Residential real estate transactions are stressful and intimidating. For these two reasons alone, you should have a residential real estate lawyer with you when either buying or selling a home. Aside from these two reasons, we have put together a list of the top three signs why you will need a residential real estate lawyer in New York.
Too Many Documents to Review
One of the first signs that you will need a residential real estate lawyer is that there are too many documents for you to review on your own and understand. A residential lawyer will be able to examine all of the documents, explain the terms and advise whether or not you should sign them.
Need to Back Out from a Contract
The second sign that you should work with a residential real estate lawyer is that you need to remove yourself from the contract. There can be a multitude of reasons for this, but a common one is that the inspection of the house failed. A residential real estate attorney will be able to edit the contract language that helps you void the deal so it does not move forward.
A Lawyer is Required
In some closings, the mortgage or title company will require that a residential real estate lawyer in New York be present. Because of this, you must have a lawyer at the table with you when closing the sale or purchase of the residential property.
As you can see, buying or selling a home can be a difficult task to undertake on your own. This is why you should have a residential real estate attorney on hand to help you sift through all of the documents before and during closing.
Selling a home in New York can be difficult if you have never done it before, or if your buyer is making a ton of demands prior to the sale. Mistakes can be made, especially by the seller, and we have compiled a list of the most common ones in this post.
Misunderstanding the Offer from the Buyer
A common home seller mistake in New York is misunderstanding the offer from the buyer. Many sellers do not review the deposit the buyer said he or she will put down, if the offer is contingent upon the buyer selling another property or if the buyer wants to use credits to help cover the costs of the loan.
Failing to Inspect Home Prior to Listing
A huge mistake sellers in New York make occurs when they fail to have their homes inspected prior to listing on the market. Inspections prior to listing will help homeowners find issues that can be fixed prior to getting involved with buyers.
Failing to Show Curb Appeal
Homeowners who do not show the curb appeal of their home to potential buyers will have trouble getting interest from buyers. Curb appeal is very important because most people will not be able to get past what the outside of the home looks like even after they see the inside, which could be immaculate.
Overpricing the Home
Another common mistake sellers in New York make is overpricing the home. Homeowners must be realistic about the value of their home. Homeowners should perform some research into the prices of other homes in their area that have either been sold recently or are currently on the market.
A residential real estate attorney can help homeowners avoid all of these mistakes.
Buying a home is stressful, but it can be overwhelming when doing so for the first time. With that being said, it is important to know what first time home purchasers in New York can expect. Knowing what to expect ahead of time will help to lower anxiety and stress levels during the entire process.
There Will be a lot of Paperwork
First time home purchasers do not realize it, but there is a ton of paperwork involved in buying a piece of real estate. The paperwork cannot simply be read, digested and signed. You need to understand all of it as much as possible in order to avoid any issues. This is why it is a good idea to work with a real estate attorney.
The Deal Could Fall Through
Depending on how the inspection of the home you wish to purchase goes, it is possible that the deal could be voided. If there are too many problems found in the home inspection, you might need to cancel the deal because it will either take too long to fix the problems or cost too much to fix them.
Determine Borrowing Power
The process to figure out how much money you will be able to borrow can be lengthy if you have issues with your credit or have outstanding loans. This is why you should figure out ahead of time how much money you can borrow from a bank to purchase the home.
Closing Takes 30 to 60 Minutes
If you think that you can just sign a piece of paper and take the keys to your new home in five minutes, then you will not be prepared for what is about to happen. Closing will take you at least 30 minutes as there will be anywhere from 50 to 100 documents to sign.
The concepts between commercial real estate deals and home purchases are the same, but there are a handful of differences between the two. Even though there is an exchange of money in both deals, the paperwork and requirements vary greatly. Because of this, it is a good idea to hire a commercial real estate attorney in New York.
Aspects of a Commercial Real Estate Deal
Some of the most common aspects of a commercial real estate deal that differ from a home purchase include the following:
- Larger investment required to purchase the property
- Commercial real estate is viewed as the potential to earn an income
- Exposure to liability greater on commercial real estate deal
- Zoning issues are more prominent
- Consumer protections might be less when buying a commercial property compared to a residential property
Aspects of a Home Purchase
The most common aspects of a home purchase that differ from a commercial real estate deal include the following:
- Home buyers can make a 20 percent down payment on a property
- Home buyers are afforded more consumer protections on a home purchase
- Zoning issues are not as prominent and only crop up when looking to build additions to the home
- Not many businesses operate out of residential property (if they do, the property is not viewed as a commercial property)
- Smaller risk of exposure to liability when purchasing a home
As you can see, there are clear differences between purchasing a home and being involved in a commercial real estate deal. Because of these differences, and the complexities of both types of deals, a commercial real estate attorney in New York should be hired to navigate the process.