Law Office of
New York City Real Estate Attorney
New York City Real Estate Attorney
Manhattan, Brooklyn, Bronx, Queens, Staten Island
Whether you are buying or selling a home, your team of expert advisors should include a real estate closing attorney. Real estate closings are complicated matters and require a thorough knowledge of the law. Accordingly, sellers and purchasers often turn to lawyers.
Many buyers and sellers often wonder what a real estate closing attorney does other than conduct the closing. Well, the answer is, quite a bit!
The real estate closing attorney performs many time consuming tasks preparing a transaction from initial client intake to closing. A real estate closing involves a series of complex phases: contract drafting and negotiation, document review, examination of the title, completion and explanation of legal documents, and resolution of any possible title difficulties. New York City Real Estate Closing Attorneys conduct each of these steps.
First, because real estate attorneys have sophisticated experience with many types of real estate transactions, it is prudent for a buyer or seller to ask their real estate lawyer to negotiate the terms and conditions of their real estate deal. This involves working with other attorneys, developers, brokers and investors. Once the negotiations are complete, the real estate attorney drafts the real estate contract, also known as the Contract of Sale, which incorporates all the terms of the transaction as negotiated. Second, there are numerous documents associated with a real estate closing. It can be hard to review and understand all of them. Missing even one clause can change an entire legal document so it is important to have a trained real estate attorney aid in the process so that no issue is overlooked and everything is done in your best interest.
A real estate attorney then examines the title records for prior conveyances, unpaid mortgages, liens, judgments, easements, and other encumbrances and clouds on title. They verify that the seller has the authority to convey a good title to the property and that no errors exist in the deeds in the chain of title.
Real estate attorneys next combine all relevant information into one set of closing documents. At the closing, they provide detailed explanations of the documents to insure that the parties understand all issues involved in the transaction. At the closing, they provide an explanation of obligations under the contract, the documents exchanged and of the closing process itself, as well as an analysis of title searches and quality of title, and the significance of the title insurance policy. They then disburse funds and ensure that the relevant documents are recorded as public records.
The real estate closing attorney's role can be summed up as follows: review and negotiate the specific terms of contracts; help assess financing options and explain the terms of loans; evaluate all legal documents, such as the deed, title policy, mortgage, survey, closing statement, and seller disclosure statement; attend the closing and make sure clear title is transferred; scrutinize charges to make sure that they are consistent with estimates; and provide updates of any facts that affect the property interest and provide counsel if difficulties arise.
The real estate closing attorney's role can be summed up as follows: review and negotiate the specific terms of contracts; request title searches, surveys, mortgage payoff letters, condominium documents and all other items necessary for closing; prepare the deed, all other closing documents, and closing figures; arrange for the closing at a convenient time and place; attend the closing and ensure that clear title is conveyed; review charges for consistency with estimates; and provide updates of any facts that affect the property interest and provide counsel if difficulties arise.
For most people, a real estate purchase is the biggest financial purchase that they will ever make. This means that it is crucial that you hire an experienced real estate attorney to ensure that you are satisfied with the process and can be assured of a positive final outcome. New York City Real Estate Closing Attorney, Jeanne Reardon, has the knowledge and experience that you can trust for your real estate closing.