Some Ways To Have A Smooth Real Estate Case
In this article, you will learn:
- Common issues to look out for in your real estate case.
- The importance of a clear title when buying or selling real estate.
- How having a real estate attorney at your side will help your transaction go smoother.
What Are The Most Important Factors Or Issues To Consider When Buying Or Selling Real Estate In New York?
I strongly advise sellers to ensure their title is held correctly. I have seen major issues countless times where there was a surprise that came out late in a real estate case related to the title and put the ownership of the property in question. Although this can be addressed in most cases, there are some where it cannot. Failure to realize this before initiating preparations for a real estate transaction will cost you time and money.
For both the buyer and seller, open liens and open permits on the house and addressing major repair issues before closing are absolutely critical. The buyer’s attorney will not allow their client to close, nor will the bank, if one is involved, with these types of issues left unaddressed.
How Can I Prepare To Sell Property Or Buy Another Before Initiating The Actual Process?
For sellers, I advise speaking to your real estate agent. They will conduct several reviews of your house. Their assessment will help you understand what you would need to do next before eventually listing your house on the market. Beyond this, retrieve your deed and make sure it is in good order. Again, contacting your attorney regarding this will probably be of value, as they have a good idea of some issues that may present themselves with your deed later on.
For buyers, contact a bank for some simple, preliminary mortgage research. Get a general idea of bank closing costs. Beyond this, get an idea of where you want to live. Consider things like the school district, type of home, and whether you want total ownership of a house.
What Common Issues Affect Titles And Could Hold Up A Real Estate Transaction?
The most common issues regarding titles are open permits and mandatory repairs to the house.
Most contracts will say that all plumbing, heating, electric, and appliances must be in good working order at the time of closing. Failure of sellers to abide by this real estate law in New York can hold up a closing since they will need to be addressed first.
Any claims on your title would also hold up a real estate case. Things like neighbors using a piece of your land or having a shared driveway and potential disputes over the boundary line of the property line, as a result, are common examples of this.
How Does A Real Estate Attorney Ensure My Real Estate Process Goes Smoothly?
In a real estate transaction, the seller’s attorney writes the contract, whereas the buyer’s attorney reviews it and orders a title search. Both attorneys review work to make sure there are no outstanding issues. The buyer’s attorney will also sometimes assist with the mortgage process.
Beyond writing contracts, ordering title searches, and dabbling in the mortgage process, there are generally different steps that a real estate attorney knows what to look for, whereas you on your own would not. You may also not know how to read a title search, which is extremely important in any real estate case.
In addition, there will be transfer taxes that you will likely not know about. Typically, my clients are surprised when I tell them what these taxes will cost them. A real estate attorney will advise you of this in advance and remove the element of surprise.
With the guidance of a skilled attorney for Real Estate Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Real Estate Law in New York, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (914) 350-3842 today.