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Our Office Can Help Legally Represent You in a Real Estate Transaction, Including the Sale of Your Home.

The Law Office of Ronald D. Weiss, P.C.

The Legal Aspects of Buying And Selling Real Estate

• The General Legal Aspects of a Real Estate Transaction
• Particular Concerns for Sellers of Real Estate
• Particular Concerns for Buyers of Real Estate
• Why Should I Use an Attorney in a Real Estate Transaction?

The General Legal Aspects of a Real Estate Transaction

A. Pre-Contract When a seller (the “Seller”) sells real estate to a buyer (the “Buyer”), there are usually a number of important steps involved. A seller will first list their property on the market for sale. A real estate broker is frequently hired by the seller to help locate possible buyers for their property. After locating a buyer who is willing to buy the property for the agreed upon price, either the Seller or a real estate broker acting on behalf of the Seller will e

They each hire different lawyers to represent them during the deal.It is advised that the Buyer perform a termite and/or home/engineer’s inspection before signing a contract in order to assess the property’s condition. All parties may move on to the contract stage if the buyer is happy with the condition.
B. Agreement A Contract of Sale will be drafted by the Seller’s attorney and forwarded to the Buyer’s attorney as soon as the Buyer’s attorney notifies the Seller that the Buyer is prepared to move forward to the contract stage. The

A contract of sale is a crucial document that lists the buyer and seller’s names, the property being sold, the purchase price, and other terms and conditions. The obligations of both parties, the deadlines for their good faith actions, and the default clauses in the event that they don’t, are all outlined in the Contract of Sale. In the Contract of Sale, the lawyers for the Buyer and Seller aim to convey the expectations of their respective clients and safeguard their rights. Since the Contract of Sale is the first document that the parties will be using together, it should be properly drafted and negotiated by the attorneys for both parties. parties, as well as a court of law, will search for the parties’ intentions. Once all parties are happy with the terms, the buyer signs the contract and sends the seller’s attorney the check for the down payment, which is kept in an escrow account until the closing. Once the down payment check is received by the Seller’s attorney and the contract has been fully executed (signed by both parties), the agreement becomes legally binding. Both parties shall perform their obligations to one another within the bounds of the Contract once it becomes enforceable. Noteworthy is the fact that every

Following the transfer of title to the Buyer, all promises made in the Contract are void (unless otherwise noted). The buyer’s attorney will get in touch with all necessary parties and set up the closing when the buyer has successfully secured financing for the purchase and is prepared to proceed.
C. Finishing At the closing, the bank, the title closer, the buyer, and the seller’s respective attorneys are present.

The sale of the property is finalized by the lawyer (if any), and any real estate broker or agent. Title to the property is passed from the Seller to the Buyer, who also pays the Seller the remaining purchase price, settles any outstanding taxes, makes adjustments for fuel, water, and taxes, and sends the mortgage and deed to the County Clerk for recording. After receiving the keys, the buyer becomes the new owner of the asset.

Particular Concerns for Sellers of Real Estate

A. Preparation of the Contract If the Seller is willing to proceed with a tentative agreement with a buyer, they should hire an attorney right away. In order for the attorney to strike such fixtures (items attached to the property) from the contract, the Seller must let the attorney know which fixtures will be specifically excluded from the sale. If not, it is assumed that all appliances and anything else attached to the property are being sold along with it. It should be noted that the Seller is required by almost all contracts to guarantee that the electrical, plumbing, and heating systems are in good operating order. The Contract will frequently specify that any appliances remaining on the land be in operational condition. Until the Seller transfers ownership of the property to the Buyer, these promises shall be enforceable. The Seller is under no further obligation with respect to the aforementioned matters after that day.
B. Dealing with Potential Issues for Sellers The standard contract further stipulates that the premises shall be delivered vacant and spotless, free of all liens, judgments, and government infractions, and that the premises shall be legally as existing at the time of closing. A title report that lists all judgments, unpaid taxes, liens, bankruptcies, building code infractions, and parking infractions against the Seller and the property will be ordered by the Buyer. The Seller may or may not need to take any action to clear title to the property, depending on the findings of this report and the terms of the Contract. A lawyer can help with If it is not possible to clear the title, offer suitable substitutes. The deadline for Sellers to leave the property is another concern. A fair possession agreement that allows the seller ample time to vacate and compensates the buyer fairly for the seller’s stay after closing is typically drafted by the seller’s attorney.
C. Review of Seller’s Closing Expenses The following are typically included in the Seller’s costs at the closing: paying real estate broker fees, attorney fees, and any applicable recording fees; paying mortgages; paying New York State and New York City transfer taxes; and covering any applicable mortgage balance. In the event that the real estate being sold is a cooperative or condominium unit, the governing bodies of these buildings might receive extra fees.

