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If you’ve been asking yourself recently “do I need a lawyer to purchase a house in New York?”, then continue reading. Although not required when making a home purchase, a lawyer gives buyers and sellers a leg in a home purchase. A real estate lawyer can help you achieve every item on your New York real estate closing checklist without conflict. David J. Aronstam has over thirty-five years of experience in this area of law and can help with any contract or negotiation.
The average age of a home in the United States continues to climb. At 37 years in 2015, repairs are not uncommon. Constructed completed on more than half of owner-occupied buildings in the country before 1980. These homes require attention. Ducts need to be clean, roofs repaired, and interiors thoroughly inspected. The closing checklist is extensive, and your dream home may require some attention.
Meanwhile, the exploding prices grip the nation. The cost of homes exceeds the point reached before 2008. Sellers aim to achieve the highest price possible. Closings are hotly contested.
A real estate lawyer irons out the fine points of a contract, closing loopholes and providing peace of mind. It is customary for the seller’s attorney to draft the first draft of a sale. The buyer needs to ensure that the proposal is fair.
Your attorney also helps establish title to the home. As we other fields, we resolve claims and help recreate the chain of ownership. Liens and violations of ordinances create a headache for any buyer.
When the deal closes, your attorney helps review documentation such as deeds, tax returns, and mortgage documents. Failing to obtain any of these documents properly leads to complications down the road.
The role of a lawyer does not always end once the deal closes. Negotiation often produces specific guarantees. With the average of age of a home, these assurances relate to everything from duct and yard repair to plumbing and electricity. Your lawyer is crucial if a party fails to uphold their end of the bargain. We help to enforce the terms of your contract.
Housing prices are astronomical. Lenders want to assure that they will get their money back. Unlike in the 2000s, they request extensive proof of income and even require character references. Establishing substantive proof of your ability to pay helps avoid the same issues leading to the 2008 crash.
We help our clients prepare documentation and avoid any pitfalls in the lending process. You should never give any more information than you need to any lending institution. We also help you gain an understanding of the total cost of your future purchase.
It is not necessary to use a lawyer when buying a house. However, not using a lawyer allows problems to grow uncontrollably.
We strive to ensure that each party achieves a fair agreement. Expert training and experience allow us to identify and overcome issues in the purchase process quickly. Never get caught with a bad title or in unlivable conditions.
If purchasing a house in New York, do you need a lawyer? Not by law, but you should consider hiring one. The team at the law offices of David J. Aronstam are ready to assist. Get in touch today to find out more.
David J. Aronstam, Esq.
Attorney at Law