Finding an Experienced New York City Real Estate Attorney for Commercial and Residential Matters
A real estate attorney will help you navigate obstacles common in commercial and residential real estate matters. If you are buying or selling property, protecting your legal rights is one of the wisest steps to guarantee that the process goes smoothly.
Finding a suitable, experienced New York City real estate attorney service will help you navigate each step of the real estate transaction process from beginning to end. This article will give you an overview about real estate transactions and explain the importance of having legal guidance from the attorneys at Martindale & Associates to protect yourself during these transactions.
What are Real Estate Transactions?
Real estate transactions involve the agreement between buyers and sellers in purchasing and selling real estate property, and these transactions transfer rights between the two parties. Beyond buying and selling real estate, real estate transactions encompass leasing, mortgages, and deed issues with a specific property.
Who is Involved in Real Estate Transactions?
Numerous parties are involved in real estate transactions, which can make the entire process confusing and challenging without legal guidance. Martindale & Associates can help you communicate with all parties in your real estate transaction to simplify this process. Below is a brief overview of the parties involved in typical real estate transactions.
Real Estate Agents and Brokers
A real estate agent or broker provides services for the seller, buyer, or both during the transaction process. Agents and brokers can simplify real estate transactions and foster successful, simple experiences.
Buyers work with real estate attorneys and agents to successfully purchase and gain the rights to specific properties. During the rights transfer, buyers must sign an agreement with their chosen real estate agent. Before moving forward with an agent, buyers must go over exclusive deals with expert legal counsel to guarantee that the agent has their best interests at heart.
Real estate attorneys can help the buyer at various stages of a real estate transaction, including the following.
- Reviewing the contract of sale
- Reviewing title documents
- Ensure that the seller’s offer is valid and transparent
- Reviewing mortgage documents
- Interpreting closing paperwork before the final transfer
- Register documents following the transaction to ensure that the buyer has legal ownership of the property
Sellers are the legal owners of real estate property which can include individuals, legal entities, financial institutions and home development companies. Sellers often require legal counsel to guarantee their agent is reliable and trustworthy. Legal representation is crucial if the seller is an entity rather than an individual.
Sellers can benefit from the help of a real estate transaction attorney in some of the following scenarios.
- Negotiating the terms of a property sale
- Helps review or create a real estate contract
- Address and resolve title document issues
- Address and resolve transaction disputes
- Preventing costly errors on your behalf
The mortgage lender works with the buyer to receive mortgage approval and is typically met with before finding a real estate agent. Legal guidance is necessary, given the paperwork and binding contracts required during this process.
The title company plays a significant role in the closing process of a real estate transfer. Title companies work with the buyer, attorney, and agent to conduct a title search on the property before the final transaction. These searches help guarantee that the property has no mortgages or liens left open to protect the financial well-being and investment of the buyer.
What to Do When Encountering a Breach of Contract
A real estate transaction attorney is a crucial resource for any obstacles you may encounter during the property transfer process. For instance, an attorney is essential if you deal with a breach of contract in your real estate transaction. These breaches occur when a party violates the agreed-upon guidelines during the transaction.
A common breach encountered during a transaction is a material breach of contract, which occurs when one party does not satisfy the obligations stated in the agreement. For example, a buyer that does not follow through on closing costs or won’t pay the total amount due for the property is breaching your contract.
When you encounter a breach of contract during real estate transactions, having expert legal advice is essential. A real estate attorney can guide you through the terms of your agreement and identify violations to hold the other party accountable.
Will a Real Estate Attorney Help With My Broker’s Agreement?
A New York City based real estate attorney, such as the expert services from Martindale & Associates, must understand your broker’s agreement before moving forward with a real estate transaction. The buyer-broker deal is binding and defines the core duties of both parties during this transaction.
Unfortunately, there are ways for brokers to use binding contracts to achieve a favorable outcome for themselves. A buyer-broker agreement might give the broker more than the agreed-upon amount and misrepresent you and your interests during the transaction. Therefore, a real estate attorney must ensure you know everything you commit to by approving the buyer-broker agreement and preventing unethical or unlawful broker practices.
The attorneys at Martindale & Associates can provide you with expert guidance to guarantee that your buyer-broker agreement does not violate your rights. Our expert attorneys can interpret contracts during your transaction to offer additional peace of mind about your new property.
What About Construction Contracts?
The attorneys at Martindale & Associates also help you navigate any construction contract you receive during a real estate transaction. Suppose you are working with a property building party. In that case, a construction contract will outline individual duties, project scope, and payment terms, which a real estate transaction attorney will interpret to ensure that your interests are protected before you sign.
A New York City based real estate attorney is essential to help you understand different types of construction contracts. Though lump sum contracts, where you pay a fixed price for the construction project, are often used, other contracts require separate payments with individual terms that may not suit your business or residential property.
Do I Need Legal Services for Residential and Commercial Leasing?
Landlords and tenants can benefit from a real estate transaction attorney to navigate different rental laws during the leasing process. A New York City based real estate attorney will simplify this process for building managers and landlords seeking help gathering and organizing essential legal documents with tenants. Additionally, an attorney can aid tenants by reviewing lease terms to ensure that the tenant knows their rights and can identify any violations.