Monthly Archives: June 2015

At What Point Should I Hire a Real Estate Attorney?

Buying and selling a home is not a simple feat, but a real estate attorney can help make it a little less stressful. Some states, and even regions or counties, actually require the use of a real estate attorney when buying and selling a home.

When Buying a Home

While real estate attorneys can help with the purchase of homes, they are extremely beneficial to have when buying a short sale or bank-owned property. Attorneys are also a great help with properties that may have some big issues such as structural problems, or that are located in problematic areas. A real estate attorney New York can provide a great deal of market insight to New York’s confusing housing market.

When Selling a Home

If the property is being sold as an heir or on behalf of someone who is deceased, a real estate attorney is a good person to help. Similarly, if it is a problematic property- one with a large amount of distress- then an attorney can help ensure the seller does not encounter legal problems when closing on a deal.

Under Special Circumstances

As a buyer, if you are looking at homes outside of your hometown, an attorney can smooth the negotiating process for you. They can also be beneficial because if there is ever any uncertainty, whether you are a buyer or seller, on what to expect from the deal. When purchasing a commercial property is another time to consider having an attorney.

While real estate attorneys are not always necessary, it is good to consider finding one. Not only can they ease the process by making sure contract terms are clear and fair, but they can also help with filing deeds and choosing leases.

Biggest Challenges Often Faced Buying a Home in New York

So many people want to live in New York, the younger generation in particular. Whether you want to live within the city, or upstate, you will be faced with challenges. But, if you read about them before looking, you can be a little more prepared.

It is all About Location

The saying “location is everything” could not be more accurate. No matter where you are buying a home, the biggest factor affecting cost and size is the location. The best example of this is buying a home in New York: most people want to live in the city. If it is not the city, then people are considering the suburbs where families tend to live. No matter where you look, location will bring about a big challenge and high prices.

Some Tight Spaces

When buying a home in New York, you are going to find a large number of tight spaces, especially if you are looking for a home within the city. Here you will mostly find apartments and condos, with an occasional townhouse. But, by expanding the search to include areas of upstate New York, though, you will be able to find more living space.

Prices are High

While spaces are tight, prices tend to be extremely high, particularly when it comes to the popular areas of the city. But, just like with space, by going upstate, it is possible to find more reasonable pricing. Take some time to study the market situation, and find the best area in the state for your budget.

These three challenges are ones that anyone can encounter when buying a home, especially in New York. But, with a little digging and some faith, anyone can conquer the housing market.

Do We Need Renovations Before Selling a Home in New York?

Renovating a home is not easy, especially when that home is in New York. While not required for selling a home in New York, renovations can help raise the resell value. Whether it is worth it or not depends on how you feel about renovation, though.

Know the Rules

New York housing is extremely strict, especially if you live within the city itself. Study the rules to find out what sort of renovations are allowed, if there is a certain time frame it has to be completed, and what sort of permits would be needed. It will make considering renovations much easier.

Look at the Numbers

Compare your pre-renovation home to other homes in the area, and see if renovations would actually make a difference. If you find they do, then chose to focus on areas like bathrooms and the kitchen, which bring in the most profit. Also consider whether you will save money and do the project yourself, or higher a contractor to help with the work.

How Far Will You Go?

Renovating before selling a home in New York can be extremely beneficial, but you have to be willing to spend a decent amount of money. New York buyers tend to expect higher-end products for the amount they spend on a home. It is also a good idea to consider if you will do one project or multiple and if it will be a DIY job or not.

It can seem expensive at first, but the payoff for renovating can be a big one. Just make sure you know what you are doing, or hire someone experienced to carry out the job. One good renovation has the ability to add thousands to your resale value.

Why Should Commercial Real Estate Transactions Have Attorney Oversight?

Commercial real estate is a difficult market to maneuver no matter where it takes place. Therefore, it is highly recommended to seek out the help of an attorney. Below are three reasons attorney oversight is necessary.

They Know the Laws

Laws for commercial real estate vary state-to-state, so a licensed attorney will be able to help navigate through the legal aspects involved. A commercial real estate transaction in NYC will be different than one in California. They can also provide a much clearer understanding of contract terms, and help to make any necessary revisions. This knowledge also helps them with negotiating contract terms.

They Handle Property Titles

This is a statement written by an attorney, detailing the state of the property in question, including ownership rights and the things that need to be done in order for the product to be put marketable. During the search, an attorney will also make sure the property title is clear from any debts. If it is clear then the attorney is able to file the paperwork with the buyer’s insurance company.

Provide Advice for Clients

When buyers are unsure on the quality of land for land development, they turn to their real estate attorney. As mentioned before, they can also provide advice and counsel on the commercial estate laws for the area. Attorneys can also help also help with closing on a property if their client chooses to go through with the purchase.

An attorney can provide advice and insight a normal agent may not be aware of. With an attorney, a successful commercial property purchase can easily be made. When it comes to commercial real estate, be sure to have an experienced attorney to help oversee the purchasing or selling process.