While purchasing a home is an exciting time in one's life, the process can also be extremely stressful. Contracts must be executed, the title must be checked, loan documents must be signed, and proceeds have to be delivered to the right people. Although a lawyer's assistance in a real estate closing isn't mandatory in New York, a closing attorney can be a valuable asset for a homebuyer, and provide peace of mind throughout the entire process. If you are purchasing a home in New York state, the Law Offices of Melvin Monachan can help.
The Role of a Buyer's Closing Attorney
Preparing or Reviewing the Contract
In New York state, a seller's attorney generally drafts an initial contract for purchasers and sellers to sign. The role of a buyer's attorney, however, is to review the terms of the contract and explain these terms to the purchasers so that the purchasers understand the document which they are signing. A buyer's attorney often adds additional terms to the contract for the buyers and sellers to negotiate. Oftentimes, a buyer's closing attorney will even negotiate these terms on your behalf along with your agent.
After a contract has been executed between a buyer and seller, a buyer's closing attorney will order title work for the piece of property. The closing attorney will review this title work and search for any problems--otherwise known as "clouds"--in the property's title, such as judgments, easements, or encroachments. If any clouds in the title are discovered, your attorney will determine the necessary steps to resolve the issues.
Obtaining Title Insurance
Title insurance is an insurance policy which protects both you and your lender from any costs which may accumulate if you were to have to defend the title to your property. Your attorney can help you obtain a title insurance policy for your home.
Collaborating with Lenders
If you are taking out a loan to purchase the property, your lender will require a large amount of paperwork in order to approve you for a mortgage. Your attorney will work with you to provide your lender with the necessary documents for your loan.
Attending Your Closing
Attending your closing is arguably your closing attorney's most important role in the closing process. During the closing, your attorney will represent your interests and explain to you the purpose of each document you are signing and what impact these documents have on your closing. Your attorney
Once a real estate closing is complete, a purchaser's attorney will ensure that funds from the closing are properly disbursed. This includes paying sellers, disbursing commissions to real estate agents, and paying taxes for your property.
Purchasing a Home? We Can Help
If you are in the process of purchasing a home, the Law Offices of Melvin Monachan, PLLC are standing by to assist you from contract to closing. The purchase of a home is one of the most important--and most expensive--purchases in your life; don't try to wade through the closing process alone. To learn more about the closing process, or to schedule the closing of your home, fill out an online contact form or call (347) 620-0565 today.