If you are purchasing or selling a home, you need to know about the different contingencies that can arise. It is best to try to minimize the contingency if possible. For example, if you rely on the sale of your current home to pay for your new home, you may have to put a time limit on entering a bona fide sale contract. This is something that an attorney can help you do.
Another reason you may want to hire an attorney is if you are purchasing or selling a distressed property. In these cases, you need to have an attorney to review the contract and negotiate terms on your behalf. An attorney will ensure that the contract is written in your best interest. He will also perform due diligence and look for potential legal or financial problems in the deal.
A real estate attorney can help you prepare a contract of sale. This document must be signed by both parties. A seller’s attorney prepares the first draft. Most attorneys start with a standard form and then add a rider with any additional terms that you wish to negotiate with the seller. A real estate attorney will also be required to attend the closing.
A lawyer is an essential part of a home transaction. A lawyer can educate buyers on the different legal issues and negotiate a fair deal. He can also represent the buyer at the contract closing. An attorney should also check board meeting minutes to find out whether the building has ongoing problems. For instance, the minutes may reveal a bed bug infestation or a leaky roof. An attorney can also check the financial statements and the offering plan. These documents contain information such as bylaws and special risks that may be associated with the project.
A seller should disclose any known housing defects or issues. Failure to disclose any information can cause problems during the closing process. If a buyer finds out that there is a problem with the property, they may request that the seller remedy it. The seller should not be obligated to remedy the problem, but they may give credit to the buyer for any necessary repairs.
Before listing your home for sale, it is a good idea to research the market. Listing your home can take up to 100 days on average. The average time from listing to signing the contract in NYC is three months. Having an agent to assist you is essential if you are buying or selling a home.
