For many people, the sale or purchase of their homes will be one of
the major financial decisions they ever make. As Michael Gangadeen, an
experienced New York-based attorney who’s handled a number of real
estate transactions know, the importance of conducting such transactions
the right way cannot be overstated. From the day you make the decision
to buy a home until the time you become its legal owner, there are a
number of decisions you must make that have legal ramifications. Michael Gangadeen breaks down a few aspects of where legal representation is of
benefit.
The real estate agreement
The agreement, or contract, is an important document that contains all the terms of the purchase, including the price, payment period and/or plan), a report of the property being purchased, and any conditions attached to the purchase. You are expected to read the contract before putting pen to paper. If you have any concerns regarding any aspect of the contract, your attorney should help clarify matters.
Title search
If you plan on taking a loan to facilitate the purchase, the lending institution may require your attorney to scan the land records to ensure the property is free of, among other things, claims by others, unpaid taxes, defective deeds, outstanding deeds of trust or mortgages. Even if you don’t take out a loan, you should still have your attorney scan through the records.
Closing
Your attorney is responsible for preparing the closing documents and ensuring they are properly executed. They will also make copies for you and provide an itemized record of all money paid by you for the process.
The real estate agreement
The agreement, or contract, is an important document that contains all the terms of the purchase, including the price, payment period and/or plan), a report of the property being purchased, and any conditions attached to the purchase. You are expected to read the contract before putting pen to paper. If you have any concerns regarding any aspect of the contract, your attorney should help clarify matters.
Title search
If you plan on taking a loan to facilitate the purchase, the lending institution may require your attorney to scan the land records to ensure the property is free of, among other things, claims by others, unpaid taxes, defective deeds, outstanding deeds of trust or mortgages. Even if you don’t take out a loan, you should still have your attorney scan through the records.
Closing
Your attorney is responsible for preparing the closing documents and ensuring they are properly executed. They will also make copies for you and provide an itemized record of all money paid by you for the process.
