July 11, 2022

New York Real Estate Attorneys: How Can One Help Me?

The value of New York real estate attorneys in Bay Ridge Brooklyn to someone buying or selling a home comes in multiple advantages. Enough can’t be said about how confusing real estate law can be, especially given that much of what happens in a sale follows such rules and uses the same terminology. While there are plenty of real estate agents and brokers involved, a buyer or seller has to remember that these folks are working as a business for themselves. So, the higher the cost of a transfer, the more of a commission they earn. That doesn’t mean they are entirely focused on protecting the buyer or seller per se. Instead, they focus on efficiency of the sale, closing as quickly as possible to execute their commission on the transfer of sale funds from escrow to final accounts.

Who Do New York Real Estate Attorneys Represent?

The answer is simple: whomever hires the attorney is represented by that counsel. That New York real estate lawyer works for that client and their interest as a separate level of review and, if needed, representation in the sale’s negotiations. But the work goes deeper than that. A good real estate contract lawyer in Brooklyn NY will review the sales contract for the client, point out concerns, explain what the legal language really means, and will provide critical research on the property’s title of ownership. All of these elements have a direct impact on the buyer or seller involved and represented.

When Do You Need a Real Estate Attorney?

If one were to ask real estate agents and brokers this question, they would say rarely and never. From the sales perspective, which both these positions work in, attorneys can create delays and more obstacles to a fast sale.

However, from a buyer or seller perspective, a New York real estate attorney is definitely needed when you’re dealing with a contract, especially one that has been written by someone else. This is usually the case with most sales as the agents and brokers use predetermined boilerplate language their lawyers have prepared, and then they just fill in the details for the specific sale. If just boilerplate alone, some of the language probably won’t work well for a specific property because the wording is generic, designed to be a catch-all for any and all sales as much as possible. Worse, if someone has changed the language for a specific advantage, most average folks may gloss over the implications. A common feature included is language that says the deposit to secure a sale is kept without a refund if the buyer fails to follow through on the contract. That could be thousands of dollars lost for nothing!

How Much Do New York Real Estate Attorneys Cost?

Costs for retaining a real estate lawyer in Brooklyn vary depending on the work needed. If it’s a single document review or preparation, the attorney may charge a flat fee or by the hour for the few hours involved. If repeat work is needed over a few months, an attorney may charge a retainer, which is a flat fee per month for multiple representation issues like review, writing letters, contacts, meetings etc. The exact cost depends on what will be needed by the client and how often. Since an attorney fee by the hour can add up quickly, retainers for New York real estate lawyers tend to be preferred for more of an on-call approach.

The Strazzullo Law Firm brings to the table a significant depth and experience in New York real estate, having represented hundreds of clients both as buyers and sellers. While there are plenty of attorney choices in Brooklyn, having representation from counsel specifically versed in real estate law makes a huge difference in the outcomes of transactions as well as negotiations. Remember, prevention costs a lot less than damage control and recovery after a mistake has happened. Have an expert on your side before committing to a real estate sale. You may very well catch a big risk that otherwise could have turned into an ugly situation. Most times, reviews by the Strazzullo Law Firm actually avoid disputes ending up in court, which can cost a lot more in time and money. And that means more resources for improving your home or next property versus resolving a headache.