Particular Concerns for Buyers of Real Estate

A. Applying for Financing Purchasing real estate typically entails more steps than selling it, mostly because financing is typically required in order for the buyer to have the money needed to make the purchase. The requirement that Buyers pursue the acquisition of a loan in good faith and with due diligence for the amount stated in the Contract, and that they either procure this loan by the deadline stated in the Contract or demonstrate that they have failed to do so after complying with the above requirements, are the most significant legal issues that Buyers must deal with when obtaining financing. After a Purchaser receives a commitment letter for a bank loan, they must assiduously and sincerely provide the bank with all the materials needed to obtain the loan. Hiring a mortgage broker to expedite this process is helpful for many buyers.
B. Reviewing Inspection Reports In addition to financing concerns, the buyer should safeguard themselves by inspecting the property for termites and performing an engineer’s and home inspection. In order to reduce the risk of purchasing a damaged property and to give the buyer the most negotiating power during the contract stage, it is advisable to handle these inspections prior to the contract. Prior to closing, the Buyer may conduct a final inspection of the property under the terms of the standard Contract. The Purchaser needs to understand that the law in In New York, buyers are required to inspect the property because, aside from the fundamental warranties previously discussed in the Seller’s obligations, the property is taken “as is,” or in the same condition as when the Buyer first viewed it at the time of Contract signing. Repairs are not the Seller’s responsibility unless expressly stated in the Contract. As a result, the home inspection is an important step in the real estate buying process.
C. Reviewing the Title Report The Buyer’s attorney orders a title search on the property for sale after both parties have signed the Contract. Following receipt of the title report, the buyer’s attorney must confirm that the property is in compliance with local building department regulations and that the buyer will receive “marketable” title—that is, good title that can be insured and sold—to the property free of all liens.
D. Review of Buyer’s Closing ExpensesThe closing costs a buyer will pay when buying a property are difficult to estimate because of the wide range of variables that affect them. Apart from the purchase price, a buyer’s expenses are generally estimated to be between 5% and 8% of the total mortgage amount. A partial list of typical costs includes bank fees, mortgage taxes, real estate tax escrows, homeowner’s insurance, title insurance, deed and mortgage recording fees, and fuel, tax, and/or water adjustments.

Why Should I Use an Attorney in a Real Estate Transaction?

It’s human tendency to believe that everything will unfold exactly as you have planned. But sometimes the real world has other plans. An accomplished real estate lawyer is capable of:

• help you safeguard your rights and expectations at each stage of the purchasing and selling procedure.
• Describe the closing processes and the contract of sale.
• Act as a negotiator on your behalf to ensure that your rights are upheld.
• Prevent and/or settle possible conflicts that can occasionally occur in real estate transactions.

One of the bigger financial transactions in which a buyer or seller may be involved is a real estate transaction for many of them. Consequently, it makes sense to have competent legal counsel. The Law Office of Ronald D. Weiss, P.C. possesses real estate industry experience. We work hard to provide our clients with the information and support they require during their real estate transactions, as well as to represent them with diligence. Ronald D. Weiss, Esq. is permitted to practice law in the States of New York, Nassau County, and Suffolk County. He is also a member of these associations. Connecticut as well as the Eastern and Southern Districts of New York federal courts. After graduating from the New York University School of Law in 1988, Mr. Weiss has authored multiple articles in legal journals. In the past, Mr. Weiss has worked as a law clerk for federal judge in the Southern District of New York, Honorable Prudence B. Abram, and at several sizable Manhattan law firms. GET A FREE CONSULTATION BY PHONE

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This material is meant to provide general information only, not legal advice. It is a concise summary of real estate law and practice.