Buying a will be one of the most important decisions of your life. Because of New York's challenging (to say the least) market, the journey to homeownership will involve putting up a large sum of money and a basic knowledge of the state's intricate law. This makes the idea of buying intimidating to most. But with the guidance of a attorney, these obstacles can be overcome. In fact, the assistance of a real estate attorney is mandatory in the state of New York.
New York is one of the few states in the country in which the law requires an attorney's physical presence in a real estate transaction. They are present on the seller's side and the buyer's side in transactions because they draw contracts of sale. Attorneys are also tasked with reviewing financial statements and the offering plan, which will include important details like bylaws and the risks of buying the property.
If you're looking to own a condo, your attorney may review board meeting minutes. These minutes will give you a clear picture of ongoing and/or impending costs for building issues. For example, your condo may have had a bedbug infestation or that leaks despite constant repairs. This information must be thoroughly assessed because it often reveals prominent details that potential buyers should be aware of prior to a transaction.
Not to mention that many banks won't lend money to buyers if they have not obtained legal representation. Thus, obtaining representation is an additional step in the “due diligence” phase of the home-buying process for New York buyers.
Even if retaining an attorney wasn't a requirement, you'd still benefit from having one. Real estate transactions are complex and involve tons of paperwork. To solve issues that have arisen and to avoid foreseeable issues, an attorney will be needed to keep the process as simple as possible. Therefore, it's important that you ask your attorney about how much experience he or she has with these types of transactions and what the process entails.
Contact New York Real Estate Attorney Melvin Monachan
Choosing the right real estate attorney is a vital decision to make when buying a home. There are also many other factors you should consider before buying a home in New York. A seasoned attorney can help you make sense of this process. Attorney Melvin Monachan has years of experience representing both buyers and sellers in various real estate transactions. Contact The Law Offices of Melvin Monachan, PLLC, by filling out an online contact form or calling (516) 714-5763.