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Is An Attorney Needed To Purchase Or Sell Real Estate In New York?

New York is unusual compared to the rest of the country. New York is very attorney driven. There are only two or three other states where attorneys are so heavily involved in a transaction from the buyers and sellers standpoint on a residential deal. For example in Florida, the realtor handles things from the contract to escrow to clearing the title and everything in between. That is not the case in New York. In New York, traditionally both sides of the transaction will hire an attorney to represent their interests. Even an experienced buyer or seller will usually hire an attorney.

At the Law Offices of Matthew Tannenbaum, we interview the client ahead of time and find out their needs and desires before we reach out to the seller to begin the process of drawing up a contract.

Buyers and sellers are mirror images of each other. We have a fiduciary responsibility to represent our client’s interest. This fiduciary responsibility means that our sole concern is serving our client’s legal needs. Mr. Tannenbaum’s goal is to get the deal done while protecting the client’s best interests.

Why Hiring an Attorney is a Good Idea?

At the Law Office of Matthew Tannenbaum, our business model follows a path of education and communication. Mr. Tannanbaum finds that the more he educates his client regarding the purchase process, the better prepared they will be for whatever comes up during the course of the transaction. Realtors are primarily interested in getting the deal into contract. A good realtor will get involved during the course of the sale to overcome certain bumps in the road. Once the attorneys get involved the realtors are there to help facilitate the deal.

From the client’s standpoint, Mr. Tannenbaum will guide them through the process. The process can be daunting for most people. The average person will buy or sell one or two houses in a lifetime; perhaps a starter house and then a trade-up to a larger home, but that’s about all. For most people, this is a significant transaction with a lot of moving parts. Mr. Tannenbaum will explain to his clients how all of the pieces fit together and increase their comfort level during the course of the transaction.

What are People Most Worried about in a Real Estate Transaction?

In the New York Metropolitan area, a concern for most people is the mortgage contingency clause. Unless it is an all-cash deal, most buyers are working to obtain financing. For some people, this is a difficult task, and they are concerned they might lose a portion or all of their down payment if they cannot get to the closing table. Mr. Tannenbaum works with his clients to answer any questions and make sure they are comfortable going through the process of the purchase of their home.

As a buyer’s attorney, Mr. Tannenbaum will work to include protection in the contract if the buyer does not qualify for financing so that their payment is not at risk. What we add in the agreement is something called the mortgage contingency clause. This clause has specific provisions that protect the buyer if the bank rejects them for a loan. Typically, the requirement will protect any buyer as long as they truthfully and diligently pursue the mortgage and cooperate with the loan officer in the application process. If they cannot secure a mortgage commitment from a lender within a specified period, they have the right to cancel the deal and get their money back.

That’s very important for most buyers here because they want to know that, unless their credit is absolutely sterling and they’re putting down 40 percent on contract, there’s a chance that they may get rejected for a loan and they don’t want to be out 5 to 10 percent if that happens.

Matthew Tannenbaum Represents Buyer and Sellers

We handle any real estate transaction for buyers or sellers, including co-ops, condos, and single and multi-family homes. We have the experience you are looking for in all areas of real estate law here in Nassau and Suffolk Counties here in Long Island, New York.

For more information on Real Estate Transactions in New York, a free initial consultation is your best next step. Get the information and legal answers you are seeking by calling (516) 683-1234 today.