What you can learn from this article:
Buying real estate in a busy market like New York can be challenging and confusing. Knowing what to look out for can make a huge difference and make the property purchase process easier.
One of the most crucial things you should know when buying property in New York is that you should receive a clear title to the property.
The title should be free from the following:
You can ensure this by having your lawyer examine the title before purchase. Your lawyer may also recommend title insurance. Title insurance is a further layer of protection concerning clear title.
Taxes and closing costs make up a significant percentage of the total cost of purchasing property. Understanding these costs and budgeting them is vital so they don’t creep up and surprise you late in the purchase process.
Different counties and jurisdictions in New York will have different rules and taxes. However, in real estate, taxes that have been previously paid will get prorated. This means you will pay your share of those taxes in the transaction on the day you close.
Closing costs include a number of expenses, such as:
These searches are necessary to ensure the property has no issues or pending judgments that could affect the sale.
Attorney Peter Hobaica is a seasoned lawyer based in New York who has helped countless clients just like you navigate the intricacies of real estate law. With over 40 years of experience, he is prepared to assist you through the property purchase process, ensuring it goes smoothly and that your interests are protected right through to the closing.
If you still have questions or want to start, contact the Hobaica Law Office today to schedule an initial consultation.
The home inspection phase is a critical part of the real estate purchase process. In addition to ensuring the property has all the features you want, you should also examine its general condition to avoid any surprises.
During the home inspection, some of the signs you should look for include:
Your lawyer can assist you to find a qualified inspector to check for all the potential issues noted above.
A real estate attorney is one of the greatest assets you can have when buying real estate in New York. They can shoulder most of the burden of the buying process and provide you with reassurance through their experience in the field, ensuring everything flows smoothly.
The scope of the attorney is expansive, with most offering a full service that covers everything from title examination to filing fee issues and inspection issues.
The attorney’s value to the process is not comparable to the cost. This is especially true considering buying a house is one of the biggest transactions that will occur in your life. The attorney will ensure everything is done to protect your investment and future interests.
Buying real estate is a complex process with many steps. It’s easy for a buyer to make mistakes along the way.
One of the most common mistakes you can make is neglecting to hire your own lawyer…when you opt to have the bank handle the process. While the bank will do some due diligence, they are only protecting their interests, not yours. Therefore, some vital procedures may fall through the cracks.
For instance, the inspection may just be a drive-by instead of a thorough inspection that checks the house’s structure, infrastructure, roof, plumbing, and electricity.
A real estate attorney has the experience and networks that can make the property purchase process simpler and help you avoid the common and expensive pitfalls commonly experienced by people buying property.
You should call an attorney’s office before committing to a real estate purchase for several reasons, the main being experience.
To ensure your interests are fully represented, you should never use the same attorney as the seller, even though it might be less expensive. This creates a clear conflict of interest, and the lawyer might not be able to represent both sides equally and impartially.
Still, Have Questions? Ready to Get Started?
The real estate purchase process is complex, each with unique circumstances. If you have more questions about buying real estate in New York or want a free initial consultation, contact our office and get the legal answers you seek by calling (315) 627-2800 today.
Attorney Peter Hobaica is a seasoned lawyer based in New York who has helped countless clients just like you navigate the intricacies of real estate law. With over 40 years of experience, he is prepared to assist you through the property purchase process, ensuring it goes smoothly and that your interests are protected right through to the closing.
If you still have questions or want to start, contact the Hobaica Law Office today to schedule an initial consultation.
