Real Estate

What Types of Real Estate Does Your Firm Handle?

Our firm assists clients with the residential real estate transaction and intra family transfers focusing on estate and asset protection planning. Since it is important to proceed through the real estate sale and purchase process with the knowledge and information necessary to ensure a successful transaction, it is essential to work with an experienced real estate attorney in Deer Park, New York. Although New Yorkers generally utilize the service of attorneys, having an experienced real estate counselor on board will avoid costly and often irreversible mistakes. Such include purchasing with restrictions attached to the land that may preclude your use of your new property in a particular way, or ascertaining that the prior owner failed to file the Satisfaction of Mortgage that still appears on the title report. So by working with an experienced attorney, you are allowing a professional who handles such transactions regularly to guide you through the stages from the beginning to end. Mistakes can be costly in real estate transactions, so allow the Law Office of Joanne Schlenk McAvey, PLLC. to help, regardless of the type of residential real estate in question.

What Matters Should Someone Discuss With An Experienced Attorney Before Taking Any Steps To Buy Or Sell Residential Property in NY?

If one is selling his home, he should gather his pertinent real estate documents to provide to the attorney handling the sale. They include the filed deed, certificate(s) of occupancy or compliance, the survey, the real estate title insurance policy and the real estate tax bill. In this way, the attorney may ask questions about the property and uncover any deficiencies that will have to be corrected. In NY there is the Property Disclosure Statement that a seller must answer, sign and provide to the buyer that may disclose issues with property’s condition, hazard concerns, flooding and other matters that the buyer may consider in proceeding with the transaction.

It should be noted that the Property Disclosure Statement is not required in Estate and Trust Sales and several other limited scenarios.

Further, having an idea of the current fair market value of a home will also enlighten the seller and counsel about what negotiating points are in play, since a low inventory and high demand in the real estate market, will often leverage the negotiation in seller’s favor.

How Does A Real Estate Attorney Assist with the Purchasing of Real Property? I Already Have a Real Estate Agent. Do I Need Both?

Working with a real estate attorney is essential in the buying process, even if you already have a real estate agent. While working with a real estate agent is better than attempting the process alone, they do not offer the resources available when working with a real estate attorney for the purchase of the premises. Understanding what is being sold and how the property presents itself, is a starting point for discussion with a buyer’s attorney. Does the home include additional rooms or space, in ground pools, cabanas, decks, backyard structures, finished basements,

additional electrical and fireplaces, etc.? The attorney will need to know this in order to request copies of electrical certificates as well as certificates of occupancy/compliance (c/os) that cover these structures and ensure they conform to the Town’s building requirements. Remember that a 

buyer who accepts an improvement without the proper certificates may one day be the seller, having to apply for permits and c/os from the Town. To get a clearer picture of the unique advantages offered by a real estate attorney in the purchase of real property, it is always best to schedule an initial consultation . 

What Is Clear Title, And Why Does It Matter?

A clear title is essential in the real estate transaction process whether you are a buyer or a seller. It is the buyer’s attorney who will order a title inspection report from a respected title insurance company, which report will list exceptions to title that must be addressed by the buyer and the seller prior to closing. Open liens such as mortgages, judgments, tax liens, out of possession boundary issues will have to be cleared up by the seller in order to close title and permit the title company to issue title insurance to the buyer and lender. This could be a deal breaker if not addressed. 

The buyer too may have open judgments of record, bankruptcies, or liens that may have impact on his lender providing a mortgage for the purchase. Clearing up title exceptions are necessary to ensure a seamless closing process. It is for these reasons that it is essential to have a real estate attorney on board.

What Are Common Issues That Affect Title That Can Hold Up a Real Estate Transaction?

There are both seller and buyer issues that may upend a stress free closing. The buyer may not realize that student loan debt, car loans, and other loan obligations may affect his ability to obtain a mortgage without paying off such obligations prior to closing. If he does not have such funds to do so, it may delay or cancel the contract of sale and lead to potential liability. Continued good credit and employment during the transaction are necessary to avoid the lender from rescinding the offer of financing. Closing dates that are listed as time of the essence will require the buyer to expeditiously provide the lender with the financial documents it needs to make a decision. There is little or no leeway in the closing date in these circumstances.

As for the seller, he must ensure that all outstanding title issues, such as judgements, liens, mortgages are paid off at closing, that there is a clear chain of title and that there are certificates of occupancy for the premises as it presently exists. This is why an experienced real estate attorney is employed to troubleshoot such issues and ascertain what must be done to resolve the issues. 

How Should I Prepare Beforehand To Sell My Property or Buy Another One?

Preparing well and ahead of time to sell a property can be one of the most beneficial things you can do to ensure the transaction runs smoothly, and you will be set up for success in the search for a new buy! However, knowing where to begin can be confusing. There are several steps to a

successful transaction, such as reviewing the specifics about your property with your real estate attorney, obtaining an attorney’s search ahead of title to ascertain objections, and gathering your legal documents in order to have an intelligent conversation with your experienced real estate attorney.

What Are Common Causes of Delays or Things That Can Derail A Sale or Purchase of Real Estate in NY?

Many of the typical challenges faced during a real estate sale or purchase that can delay the process may be avoided if working with an experienced real estate attorney who knows how to navigate the transaction. For example, title issues as discussed above, issues with the buyer’s financing or issues with the property itself can all cause significant delays. To ensure any of these issues can be caught and corrected as early as possible, it is best to work with a real estate attorney. At the Law Offices of Joanne Schlenk McAvey, PLLC. you will find the experience and resources necessary to avoid such issues.

What Happens At The Closing of A Property? What Can My Real Estate Attorney Do To Make This Process Go Smoothly?

By the time a closing is scheduled, the parties’ real estate attorneys should have cleared up title exceptions and adjusted closing figures. That implies that the parties have spoken with their respective attorneys to learn what expenses must be paid at closing. Closing expenses include sales commissions, transfer tax, attorneys fees, mortgage payoffs, lender’s expenses, etc. TO learn more about the closing process and all it entails, call the Law Offices of Joanne Schlenk McAvey, PLLC., today!