THE LAWYER (PART 1)
By Robin Shapiro
In NY state, it is mandatory to have a written contract between a buyer and a seller to consummate a real estate transaction (verbal contracts are not allowed). NY doesn’t allow individuals to engage in the unauthorized practice of law. Consult an attorney in order to create a valid real estate contract.
The seller’s attorney makes sure that a proper deed is available. He prepares for the payment of transfer taxes, and the broker’s fee. Any down payment which the buyer pays as a good faith deposit is held in his escrow account.
The buyer’s attorney arranges for title insurance, availability of the survey, and recording the deed. He coordinates with the attorney for the lending institution.
Both attorneys verify that unpaid real estate taxes are prorated; any existing liens are paid; the mortgage recording tax (if any) is paid. They often negotiate the closing date, the amount of the down payment, and resolution of issues resulting from the inspection. They handle other problems which can arise as well.
If you need a real estate lawyer, then call me. I have a few good ones whom I recommend.
Wishing an EASY FAST and a Happy New Year to my Jewish friends on Yom Kippur this Sunday night, ending Monday night the 25th. Love, Robin
