When it comes to selling property, you can never assume that everything will go smoothly. Statistics from the National Association of REALTORS® show that 30% of contracts were delayed in October 2020 due to some complications, which included:
- Financing issues
- Appraisal issues
- Home inspection/environmental setbacks
- Titling/deed problems
- Distressed property issues
Real estate attorneys in states like NY can shield you from potential legal issues in your property sale and help resolve whatever challenges you may encounter. In this article, find out how real estate lawyers can assist property sellers like you.
Real estate attorneys can help you….
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Deal with legal documentation
Real estate attorneys help property sellers prepare or collect important legal documents, such as purchase agreements. This is very useful if you are a first-time property seller or if you’re putting up your house for sale without the assistance of a real estate agent.
Even experienced property sellers depend on real estate lawyers to make the process of preparing legal documents easier. Having a lawyer by your side throughout the sale also ensures you have all the necessary paperwork done.
Most importantly, real estate attorneys can help you settle documentation disputes like titling/deed and permit issues.
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Go through foreclosure or short sale situations
If you’re contemplating a short sale or a foreclosure, hiring a competent real estate attorney is crucial. Your attorney, along with your agent, is the best person to negotiate with your lender.
Real estate attorneys can provide the records and documentation that prove your financial troubles. They make sure all your information is factual and up to date, so you can reach the closing stage.
Short sales and foreclosures are very complex activities. Your real estate attorney’s knowledge of specific laws on short sales and foreclosures in your state will help enormously in sealing the deal.
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Sell inherited property from a deceased owner
Selling a house that you inherited from a deceased family member or friend is a nightmare if the property came with a few legal problems. In this case, your best bet is to find a real estate attorney to help you iron out any issues.
For example, if the previous owner didn’t set up a living trust, your lawyer can help guide you through the probate process so you can start selling the property.
If the previous owner was able to set up a living trust, your lawyer or probate attorney can explain the terms of the trust to you and confirm your right to sell the property.
If the property was bequeathed to multiple inheritors, your real estate attorney can represent your interests during negotiations.
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Discuss property repair liabilities
In some cases, the house or property you just sold would break down unexpectedly—even after a thorough home inspection. It might be a home appliance breaking down or a roof starting to leak just a few days before you’re scheduled to close the sale.
This is a tricky situation as it involves money. Sometimes, the buyer would demand that their contractors do the repairs, but the seller should foot the bill. Or it might be the other way around.
Whatever the case, having a real estate attorney to advise you on your legal options and represent you about repair liabilities, will be helpful.
When you are selling a property that’s in bad shape, a real estate attorney can guide you on what things you can disclose and help address your possible exposure to litigation.
You Can Rely on Real Estate Attorneys for Help
When it comes to selling properties, relying on yourself or your real estate agent can only take you so far. In real estate transactions, having a reliable attorney at your side can help you navigate through any legal trouble and ensure you reach the closing with peace of mind.
Aminov Law Group P.C. has extensive knowledge of New York’s complex real estate laws. We help you go through any complicated legal challenges. Schedule a free consultation with us today to present your concerns to our team of lawyers.