
For many, investing in real estate property is likely the most financially significant decision they can make during their lifetime. Especially if this is their first real estate purchase, they should acquire a legal representative. With that being said, please follow along to find out how an experienced New York City purchase & sale attorney at Zimmet Law Group, P.C. can work diligently to protect your real estate investment.
Can a real estate attorney help at the closing of my real estate purchase and sale?
It is highly recommended that the buyer’s and seller’s real estate attorneys be present to close a property purchase and sale. This is because you do not want the other party’s attorney to solely draw up the closing contract and make yourself vulnerable to an unfavorable agreement. Moreover, your bank may be unwilling to follow through on the loan if you do not have legal representation during this transaction. Without further ado, your real estate attorney may assist you with the following during the closing:
- Your attorney may review the contract and identify potential areas for future disputes.
- Your attorney may explain what dues are expected of you before you sign the contract.
- Your attorney may ensure the financial obligations of the other party are satisfied.
- Your attorney may confirm the title transfer is executed and recorded properly.
How else can a real estate attorney help protect my investment?
The role of a real estate attorney does not begin and end at the closing of your real estate purchase and sale. In other words, you should retain their legal services from early on, right when you begin thinking about investing into real estate property.
That is, from early on, your attorney may complete a title search on your behalf. In this process, they may review public records to confirm a property’s legal ownership and flag any liens, levies, and other potential legal claims on the property. In other words, they may advise you whether the property you are interesting in is worth pursuing and investing in. If not, they may pivot your attention to an alternate yet similar property with a clear title.
Then, later on, your attorney may advise you on an asset protection plan for your real estate property. Such a plan may help your investment avoid threats from lawsuits and creditors down the line. More specifically, they may recommend forming a limited liability company (LLC) or establishing a trust. And while your attorney likely did their best in avoiding potential areas of disputes in your closing contract, there may have been some future circumstances beyond their reasonable control. So, they may continue to represent you if any legal disputes between you and the buyer or seller happen to arise.
If you are looking for more clarity on the matter, please allow a skilled New York City real estate attorney to offer it to you. Schedule an appointment with Zimmet Law Group, P.C. today.