Whenever you’re buying property, having an experienced and knowledgeable professional by your side can help you avoid a lot of pitfalls. However, in Rome, NY, and other parts of New York, having a good real estate lawyer is more than a strong recommendation. Here is why: 

• You Need The Attorney For Closing:
  New York is one of only eight states in the United States that are attorney-only for real estate closings. In other states, other professionals such as title companies can also handle the closing for you. But in New York, only an attorney can close on the property. Having the attorney involved early on in the process ensures they have a firm understanding of the transaction at closing. 

• Contract Signing Is Earlier:
  When buying property in New York, you should also know that the contract signing takes place earlier.

This means you’re legally tied to make the purchase sooner, making it important to secure a real estate attorney near me sooner to help you determine if this is a purchase that you should push through with. Typically, you sign the contract after the seller accepts your offer, after which you’re expected to deposit the property.

• Co-ops Are Different:
  New York has a substantial number of cooperatives, where buyers purchase shares in a corporation instead of real estate. When investing in co-ops, the buyer must undergo a board interview before closing, and the boards have the power to approve or reject buyers. A real estate attorney can help you review the co-ops' financials and governing documents.
  They will also help you determine if that is the right board to purchase shares in. 

• Escrow & Closing:
  Another reason to work with an attorney when buying property in Rome, NY, is that attorneys manage escrow accounts for deposits. In other states, escrow companies can manage the funds. New York also has the “Good Funds” law that requires the buyer to bring certified checks or wire transfers during closing. 

Working with an attorney can also help you navigate other challenges surrounding the unique New York property law, such as the Mortgage Recording and the Mansion Tax. The attorney can help you minimize your tax exposure and reduce the costs associated with the purchase. 

Should You Work With A Local Real Estate Lawyer?

While going for multinational law firms works in many legal scenarios, it’s not as effective in real estate. The state may have overarching regulations and laws on property, but that’s not all there is to it. There are also city, county and town laws that may affect your transaction. 

A reasonable real estate attorney near me can help you understand these laws and navigate them successfully. The lawyer is beneficial not only for buyers but also for sellers and in commercial transactions. 

Hobaica Law Office: making real estate ownership easy for our clients in Rome, NY 

The property market in New York is highly lucrative, but like everything else, it is tightly controlled. Whether you’re a resident or simply someone who found something interesting, strolling into the transaction without an attorney looking out for your interests in Rome, NY, can be detrimental. 

The Hobaica Law Office has been helping locals and people interested in properties in Rome, NY, with transactions, ensuring they get the properties of their dreams by helping them complete due diligence and meet all the requirements of the law. 

If you’re looking to purchase property in the area, don’t hesitate to call us at (315) 627 2800. Let us help you secure your real estate investment.