Buying a Home ? Get an Independent Real Estate Attorney.

Buying a Home in New York

Buying a home is usually the most important purchase you make during a lifetime. Yet, so often, purchasers make one poor choice after another in dealing with the real estate broker or negotiating the real estate contract, frequently due to misconceptions about the law. Ultimately, a buyer can find himself in a trap from which he cannot escape.
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The best way to avoid these potential problems is to hire an independent and experienced real estate attorney, who will give your purchase the time and attention it needs. Here’s why: The whole purchase process is a continuous series of legal procedures and decisions requiring the assistance of experienced and independent counsel to guide you.

Here are some examples of the problems you will be facing that will require independent advice:

•        Working with a Real Estate Broker: Working with a real estate broker is the first place where the legal consequences should be understood. Misconception: The real estate broker represents the buyer and will protect the buyer’s interest in negotiations. Reality: In most cases, a real estate broker works for the seller and owes his duty to the seller, not the buyer. A real estate broker cannot tell you, for example, why the seller has decided to sell or what is the lowest price he will take. Relying on the real estate broker’s help in negotiations with the seller is usually misplaced trust. In most circumstances, your attorney is the only person looking out for your interests.

•      The Real Estate Contract:   The real estate contract is the central instrument in the sales transaction. Misconception: The real estate contract is pretty standard and there isn’t much to justify paying an experienced attorney to do. Reality: The provisions of the contract of sale are not "standard" and can force you to purchase the property, even if it has serious practical or legal defects, such as utilities crossing over the property, liens, restrictions on its use and easements by others. Your real estate lawyer should not owe any duty to anyone but you, the buyer, and should limit your obligation to go ahead with the purchase if serious legal or practical problems are discovered.

•        The Mortgage Contingency: Most often the contract is conditioned on the purchaser obtaining a mortgage. Misconception: If I cannot get a mortgage, I have no obligation to proceed with the contract. Reality: If you are getting a mortgage, the contract may require that you make more than one application and provide proof to the seller. There will, no doubt, be time limits by which actions must be taken, including notification to the seller if you were denied the mortgage. If you fail to comply with these terms, you could be bound by the contract, even though you cannot get a mortgage. You need an attorney who gives your purchase the attention it needs and who will communicate with you so that critical deadlines are not missed.

•        Title Issues: If the property has serious title problems, you may be buying litigagtion for years to come. Misconception: Title issues rarely come up in buying real estate in New York, so a lawyer can’t help much. Reality: The review of the title report on the property is critical to your long-term enjoyment of the property. You cannot rely on your broker, the bank or anyone else to protect you. Your lawyer must understand a complicated report and take the time to resolve any title questions before the closing.

Let the firm of Stephen C. Silverberg, PLLC assist you in the purchase of your next home.

165 EAB Plaza
Uniondale, NY 11556

Telephone
(516) 522-2575

                                                                List of Real Estate Topics

Residential Real Estate from the Buyer's Viewpoint    The Real Estate Broker -Buyer Relationship

The Real Estate Contract of Sale                                     The Mortgage Contingency

Title Issues in Purchasing Your Home

Law Office of
Stephen C. Silverberg, PLLC

"Quality Representation. Personal Service."