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Why do people hire lawyers to purchase real estate in New York?

| Jun 3, 2021 | Real Estate

Real estate in New York is expensive and in high demand. Those hoping to buy a house, especially those who have not completed such a transaction before, often feel overwhelmed by all of the information and paperwork involved in a real estate purchase.

Quite a few people partner with real estate professionals, but many people choose to partner with both real estate professionals and lawyers. There is a good chance that any seller you make an offer to has an attorney on retainer to assist them on their end of the transactions.

Why do so many people work with lawyers during real estate transactions in New York?

Boilerplate documents put you at a disadvantage when buying real estate

One of the most powerful arguments for having an attorney as a buyer is the purchase offer that you submit when you want to buy a specific property. This document is a complicated contract, and many real estate agents just use a basic template that they plug a few details into before sending it to the seller.

The problem with this approach is that these boilerplate documents inherently offer more protections to sellers than to buyers. You may want to include certain terms in case the seller retains possession after closing or you need contingencies related to inspections, appraisals or even your ability to sell the house you live in now. Having an attorney means that you can draft an airtight document that protects you in this major transaction.

An attorney is uniquely qualified to address unusual issues

You might be surprised to learn how many times a seemingly standard real estate transaction gets derailed because of issues like a blemish on the title, a problem with the appraisal coming in lower than the purchase amount or similar unforeseen but significant issues. If you don’t understand your rights and the law in New York, it can be difficult to navigate complications in the closing process.

An attorney can offer you skills and support that could prove invaluable. Finding a house is already stressful enough without putting yourself in a legally and financially vulnerable situation. Knowing you have the right professionals on your side can empower you to bid aggressively on your dream home.