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Tuesday, April 16, 2024

Understanding the Responsibilities of a Real Estate Lawyer

The responsibilities of a real estate lawyer are many and varied. They vary depending on the type of law they practice, their area of expertise, and the firm they work for in New York. In general, lawyers who specialize in real estate handle these next issues.

Real Estate Lawyer

Advising Clients

A real estate lawyer’s major job is to advise their clients on all aspects of their property transaction. This includes everything from reviewing the contract to advising on financing options. They will also attend the closing and make sure that all the paperwork is in order.

On the other hand, if their client is facing foreclosure, the lawyer’s job is to try and negotiate a loan modification or other workout agreement with the lender. And if all else fails, they will represent their client in court. If you have ever asked yourself When Should You Hire a Real Estate Attorney in New York, then these reasons might be the most important ones. To have someone to advise you and protect your interests in the purchase, sale, or foreclosure of property is always a good idea.

Contracts

A big part of a real estate lawyer’s job is to draft, review and negotiate contracts. This includes the contract for the sale of the property, as well as any lease agreements. They will also draft riders and addendums to the contract, as well as any other documents that are necessary for the transaction.

Additionally, real estate lawyers are often called upon to review contracts that have been prepared by the other party. This is done to make sure that the client understands all of the terms and conditions and that there are no hidden clauses that could be detrimental to them.

For example, some contracts will have a “due diligence” clause which gives the buyer a certain amount of time to have the property inspected by a professional. If the inspection turns up any problems, the buyer can back out of the contract without penalty. However, if the lawyer did not review the contract, the buyer might not be aware of this clause and could be stuck with a problem property.

Closings

The lawyer will also attend the closing with the client. This is where all of the paperwork is signed and the property is transferred from the seller to the buyer. The lawyer will make sure that everything is in order and that the client understands all of the documents that they are signing.

They will also disburse the funds from the sale and make sure that all of the liens on the property have been paid off. In some cases, the lawyer may also be responsible for escrow services. This means that they will hold onto the deposit from the sale until all of the conditions of the sale have been met, at which time they will release the funds to the seller.

If there are any problems with the property, the lawyer will be responsible for negotiating a resolution. For example, if there is a problem with the title, the lawyer will work to get it corrected. Or if there are outstanding liens on the property, the lawyer will negotiate their release.

Deeds and Titles

A big part of a real estate lawyer’s job is to deal with deeds and titles. This includes researching the title to make sure that there are no problems with it. They will also prepare the deed for the property, as well as any other documents that are necessary to transfer ownership.

If there are any problems with the title, the lawyer will work to get them corrected. For example, if there is a lien on the property, the lawyer will negotiate with the lender to have it released. Or if there are any outstanding judgments against the property, the lawyer will work to have them satisfied.

Mortgages and Loans

A real estate lawyer will also advise their clients on financing options. They will review mortgage documents and make sure that the client understands all of the terms. They will also negotiate with lenders on behalf of their clients to get the best possible terms.

Imagine, for example, that a buyer is looking at a property that needs some work. The lawyer might be able to negotiate with the lender to get a lower interest rate or a longer repayment period.

In some cases, the lawyer may also be responsible for helping the client get a loan modification. This is when the terms of an existing loan are changed to make the payments more affordable. For example, the interest rate could be lowered or the term of the loan could be extended.

Landlord-Tenant Law

For clients who are landlords, a real estate lawyer will handle all aspects of their business. This includes drafting leases, handling evictions, and dealing with problem tenants. The lawyer will also represent the landlord in court if necessary.

However, it’s not just landlords who need lawyers. Tenants also have rights that need to be protected. A real estate lawyer can help a tenant understand their rights and what they can do if they are being treated unfairly. For instance, if a landlord is trying to evict a tenant without cause, the lawyer can help them fight the eviction in court.

Construction Law

Another area that real estate lawyers often handle is construction law. This includes working with contractors to make sure that they are properly licensed and insured. The lawyer will also review construction contracts to make sure that they are fair to both parties.

If there are any problems with the construction of a property, the lawyer will be responsible for negotiating a resolution. For example, if the contractor does not finish the work on time, the lawyer will negotiate an extension. Or if the quality of the work is not up to par, the lawyer will negotiate a refund or a reduction in the price.

Real Estate Lawyer

No matter what type of real estate transaction you are involved in, it’s important to have a lawyer that you can trust. Real estate lawyers have a lot of responsibility, but they can also be a great asset.

If you have any questions about your rights or what to expect, be sure to ask your lawyer. They will be more than happy to help you understand the process and make sure that everything goes smoothly.

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