The real estate market is rising and shows no signs of stopping. In 2021, Manhattan real estate reached a record-high $30 billion in sales. Purchasing or selling a property is an important transaction that requires the help of a real estate lawyer in NYC. Real estate involves a lot of documentation, legal formalities, and massive money transactions.
Considering the necessary procedures involved in sales and acquisitions of property or mortgage lending and financing, housing experts recommend hiring a lawyer. They provide valuable support by safeguarding and protecting your rights, among other things.
What Can Real Estate Lawyers Do?
The field of expertise of real estate lawyers is diverse and broad. You can rely on getting the advice and support needed at every stage of the transaction. They assist in residential real estate transactions by researching the property to ensure the sale is balanced and fair.
Lawyers can assist during commercial real estate transactions to ensure the correct zoning of the property. They will do due diligence to ensure the property is a valuable business investment that suits your needs. They will also review co-ops and condominium transactions to help you purchase the property with confidence.
Real Estate Transaction Stages
Before taking formal steps to realizing and finalizing a real estate transaction, it is best to hire a lawyer specializing in the industry. With all the work and documentation required to complete a transaction, having an expert by your side can help you overcome any roadblocks and ensure a seamless process.
Preliminary Transaction Stage
In the preliminary stage of the real estate transaction, you’ll need a lawyer to help you with some of the following services.
- Knowing the market – Experienced lawyers are familiar with the ever-changing real estate market, including the latest trends and relevant news to your transaction, before signing any documents.
- Knowledge of legal requirements – Navigating the legal and procedural requirements of the NYC real estate market is challenging. Real estate lawyers can help explain and simplify any rules, legislative changes, and regulations relevant to the transaction.
- Contract preparation and review – A vital document in any real estate transaction, lawyers can help prepare a comprehensive and inclusive contract detailing all the transaction items. If you are presented with a contract from the other party involved in the transaction, you must have a lawyer thoroughly review it. They will spot potential issues and propose reasonable amendments to ensure mutual agreement.
The Transaction Stage
The New York City real estate market is competitive and volatile, and there is always a potential for unethical actions or scams. You can never be too cautious when avoiding becoming a victim and suffering losses or, even worse, engaging in endless legal battles.
Most buyers and sellers are upfront and forthright about the proposals. However, having a trusted lawyer on your side during the transaction may force the other party to be transparent, even if they planned otherwise. The lawyer will always seek your best interest and protect your investment.
Lawyers do their due diligence by reviewing and inspecting the property and identifying and evaluating potential threats. If they feel the property is not worth buying, they will advise you accordingly.
Post-transaction Stage
If a lawyer was involved in the whole transaction process, then you are probably all set and are enjoying your new home or office. But what if you decided to do it independently and encountered serious problems after finalizing the transaction? A lawyer can still help if you find issues that require formal legal review and action.
The lawyer and their firm must have extensive knowledge of real estate legislation, contract law, and litigation. They can also provide options to resolve the issue quickly and offer guidance and support.
Is Hiring a Real Estate Lawyer a Requirement in NY?
Hiring a real estate lawyer when buying or selling property is not required in New York, but it is highly recommended. The real estate industry is a confusing maze that can have dire consequences. Let lawyers do what they do best – protect your investment and look out for your interest.
In most real estate transactions, lawyers represent their clients, so don’t be caught in a situation where you are on your own. Even worse, you may think you know all the tactics, but you can hardly outsmart an experienced lawyer. Why not get the most for you out of the transaction?
Is a Lawyer Needed if You Have a Buyer’s Agent?
Buyer’s agents can be incredibly knowledgeable and offer legal advice, but they are not licensed, lawyers. They may guide you through the offer-making process, identify if homes meet your requirements, and help set the price.
It’s important to remember that agents do not have the required knowledge and credentials to give legal advice. That is why hiring a licensed lawyer to represent you, and your interests are highly advisable.
Where to Find a Good Real Estate Lawyer
Finding a good real estate lawyer may sometimes require some effort on your side. There are several ways you can look for a good one. If you already know any lawyers, simply let them know what you need and ask for a referral – they might know someone that specializes in real estate.
Real estate agents are well-connected and have a vast network of professionals that can help. Ask them to recommend a trusted lawyer that can assist you. If your family or friends don’t know anyone, you can always search for local real estate lawyers online.
If you have exhausted all the possibilities, contact the NY Bar Association and find one authorized to practice in your state. The database also contains information about the field of law, the lawyers’ practice, and if there are any negative reports against them.
Schedule a Consultation with a Real Estate Lawyer in NYC
Handling a real estate transaction is a complex process that involves a lot of paperwork and dedication. Having a real estate lawyer in NYC is beneficial as they are crucial assets to any transaction.
Aminov Law Group offers the possibility of scheduling a consultation with one of the top real estate lawyers in NYC. Let us guide you through the process, clarify any issues, and ensure all agreement elements are researched in detail and legally valid.
Our lawyers are always ready to listen to your legal concerns and provide sound advice and legal services. Contact us today and schedule a free consultation.