What Matters Should Someone Discuss With An Experienced Attorney Before Taking Any Steps To Buy Or Sell Residential Property In New York State?
It is rare that an individual discusses their intention to buy or sell residential property in New York State. Mortgage applications and the process of obtaining a mortgage are done without the necessity of a lawyer.
There are some instances where an individual will seek advice on what steps they might need to accomplish before they go through the mortgage process. These steps might include:
- Paying off debts to improve your debt-to-income ratio
- Creating a budget to identify what monthly mortgage payments you can afford
- Determining the best avenue to pursue in buying or selling properties
These things can assist in setting you up for the best possible loan rates and programs available to you. While it is rare that an individual seeks legal advice prior to or during the process of purchasing or selling residential property, it can happen and attorneys can try to give you direction and advice.
How Does A Real Estate Attorney Assist With The Sale And Purchasing Of A Home In New York State? I Already Have A Real Estate Agent, Do I Need Both?
A Real Estate attorney can assist with the sale and purchasing of a home in New York State by…
- Reviewing all legal documents, including the purchase agreement
- Determining what inspections are required or in your best interest to have done
- Providing attention to detail to ensure your rights and privileges are protected
- Insuring that you are getting or providing clear and marketable title
A real estate agent certainly helps you through the process of selling or buying a home, but consulting with an attorney will provide you with legal protection that a real estate agent cannot provide to you.
One of the most important and valuable things that a real estate attorney can do for you is to determine what contingencies the contract should contain in regard to the structure and safety of the property.
A contingency in a contract is where a test or inspection must be performed and if something is discovered as a result of that test or inspection, there are remedies available to correct the situation. These tests or inspections can include…
- A radon test
- A structural engineering report
- An electrical inspection
- A flood certification
In New York, many residences have radon gas that emits from the ground up and you wouldn’t know it because it is odorless, tasteless, and invisible. If exposed to radon in a large amount over a long period of time, it could cause several types of cancer. If you’re buying a house, you would want to include a radon test as a contingency.
You would also want a structural engineering report and electrical inspection, where a professional comes and inspects the property to make sure that there are no cracks in the foundation, no rotting wood, or issues that could lead to an electrical fire.
You would also want to know if your potential property is located in a flood zone and what that means for you and the type of mortgage product you could be eligible for. Many of these inspections and tests are voluntary, so a real estate agent might not necessarily communicate with you about them.
What Are Some Common Causes Or Delays That Could Derail A Home Sale Or Purchase In New York State?
The most common reason for delays in a real estate transaction often stem from inspections. This will typically be the cause of disagreements over who is responsible for the repairs, and severity of the issues
Additionally, folks who come to us before going to a lending institution or going to a realtor to start the process should keep this in mind…
Our firm will often recommend meeting with your local banking institutions, rather than going to a national bank or a national lender. This is because at a local institution, you’re not just a number, you’re not just another file. By having the opportunity to form a local relationship, you’ll often be able to see things done more orderly and on time. For more information about Real Estate Law in New York, an initial consultation is your next best step.