Save Money On Closing Costs: Let Your Attorney Represent The Lender As Well
Purchasing a home is likely to be the most expensive investment and one of the most complex transactions a person will make in his or her lifetime.
The closing is the legal process of transferring ownership of a home from previous owner(s) to you, and when you generally receive a loan to purchase the property.
Closing (or settlement) requires many considerations and decisions; they could save you money or do the opposite.
Since closing is, by nature, a rather complex process that involves signing a large number of legal documents as well as paying a number of fees, it’s understandable that for many it is confusing and overwhelming.
At every closing involving financing, the lender is represented by an attorney, called a “settlement agent.”
When you buy or sell real estate in Long Island, you have the right and power to select your title/closing firm. They will handle all the paperwork, including the title insurance policy. In addition, having one of the real estate lawyers in Long Island on your side will ensure your interests and your desires are well represented. These are professional services that only a lawyer can offer, and can actually help you save money.
Even if the closing seems to be a simple, straightforward transaction, there are some aspects or details of the deal that become obvious after a contract has been signed, without the review of the lawyer, and agreements already made – when it is too late to act and change them. An experienced Long Island real estate attorney, who is up to date in current New York real estate laws, will review all the terms of such an important transaction and may be able to alert you to potential issues with the deal.
It is highly beneficial to have an attorney review the legal documents even if a title company is handling the closing. Whether you are buying a residential or commercial property, an attorney can protect you from the terms in the contract that could unnecessarily cost you thousands of dollars.
The Levin Law Group is an approved attorney with Wells Fargo, Bank of America, Flagstar and many other lenders. With the purchaser’s permission, we can represent both the lender and the purchaser and will charge less than a 3rd party attorney.
We will obtain a title search, assess the status of the title, work with the seller’s attorney and title company to correct any defects with title, deal with banks, city agencies and various associations, and preparing closing statements and documents. However, we also facilitate our clients at the actual closing. We will inform you of your legal rights and obligations, review your contract prior to signing and ensure all provisions are in your best interest, and represent you in case any issues arise before closing, and be here to answer any remaining legal questions after the closing completes.
Trust the Levin Law Group’s experienced and dedicated real estate lawyers in Long Island to assist you during your residential or commercial real estate closing transactions.
Take steps to ensure your interests are protected – contact us today:
https://ylevinlaw.com/practicerealestate.html
*The contents of this document are not legal advice and are not to be treated as such. Before making any decision or taking any action, Contact Levin Law Group for actual legal advice.