How Will My Real Estate Attorney Facilitate Closing?
New York requires the presence of an attorney at every real estate closing. Hiring a lawyer is more than just a formality, however. Whether you’re the buyer or seller, you can rely on a seasoned attorney to:
- Draft, review, and modify every contract line by line;
- Resolve any issues that are identified during the title search;
- Obtain or prepare the documents needed to close the sale;
- Coordinate the disbursement of funds to applicable parties; and
- File the finalized documents with the appropriate offices.
Let’s take a closer look at the role your lawyer will play over the course of the transaction:
1. Draft, Review, and Modify Each Contract
Even the simplest real estate transactions involve a number of contracts, from the purchase agreement to the bond for deed. Your attorney will draft the documents you must present to the opposing party and review those that they submit to you to ensure the terms are in your favor.
2. Resolve Any Title Issues
The title search will reveal the chain of ownership—or lack thereof—for the property. If it reveals an existing lien, unsatisfied mortgage, easement, or defect, your lawyer will help you determine the best way to proceed.
Once the title has been cleared, the buyer may purchase title insurance to protect their investment. These policies let lenders know they can use the property as collateral should the new owner fall behind on the mortgage.
3. Compile All Necessary Documents
In order to finalize a home sale, both the buyer and seller must obtain dozens of documents. The seller will need to provide maintenance records, for example, while the buyer will have to present various documents to secure the funds for completing the purchase.
The other parties involved—like the seller’s old lender, the buyer’s new lender, and each party’s realtor—will also need to provide various documents for different individuals to sign off on. Your legal team will ensure all such documents are in order prior to closing so there are no unnecessary delays.
4. Distribute the Funds
Your attorney will coordinate with the lenders to ensure all funds are distributed according to the settlement agreement. This includes satisfying the seller’s mortgage, paying any bills that accrued over the course of the transaction, and disbursing all commissions.
5. File the Closing Documents
Once the deal has closed, your lawyer will file all executed documents with the appropriate government entities, thereby making the transfer of ownership official. Your legal team will also follow up with the lenders to confirm that the documents pertaining to any resolved liens and/or satisfied mortgages were filed where needed.
Call 716-855-3761 to Speak with a Real Estate Lawyer in New York
If you intend to buy or sell property in the Empire State, turn to attorney Molly A. Sleiman at LoTempio P.C. Law Group for help at every stage of the transaction. Well-versed in both residential and commercial real estate, she is a licensed examining counsel for Chicago Title Insurance Company. Call 716-855-3761 or use our Online Contact Form to set up a free consultation with a real estate attorney in New York.