Selling Homes in New York: Why Hire a Residential Attorney?
July 14, 2021
Did you know that in certain states like New York, you need a residential attorney on top of your real estate agent?
Most property transactions in NYC involve legal representation on both the buyer and seller. All real estate contracts are required by law to be drawn up by the principal or their attorney. Unfortunately, your agent and broker are not permitted to draft these legal documents.
While it’s possible and within your rights to buy or sell properties without legal representation, it’s not the wisest decision. This article shares situations that may require a residential attorney in New York.
You’re Experiencing Financial Distress
If you received a foreclosure notice, the best you can do is get in touch with an attorney. Your legal advisor may be able to help find ways to prevent foreclosure and get an injunction.
If you fear that your home will be foreclosed, get in touch with a real estate attorney. You might be able to sell your property as a short sale or negotiate the terms of your mortgage.
Considering a Short Sale
A short sale is when you sell your property for less than the value you owe on a mortgage. The lender must approve the short sale. You must be able to establish that you’re financially incapable of paying off the mortgage due to your circumstances.
If you have reason to believe that your property qualifies for a short sale, find a residential attorney and a real estate agent who specialize in short sales so they can help you through the process.
Liens and Judgements on Your Title
A lien is a kind of notice to your property’s title that shows you owe money to a creditor. Voluntary liens—such as when you give a lender claim to your property for a mortgage—are common and can be settled easily in escrow because you signed a contract to put it in place.
However, involuntary liens are difficult to manage. Creditors may place these liens against your property for any debt you owe them. A county can also place a lien on your property for property tax debts. Since these liens are attached to the property, you can’t close a sale until you’ve paid your debts. A reliable real estate attorney will help clear the title of liens and negotiate with creditors.
Selling on Behalf of the Deceased Owner
If you are left responsible for a property after the death of the owner, but the owner was unable to set up a living trust, then you’ll need to go through probate to sell the home more quickly.
A probate is a legal process that appoints a representative to administer the estate and distribute assets. An experienced lawyer can help you manage debt, taxes, or complications with the property.
A real estate attorney will help you through the selling process and make sure you’re within your legal rights. They will also defend and protect you if you are one of the multiple trustees to help you receive the amount you’re entitled to.
Going Through Divorce or Separation
If you co-own a property with someone and you want out, you will need a residential attorney. They will represent you when you’re up against the co-owner in tough negotiations.
Several factors need to be considered when you sell a house in a divorce, and your attorney will help work things out. Here are examples of factors that may affect your right to the property:
State’s laws on dividing property
Any prenuptial agreements
Terms of your divorce agreement
It can be difficult to come to a fair decision, but an attorney will make sure you get what you deserve.
Having a residential attorney in New York, especially when closing a property sale will protect you from documentation issues, titling troubles, and costly lawsuits. Transactions with obstacles require the expertise of a legal practitioner to keep the sale from falling apart.
Fisher Stone. P.C. helps make business and real estate law accessible to clients. Every seller’s circumstances are different. If you want to make sure your sale is covered from all angles, contact us today for a free consultation.