For most homeowners, a home or condo is the largest asset they own. Yet navigating real estate law is still more complicated than the average New Yorker can understand. That's why, for your protection, it's the law that you have a closing attorney with you.
If you're signing any kind of legal document, especially one connected to such a costly asset, you should always consider having an attorney present.
The number of agreements you are required to make and the associated consequences have long-term effects. You want an attorney to help make the years of paying off your home a constructive, asset-building affair and not one that's filled with headaches.
Outside of navigating the legal labyrinth of terms and agreements, there are some surprising reasons why you can benefit from a closing attorney. Here are the top five.
Your lender will likely check your credit one last time before you seal the deal. If your score has changed or your debt level has increased, there might be some hesitancy by your bank.
Perhaps you got a little hasty and purchased furniture or an entertainment center for your new home. The increased sag on your yet-to-be-paid credit card could cause a problem.
Your attorney can go to bat for you, keeping your order of operations from putting your sale in jeopardy.
Some sellers take their time moving to their next place or they think they can stay in their place until their next place closes. If you're ready to move in and the seller is holding up the process, that's when your closing attorney can step in.
If your seller needs more time than expected, you don't have to be paying for a home you can't live in. You can set up a "rent-back" that makes the seller a tenant for an agreed period of time.
Any qualified real estate attorney can set up your deal like a standard lease. Your financing agreement might make this a sticky situation but your attorney will be able to handle it.
A great apartment can quickly become a nightmare if the building isn't well maintained. If construction suddenly pops up on the day you decide to move in, make sure there's a Certificate of Occupancy. You'll want the city to approve the livability of the place.
Your broker and attorney should be able to track down any paperwork in the case that it's missing.
Make sure your new home is safe before you move in.
A deal that takes too long to process can have an effect on your rate. You're typically allowed two extensions but if your deal isn't going through on time, it's time to call your attorney.
This doesn't mean your deal is off, but you might have to get a new rate. This can make closing costs lower or higher. While you wait for your paperwork, you might find yourself stuck.
If your income has changed while you're working on the deal, your bank might back out. Your financing is reliant on your employment.
Before closing, your lender will verify your employment. Your deal could hit a snag if they don't hear back on time, or worse, you're now between jobs.
Keep a few backup contacts in mind and make sure you disclose everything to your closing attorney.
Your attorney can predict any possible bumps in the road between you and your new home. For the relatively low fees they charge, they'll ensure you get into your home as soon as possible.
Contact us for a free consultation to ensure that you find the right attorney to help close your deal and get you into the home of your dreams.
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