The Complexity of a Closing
When you are involved in a real estate transaction, be it buying or selling a property, both buyers and sellers have to face numerous technicalities which they may be naive to. It is not a simple task when it comes to selling/buying a house. Even when you are using a real estate agent, one needs to be cautious. The closing of a real estate sale is perhaps the most important event during a persons lifetime. From a workload standpoint, proper closing papers need to be prepared along with an appropriate deed. The number one tool at your side during this entire process is a real estate closing lawyer.
The first reason that one should consider hiring a real estate attorney is somewhat obvious: They will draw a contract for you. Verbal agreements do exist however we live in an age where everything has to be documented. A deal must materialize in writing and must adhere to state law to become legally binding. A benefit of a real estate closing lawyer in New York is not only their knowledge of general practices, but their understanding of state & federal law.
Another important service offered by an attorney to the purchaser is the effort they put into the search process of a title. The title search is a task performed more efficiently by an attorney. A lawyer will make sure that their client’s prospective property is free from any liens or property sharing. Attorneys can obtain information regarding the title search and will make their client aware of the fact on whether or not the seller has the legal right to sell the property. It can happen where an attorney realizes the seller has to pay a lien or an outstanding court judgment. Also, prior to selling a home, the attorney can come across documentation that stipulates a seller must receive permission from another party in order to sell the said home. Without the help of a real estate closing lawyer, you as a buyer would have a difficult time coming across such information.
On a sellers part, your lawyer can help you in drawing a brokerage agreement with the real estate agent and can readily recognize the taxable consequences that may take place during a sale of a home. The right attorney understands the various exemptions and exclusions that are available to a seller.
In closing, although not mandatory, a real estate closing lawyer is a crucial component regardless of what party you are in a real estate transaction. Richard F. Rozhik,Esq., is an experienced attorney who understands the process thoroughly. With offices in South Brooklyn, he is able to take on all forms of real estate closings in Brooklyn, Queens, Manhattan, Bronx, Staten Island, Long Island, and all surrounding counties located in the state of New York. Contact him today for information or call him at (917) 567-1963.