If you’re buying or selling real estate, it’s important that you involve an attorney. The real estate agents will be responsible for recording the costs and negotiations, but the attorneys have the responsibility of drafting the final contract. A sale contract for real estate is legally binding. It will cover a number of different areas, including the property’s address, any included personal items, the negotiated price, your payment plan, and any other important information for the sale.
You need an attorney to help draft and review the contract. They’ll double check to make sure all the information is accurate and legally binding. The other party will also have a lawyer, who will work with your attorney to create your agreed-upon contract.
What Exactly Is a Real Estate Lawyer?
Real estate attorneys are lawyers whose main area of expertise is in real estate transactions. They have in-depth information about both basic and complex rules and regulations regarding sales. Your attorney can help you negotiate to an ideal selling or buying price, and they can also make sure that all legal requirements for the sale have been followed.
When you intend to sign the contract, your attorney will sit down with you and explain the terms paragraph by paragraph. They’ll also explain any other legal transfer of ownership documents you might need to file. If any zoning issues arise, your real estate attorney is the one to negotiate the dispute.
A real estate attorney might work with both individuals and companies. If you’re buying a house for yourself, you’ll have your attorney explain the terms; the same is true if you’re buying a store for your business with company funds.
Circumstances That Warrant a Real Estate Attorney
Any real estate transaction should be overseen by a competent attorney. If you’re dealing with a short sale or foreclosure, you’ll want your attorney to make sure your rights are protected throughout the process. Conversely, if you want to purchase property that the bank owns, the attorney can guide you through the complex legal waters.
In any transaction, the entity lending you money may ask you to have an attorney double check the legality of the property’s title. Your title company may also voice this concern. Also, if you have any intention of purchasing or selling a commercial property, an attorney should handle the transaction. There are a great deal of complex rules regarding the tax filing status for a company, along with regulations for tenant relationships.
When you file for bankruptcy or a judgment is filed against you, your best option is to get in touch with a lawyer who can advise you. Another possible circumstance involves a real estate team navigating the legal waters of a property that is part of an estate, vulnerable to natural disasters, or has issues with environmental contaminates.
There are some rare cases where you might be able to squeak by without an attorney. Real estate agents don’t receive their official license until they’ve received thorough training regarding standard legal documents for a buyer and seller to file. As long as your real estate agent has prior experience and good credentials, and the transaction is fairly standard, you might find that an attorney isn’t necessary for the process.
Costs of Real Estate Lawyers
Some people want to handle their real estate transactions themselves to save money on legal costs. This is especially true for people who are dealing with financial hardship. Unfortunately, these are the people who will be hurt most if a contract is executed improperly. An understanding of real estate lawyer fees might help to put your mind at ease.
Some attorneys charge a flat fee, but an hourly fee can sometimes be upwards of $400. With that said, real estate attorneys help keep you calm during the transaction process. You know that all of the information has been recorded properly, that you haven’t been tricked into buying less than you paid for, and that you’ve completed all the relevant paperwork. That peace of mind can be worth $400, especially considering moving is one of the most stressful ordeals a person will ever go through.
New York Requires the Presence of a Real Estate Attorney
Across the United States, there are different state regulations regarding the presence of an attorney. New York is one state that requires sellers and homebuyers to have their lawyer present when they sign their sale contract. So even if you wanted to skip the legal costs, the New York state legislature won’t let you.
You should double check to be sure that you’re able to cover your attorney fees. You should also investigate the background of your lawyer before you hire them. An ideal lawyer has experience negotiating real estate contracts and a good track record with their clients.
Information Included on the Transaction Contract
Transaction contracts can get lengthy, especially when complex property sales are involved. Even for simple property sales, a great deal of information must be denoted. Most transactions will have sections for the following:
Information about the property, including its street address and size
Information about any structures or buildings on the property
Information about any personal property included in the purchase price
Inspection history and reports
Agreed-upon sale price
The payment plan for the loan
Signatures of the realtors, the buyer, the seller, and a notary
Real estate litigation in New York City involves high damages, numerous regulations and multiple parties. Especially for disputes, clients should deliberate on retaining the services from a knowledgeable attorney. We have represented clients from all walks of life and from a variety of disputes. The practices and transactions have played a big role.
Breaching the Contract
When it comes to a lawyer, you want someone who can aggressively and skillfully represent you in the event of a legal conflict. Some of the conflicts we have dealt with include leases, purchase agreements, license agreements and other claims on a contract. Lawyers with real estate litigation have the option to represent the landlord or the tenant. In some cases, a tenant might have the right to real estate litigation if the contract wasn’t upheld. For example, the lease was violated based on a lack of providing the essential services like heating, repairing or securing the property. We have also looked at cases with property damage, lease expiration, failure to pay rent and nuisance complaints.
One element of our legal representation comes down to partition actions where the property gets divided based on the interests of the owner. For example, the clients have a common ownership in a property, and they want to divide this property to reflect the individual ownership of it. The actions could result in an actual sale of the property where the proceeds are divided or a buyout of the property.
Recission and Reformation
Whenever recission comes up, you could consider it a remedy to cancel existing contracts, and it restores the parties back to its previous position before entering the contract. You might seek a recision because of fraudulent or innocent misrepresentation and undue influence. This can also happen as a result of a mutual mistake or because of a lack of capacity. Sometimes you have cases where the deed, contract or written instrument doesn’t conform to what the parties had agreed to, and in these circumstances, one party has the option to seek out an equitable remedy for reformation.
When it comes to legal disputes, our real estate litigation lawyers can represent either side of the dispute, and they can many times negotiate settlements with this need for costly litigation on top of it. Our attorneys understand how to skillfully handle the legal situation with reformation and recision.
Boundary Disputes and Quiet Title Actions
Perhaps you want to prosecute quiet title claims to properties, and you also want to establish the lien rights and the ownership. Our lawyers represent the property owners, but we can also represent the neighbors who have a conflict over fences, trees, setbacks or a boundary issue.
Declaratory Judgment actions and Injunctive Relief
When someone requires a court order to prevent parties from taking objectionable actions now or into the future, they must take immediate affirmative action. Our lawyers can petition the courts, and we will seek a mandatory preliminary injunction. The declaratory judgment will validate the ownership claims, the assertion of rights and it will look at rent regulatory status.
Mortgage Disputes and Foreclosures
Sometimes a mortgage dispute or a foreclosure pops up and the lender wants to take action, be it for commercial or residential properties. We will represent either the lien holders of the dispute or the property owners themselves and look at the terms on the mortgage to reach a conclusion.
Sometimes the directors and the shareholders become firmly planted in a litigation case where both of them have a legal battle. The shareholders might claim that the director breached the fiduciary duty. In addition, shareholders also have the right to claim waste of corporate assets, and they can claim the abuse of control. When the director’s conduct comes into question, they will be governed based on loyalty. This will prohibit the director from collecting profits that will put more expenses on the behalf of the corporation. In other cases, the director might have failed to honestly manage the assets, which leads to a breach in the duty of care to its corporation. Our lawyers understand the intricacies of the law, and we will work hard to aggressively represent you in the courts.
You need someone who can stand by your side to keep you protected. When you visit with us, we will give you experienced real estate litigation that protects you. Schedule an appointment today, and Spodek Law Group will look at the specifics of your case to determine the best course of action. We understand the complexities of the law, and we will use this understanding to defend your rights in the court system. We know how to effectively argue for reversals and decisions that will be in your favor.
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