Selling Your Home
“Sell Your Home Today! The Right Attorney Can Help”
Are you a New York homeowner who is thinking about selling your home? The thought is crossing the minds of more and more homeowners as the post-pandemic housing market boom continues. Interest rates are still extremely low and sellers are often getting more than asking price for their houses. It is becoming a very tempting proposition. Taking advantage of this unique opportunity can be totally worthwhile, however making sure you have the right representation is key.
Selling your home in New York may seem like an overwhelming endeavor but with an experienced real estate attorney at your side, the process should be smooth and relatively worry-free. What exactly does a real estate attorney do? An attorney who handles real estate matters will walk you through the process from start to finish. When you are ready to sell and have a potential buyer, you should engage an attorney immediately. Your attorney can assist you with negotiations on the sale price but once a “deal” is reached then the attorney’s work really begins. A seller’s attorney will draft a Contract of Sale that will include many important contingencies, especially which party will bear the costs involved should the deal fall through. Sales contracts cover everything from what is included in the sale, the agreed upon condition of the house at the time of sale, mortgage contingencies, estimated closing dates and damages for breaking the contract. Next your attorney will send a draft of the contract to the buyer’s attorney and the two sides will negotiate until they reach an agreement as to the final terms of the deal.
Once the contract is signed by both parties, the buyer’s attorney will order a title search on the property from a title or abstract company. This is an incredibly important part of the home sale process because when a purchaser buys a home, the title company must be certain that there are no questions as to ownership of the property, such as tax liens, outstanding mortgages or credit lines, boundary disputes or questions as to who actually holds title to the property. If any of these issues arise, a skilled real estate attorney can help to sort them out. This often involves dealing with lenders, local building departments, neighbors and their attorneys.
Real estate deals can also raise other issues, particularly if the seller is the estate of a deceased owner or if there are multiple sellers with potentially conflicting interests. Attorneys may also be utilized to deal with real estate brokers, home inspectors and management companies of condominiums, co-op apartments and townhouses. Finally, prior to closing, a seller’s attorney will draft a deed to convey title to the new owners, as well as fill out all the necessary transfer documents required by the government for property taxes, transfer taxes and to record the new deed.
When the house sale is ready to be completed, your real estate attorney will manage the closing, being sure to determine all of the adjustments that must be paid to or by the seller for items like taxes, outstanding bills and assessments. He or she will explain the mountain of papers that must be signed by both the seller and purchaser, regarding taxes, any loans being paid off by the seller or being taken out by the purchaser, and of course the deed. Your attorney will interact with the title closer, who attends the closing and handles those important documents that you will be signing for a couple of hours. Also, the seller’s attorney will handle any last-minute hiccups that occur during the closing, like making sure that the seller has removed everything from the house that must go, or left behind everything that must stay. Lastly and most importantly, your real estate attorney will make sure that you, as seller, will be paid every penny that you are owed for the sale of your home.
The whole process of selling your home in New York can be fraught with unexpected challenges. It can also be an emotional and time-consuming transaction, and may even be quite nerve wracking at times. However, with the right real estate attorney representing you, it should be a positive experience that opens the door to a new chapter for the home seller.
Wolfson and Klein-Wolfson, PLLC is a Syosset, New York based law firm that represents sellers and purchasers in residential real estate matters. Contact us for a free consultation today at www.wkwlawfirm.com.
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