An Attorney’s Role in Real Estate Transactions

While engaging in the process of buying a home or a piece of property, many may overlook the importance of using an attorney. A real estate attorney plays an important role in the drafting of any documents relating to the sale and transfer of ownership of the home or property. One of the most pertinent documents that a real estate attorney will draft in this situation is the contract of sale, also known as the purchasing agreement. This document outlines the following:

• The price of the home
• The down payment needed
• The terms of the agreement
• The dates in which payments will be sent
• The closing dates
• The dates of occupancy, among others.

Another major role that a real estate attorney will play in the homebuying process is the main negotiator of the final terms of the sale. This is an extremely important aspect of the homebuying process, as an attorney will negotiate the terms of the contract of sale with the other party’s attorney until they reach an agreement. This contract will eventually be signed by both parties in the presence of their respective attorneys.

A real estate attorney will also aid in the closing process and represent their clients at the closing. Here, the attorney will act as their client’s advisor and review the documents their client will be signing. A real estate attorney will also be there to assist with and answer any outstanding legal questions or clarify vague terms for their clients. This is essential because some of the documents could be quite confusing and ambiguous. The attorney will help ease the buyer or seller’s anxiety and concerns through the completion of the process.

The homebuying process can be quite complex. Seeking advice from an experienced real estate lawyer is crucial, especially in New York City, where the existence of condos and co-op boards predominate and property boundary lines and chains of title may be difficult to understand. It is important to seek out a skilled New York real estate attorney prior to beginning the lengthy process of buying or selling a home. The experienced attorneys at Wingate, Kearney & Cullen, LLP can represent you throughout the real estate transaction and answer any legal questions you may have with diligence and respect. For more information or to schedule a consultation, call (718) 852-5900 or fill out our contact form.