The purchase of a home is the biggest investment you will ever make.
An improperly handled closing can have serious and lasting consequences.
One of our attorneys can help the process go smoothly and efficiently while protecting your legal rights and interests.
An attorney is helpful during the contract negotiation process.
The written contract for the purchase of a home is the basis of the transaction. Although the preprinted contract form covers many of the issues that will arise, a lawyer is necessary to explain the form and make changes and additions to reflect the understanding of the buyer and seller.
An attorney can expedite the closing process.
From the time of contract to closing, various issues and disputes may arise with regard to the condition of the property, inspection reports, possession, closing dates and time, moving arrangements, etc. An attorney, working hand in hand with your Realtor®, can help prevent or resolve these problems.
An attorney can help explain the many different financing options available.
There are many different options available to finance a home, including Conventional, Conventional Insured with PMI, Adjustable Rate Mortgages, FHA, VA, assumable, seller financing, and Government funded programs. An attorney can help explain the advantages and disadvantages of each of these options.
An attorney will review your closing costs and tax adjustments.
Prior to closing, the lender's attorney will prepare a HUD-1 Settlement Statement which incorporates all of the purchaser's closing costs, as well as tax adjustments and other adjustments affecting the property. An attorney will review these items to ensure that a purchaser is not paying more closing costs than set forth in the Commitment Letter and Good Faith Estimate. In addition, an attorney will ensure that tax adjustments and prorations are computed properly.
An attorney must review the title to the property.
Prior to closing, the seller will provide the buyer's attorney with an Abstract of Title, Survey, Tax Search and other important documents which reflect the status of the title to the property. The buyer's attorney carefully reviews these items in order to certify that title to the property and point out easements which may restrict the future construction of pools, fences or other structures. In addition, the Survey may show that a neighbor's fence or driveway encroaches upon the property being purchased. The encroachments my affect title, and an attorney can advise you how to prevent future problems which may be caused by these encroachments. If Owner's Title Insurance is obtained, an attorney will review the Title Report and Policy with you, and verify that title is properly insured.
An Attorney will review and explain the documents at closing.
An attorney will be familiar with all of the necessary documents at closing and can explain their significance before they are signed by the parties to the transaction. The attorney will review the Deed, Transfer Gains Affidavit, and Equalization Form, to ensure that they are properly completed, set forth the
correct legal description, and set forth the correct names of the parties to the transaction.
Only an attorney can give legal advice.
Your Realtor® is prevented by his or her code of ethics from giving legal advice. The lender's attorney is primarily concerned with protecting the lenders interest which may be inconsistent with the buyer's. Your attorney is concerned solely with protecting your interests.
An attorney has received formal training.
An attorney in New York can be licensed only after completing four years of undergraduate studies and three years of law school passing a two day bar examination, and completing a background check. An attorney is bound by a Code of Professional Responsibility which governs conflicts of interest representation of clients, and other important matters. An attorney is also required to complete 12 hours of continuing education per year in order to
keep his or her license in good standing.