Questions About Real Estate Law
If you are considering buying or selling property in New York, you probably will have several questions about real estate law. Here are some of the most frequently asked questions from our clients, answered by our experienced Buffalo real estate attorneys.
Questions About Real Estate Law | How Can an Attorney Help?
Whether you are a buyer or a seller, your attorney will assist you from the time you enter the contract all the way through the closing and beyond. Once your attorney receives the contract, he or she will reach out to you to discuss the contract and its terms, assess your personal situation – whether you will be selling, buying, or renting a home, and whether you’re coming from out of state or moving out of state – to understand how to assist you.
Following that conversation, the attorney can prepare the attorney approval letter under the terms of the contract. They next steps depend on whether you’re buying or selling.
If you’re the seller, your attorney will ask you to gather certain documents. If you are the purchaser, the next step is the title examination and a discussion about the terms of your mortgage. Your attorney should advise you about the contract, including the timeline of the transaction, any significant or unusual terms, and your obligations under the terms of the agreement.
Questions About Real Estate Law | What if I Sign a Contract Without an Attorney?
You can enter a contract without any attorneys seeing it. The Erie County Bar Association contract, which is widely used in Western New York, allows attorneys three business days to review and approve a contract after they receive it. This is called the attorney approval contingency.
The essential point is that within the allotted time an attorney can either approve the contract, conditionally approve the contract, or disapprove the contract. If the attorney disapproves the contract, the transaction is over, but if the attorney approves the contract conditionally, the parties can meet and work through the conditions until the contract has unconditional approval.
If you have any more questions about real estate law in New York State, please contact our experienced Buffalo real estate attorneys today to schedule a free consultation.