Whether you’re buying your first home or selling a commercial building in New York, a real estate transaction involves more than just signing papers and handing over keys. In fact, New York is one of the few states that requires an attorney to be involved in the real estate process. From contract review to closing day, a real estate attorney plays a critical role in protecting your interests and ensuring the deal goes smoothly.
Here’s a breakdown of what a real estate attorney does in both residential and commercial property transactions in New York:
Contract Review and Negotiation
Once an offer is accepted, the real estate attorney gets to work. They review the purchase contract, ensuring that all terms are fair, legal, and in the client’s best interest. Whether you’re a buyer or seller, the attorney may negotiate important terms such as the closing date, contingencies, inspection periods, and penalties for default.
In commercial transactions, contracts can be even more complex — often involving zoning issues, lease agreements, and business use clauses. An experienced attorney will navigate these nuances and protect your investment.
Due Diligence
For both residential and commercial properties, attorneys handle title searches, reviewing the property’s history to ensure there are no liens, encumbrances, or legal issues that could delay or derail the deal. In commercial transactions, this may include reviewing leases, existing tenant agreements, and local building codes.
Coordinating with All Parties
A real estate attorney acts as the central communicator between buyers, sellers, real estate agents, banks, title companies, and inspectors. They make sure everyone stays on schedule and that all required documents are completed accurately and on time.
Closing the Deal
At closing, your attorney ensures that the transaction is finalized properly. They review the final settlement statement, handle disbursement of funds, and ensure the deed is recorded with the county. For buyers, they’ll confirm that you receive clear and legal title. For sellers, they make sure proceeds are paid and legal obligations are met.
Why You Need a Trusted Attorney
New York real estate law is highly regulated, and small mistakes can lead to costly delays or legal headaches. Whether you’re navigating a simple condo purchase or a multi-unit commercial deal, having a knowledgeable real estate attorney on your side is essential. Looking for expert guidance in your next property transaction? Contact real estate attorney Anna Gerzon today for personalized legal support you can trust.
