An Attorney's Guide to Buying and Selling a Home - legal services

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The buying and selling of property, whether a primary residence, vacation home, or investment property, is one of the largest financial commitments most individuals will ever make and it can be one of the most stressful projects a buyer or seller can undertake.

Once an owner decides to sell a property, he or she generally lists the property with a real estate broker. After the property is listed, a "buyer" will make a formal offer . Once the seller accepts the offer, the seller's attorney drafts and sends a proposed contract of sale in order for the purchaser's attorney to begin the process of negotiating changes to the contract terms. After the contract negotiations are finished, the buyer's attorney meets with his clients, explains the rights and responsibilities of both parties under the contract, collects the downpayment check which is made out to the seller's attorney "as attorney", to be held in escrow until the closing.

After the contract is executed by both parties, the buyer receives an executed copy to obtain financing. The buyers attorney orders a title examination to determine the liens on the property, real estate taxes, water charges and objections to title that could impair a buyer's title to the property. Once the title issues have been cleared and the bank gives a clearance to close, a closing is set where all parties, as well as a title closer and bank attorney, arrive to consummate the transaction. Loan documents are executed, deed and transfer documents are signed, the title company marks up the title report omitting all objections to title, adjustments for real estate taxes, water and any rent from tenants and finally, exchange of the keys.

The entire scope of representation from initial consultation to receipt of the closing statement (a summary of the transaction) includes, and is not limited to:

Home Ownership Issues

First Time Home Buyer Representation

Draft and Review Real Estate Contracts

Prepare and Review Loan Documents Title Examination

Title Insurance, Title Searches, and Title Examinations

Title Searches

Representation at Closing

Preparing and Drafting a Post-Closing Statement Summarizing the Transaction.

Hiring an attorney guarantees that you will receive an expert, unbiased explanation and evaluation of the contract. Your real estate attorney will work to negotiate fair and reasonable terms and will help you avoid pitfalls of which you may be unaware. You may think the contract is clear and easy to understand, but it may contain provisions that are unenforceable or that create more liability than you realize. Litigating your rights after the fact can take years and cost thousands in legal fees.

On the sellers side, some people choose to sell their properties on their own without the help of a real estate agency. While this approach can save you thousands of dollars in commission, it also can expose you to liabilities and headaches of which you were unaware. If you decide to sell a property on your own, you should consult an attorney before you consider accepting an offer. Beyond the contract preparation and negotiation, a skillful attorney can maximize the value of your property through adjustments at the closing table. Finally, a closing statement summarizing the transaction, with copies of checks paid, transfer documents and HUD statement makes tax preparation and financial planning much easier when passed along to your tax or financial specialist.

For both purchasers and sellers of real estate, one low fee paid at closing covers the entire representation.

Other services available for more complex matters include

Commercial Real Estate Transactions

Purchase Agreements and Sale Agreements

Residential and Commercial Leasing

Land Use, Zoning, and Subdivisions

Foreclosures

Real Estate Litigation

Title Claim Matters

Landlord and Tenant Issues

Real Estate Litigation

Commercial Landlord/Tenant Disputes

Environmental Site Assessment

THE LAW OFFICES OF JAIME LATHROP, P.C.

182A 26th Street Suite 2R

Brooklyn NY 11232

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www.ParkSlopeLawyer.com