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Buying Or Selling In NY or NJ? Hire An Attorney Licensed In Both States

 

Buying a home is the most significant purchase and the most expensive investment many people will make in their lifetime. Buying or selling a home also involves the law of real property, which is complex and may bring many challenges and difficulties

Legal consequences that can happen during the real estate transactions can cause not only big headaches, but also major problems.

Whether you are purchasing or selling your first home, second home, vacation home, or an investment property in NYC or NJ – experience has proved that any real estate deal should be handled efficiently, with utmost knowledge of the relevant laws and attention to details in order to ensure a successful closing.

Before you enter into any real estate transactions, consult with and retain a NJ and NYC real estate attorney to represent your interests and protect your rights.

Your lawyer will review your contract, something that’s especially recommended for first-time homebuyers, and make sure that the terms of the deal are properly honored.

If you are selling commercial or residential property without the representation of a lawyer, you may sign an agreement that does not deal with a number of legal issues. Even the brokerage agreements that are considered “standard forms” should be properly explained and, if necessary, revised. Your real estate attorney will skillfully assist you with this, as well as determine if the agreement was properly signed.

There are numerous other legal questions that must be addressed in the contract of sale. For instance, if the property has been altered or an addition was made, was it done lawfully? What are the legal consequences if the closing does not take place? What if a buyer’s engineer or architect inspect the property and finds it has termites, asbestos, radon or lead based paint? Or, what if the property is near a hazardous waste dumpsite?

Real estate transactions require numerous legal documents, so take steps to secure your position in such an important deal and hire a lawyer to review and help you with documents such as the deed, mortgage loan documents, bills of sale legal descriptions, plat of survey, and title and title insurance policy, so any necessary changes are made, any legal anomalies are dealt with, and any of your contingencies added.

Your real estate attorney will be in a much better position to secure a clear title and make the appropriate disclosures.

Now, since most buyers finance a significant portion of the real estate purchase price, the contract should include a carefully formulated provision that it is subject to the buyer’s obtaining a commitment for financing. The fact is, though, that printed contract forms generally do not incorporate all the particulars the buyer and seller may require, and changes would need to be made. Also, when dealing with the lender, a real estate lawyer can, at the very least, explain the details of the deal and the consequences.

During a real estate transaction, addressing and correcting any legal issue right away will save you time, future expenses and hassle.

Furthermore, both the buyer and seller of real estate may have to consult with a lawyer to answer vital questions, such as the tax consequences of the purchase or sale, which is especially critical for a seller. Also, if a deed is not properly transferred it could trigger a number of income and/or estate taxes to be imposed on the buyer and/or the seller.

Our NYC real estate lawyers will assist you in preparing all complex negotiations and contracts with expertise, which becomes especially crucial in cases where one or more parties are corporations, trusts or partnerships.

When it comes to the closing, this process can be confusing and complex to both the buyer and seller. There are many documents to be recorded, different transfer taxes paid, and requirements for insurance and other incidents of ownership settled; also, there may be last minute disputes regarding delivering possession and personal property or the adjustment of various costs, such as taxes, and this is where a lawyer’s advice and guidance becomes invaluable.

And last but not least – having legal representation will significantly lessen your chances of being sued by the opposing party, in case, let’s say, certain information was not disclosed. And although some risk of litigation may always exist in such complex transactions, securing legal counsel will undoubtedly mitigate your risk.

Your NJ or NYC real estate attorney will not only negotiate on your behalf, but also take steps to ensure that you are aware of any legal particulars in your state, that the contract follows all state laws, and addresses any specific issues that might affect you or the property.

It is only natural that throughout the real estate process the interests of the buyer and seller could clash. Whether you are a buyer or a seller, your NYC real estate attorney will only serve your best interests.

Unquestionably, having a seasoned real estate attorney by your side will help ensure a real estate transaction proceeds smoothly.

The Levin Law Group’s skilled and trusted real estate lawyers can assist individuals and business entities in a broad spectrum of residential and commercial real estate transactions throughout New York State and New Jersey.

Through many years of experience and commitment to serving our clients, we have come to recognize that each client has different needs, and each real estate transaction and closing requires a different combination of skills to meet those needs.

Take steps to ensure your interests are protected – contact our NJ and NYC real estate lawyers today.