New York residents need to know the role an attorney plays in the home buying process. Here are five reasons you should hire an attorney when you are looking to buy a house in New York.
- Contract
In New York and New Jersey, it is commonplace for the seller to have an attorney create the initial Land contract of sale. A land contract is a legally binding contract of agreement that is used to verify the sale of land, an apartment, a house, or any commercial property. The attorney creates a document that meets the seller’s specifications. As the purchase is negotiated, between the seller and buyer, the attorney will add and remove certain elements of the land contract. Once the contract is prepared the seller and buyer both sign the document and move on to the next steps of the home buying process.
2. Title Report
After the land contract is signed, the attorney moves on to the next step in the process which is the securing of the properties’ title report. A title is a document that shows who has legal ownership and the rights to a particular piece of property. Once the attorney receives the title report, they can view the title history of the home. With this information, the attorney can determine if there are any outstanding disputes with the title that the buyer needs to resolve before they can move on to the final steps. Issues with the title report has the potential to prolong or even cancel the sale of the home. Therefore, it is important to have an attorney who is prepared to deal with this process in order to have a smooth purchase.
3. Mortgage
Once the title report checks out, then you can move on to the next step. This is where the attorney works alongside the lenders associated with your mortgage. They send over all the necessary paperwork you need to see and sign regarding your mortgage loan. The attorney organizes everything and explains it, so you are aware of what sand why you are signing.
4. The Math
Now that everything is signed, and the bulk of the paperwork is done, the attorney will then begin to finish the math to find how much you must pay at closing. Your closing costs are typically dived up between the seller, the lender and the title company. This payment is already agreed upon in the land contract. Now the attorney just completes the finishing touches on the math.
5. Representation
The last step is your attorney representing and advising you at a closing. This is to make sure everything meets what has been agreed upon throughout the home buying process. The attorney will review all the paperwork to guarantee you are fully aware of everything in front of you.
Buying a home in New York and New Jersey can be a long strenuous process. However, if you hire an attorney you will not only be able to save time, but you will find that the process is far more coinvent and streamlined.
If you are buying or selling a house in New