We all know: attorneys cost money. For homebuyers in New York, that matters because they will already be forking out what is likely to be their biggest purchase of their lives: a home.... in New York. The extra expense of a New York real estate attorney doesn't make sense to so many homeowners. But should it make sense? Can an attorney actually save you money – if not upfront, then in the long run?
Here's what to know about hiring a residential closing lawyer in New York when purchasing a new home.
The Real Estate Lawyer: the King of Reviewing
Everyone knows that one thing a lawyer does best is reviewing, and through this process an experienced real estate lawyer can make sure that all your legal documents related to your home purchase are in order and in your favor. Mortgage lenders have been known to sneak in terms and language that you do not quite grasp, and in doing so, these mortgage lenders try to take advantage of you.
The Real Estate Lawyer: the Great Negotiator
The real estate lawyer can be with you throughout the entire process, from the moment you begin looking to the moment you make your decision and then beyond. Your attorney can help you choose potential properties and draft the contract of sale – so you know the terms have your interests in mind. Once you are "in contract," the attorney will still be by your side, advising you up until a successful residential (or commercial) closing.
During this time, too, unexpected things can happen. Questions about the title may arise. Issues with financing may arise. The seller failing to satisfy all the contractual obligations may occur. In any of these or other scenarios, your attorney will advise you on what to do and will negotiate with the other parties to make sure it gets done – whatever the issue may be.
It is the negotiations that your attorney conducts that can make or break many of these problems that arise prior to closing. For example, an inspector finds defects like electrical issues, water issues, among other potential issues. The attorney may be able to resolve these issues by negotiating credits and repairs, thus, resolving the matter in your favor by saving you money immediately and in the long run.
Those saved expenses will likely well outweigh the expense of your attorney.
The Real Estate Lawyer: Resourceful & Insightful
An experienced attorney is also one who has the benefit of that experience to develop useful insight and resources, including a network. He or she will know the real estate agents in the area, the mortgage lenders in the area, among other things. This information can prove to be an advantage for you and lead to a successful residential closing experience.
The Trusted NYC Real Estate Lawyer: Melvin Monachan, Attorney at Law
Purchasing a home in New York costs money both for the home and the process. Save yourself some stress and money by retaining an experienced real estate lawyer. You may think you are saving yourself money by not doing so, but you're not except in those rare instances where everything just seems to fall into place like magic. Contact The Law Office of Melvin Monachan, PLLC today online or at 516-714-5763.