
• Representing the seller during closing to ensure that all documents are properly executed

Real estate transactions are major purchases, if not the most expensive purchase a person can make in his lifetime. For most people, real estate purchases represent a lifetime commitment of 15 to 30 years of mortgage payments. Ensuring that you make a sound investment with provisions in your favor that you know you can comply with and observe is important in this kind of purchase. With this in mind, having a real estate closing attorney to guide you through the process is essential. Should you need legal representation in real estate closing, we, at the law offices of Albert Goodwin, are here for you. We are located in New York, NY. You can call us at 212-233-1233 or send us an email at [email protected].