Whether you're buying or selling, when you pick an attorney to handle your New York real estate transaction, pick carefully. Whether you're buying or selling, the wrong choice can be a disaster.
Sure, you may know an attorney who handles general legal matters and have utter confidence in his or her skills -- but every area of law has its own quirks. It's impossible for any one person to know everything.
It's important to hire an experienced real estate attorney looking after your interests. Here's what can happen if you don't:
You miss deadlines.
Part of a real estate attorney's function is to make sure that all the deadlines are met. Missing a key deadline can expose you to liability. For example, you could lose the right to raise issues that were found during inspection or even lose the entire deal.
Important paperwork is omitted or left incomplete.
Real estate law is highly technical in nature and the proper steps for a sale or purchase are different depending on the type of property. If you aren't careful, you may choose an attorney who doesn't know how to do things like order the right documents before closing and calculate tax proration. They simply don't understand the vast number of technical details that go into a closing.
The deal becomes unnecessarily adversarial and falls apart.
The primary purpose of hiring an attorney for anything is to protect your rights. However, inexperienced attorneys don't always realize when something needs to be argued over and when it really isn't important. If your attorney turns the process into a headache for the other party, it can sink the entire deal -- especially in a hot market.
Our residential real estate attorneys have the experience you need to help you from beginning to end in this process. Contact our office for more information.