In New York State it is usual for buyers and sellers to be represented by attorneys. While in some states such as Florida, title companies do the bulk of the paper work that is not the case in New York State.

In some areas, such as the Albany Capital District, contracts are prepared by the real estate brokers and sent to the attorneys for their approval. This system works well in the Capital Region, where attorneys are happy to have the brokers draft the detailed contracts. Many attorneys outside of the Capital District object to this procedure and insist upon drafting the contract and when representing buyers to prepare detailed riders to the contract.

Real estate contracts are typically subject to the buyer conducting inspections, obtaining financing and obtaining title insurance. The Capital Region Contract provides the buyer the right to withdraw from a contract and have his deposit returned if the inspection indicates that more than $1500 will be required to bring the property to an acceptable level.

From the perspective of the buyer and seller, the selection of an attorney may be critical. Attorneys can complicate the process of completing real estate transactions by focusing on issues which may not be critical. They also can protect their clients by raising important issues. Be sure to select an attorney who completes a good number of closings each year, is recommended by someone you trust and provides a reliable estimate of the legal fees he will be charging.

To obtain a list of recommended real estate attorneys contact our office: 800-398-8802.