When you hire a real estate attorney, he or she works on a number of items. First, the attorney reviews the contract with you to understand the transaction. Second, the attorney reviews title to make sure the seller is selling what the purchaser contracted to buy. Third, the attorney attends closing to complete the transfer of ownership and make sure that any title matters are addressed before recording the new deed.

CONTRACT REVIEW:

The contract review phase is the opportunity for the lawyer to discuss the transaction, including the price and details of the property described in the contract. It also gives an opportunity to discuss, among many other things, home inspections, financing and unique aspects of the transaction with the client.

New York State is a “caveat emptor” (or, roughly translated, “buyer beware”) state. After closing, the buyer takes title in the property subject to all faults, known or unknown, and the seller is out of the picture. This includes physical defects as well as defects in title. It is the buyer’s responsibility to hire a home inspector, and the inspection phase is the opportunity to learn about the physical condition of the property.

TITLE REVIEW

When a lawyer reviews title, it’s comparable to a home inspection for ownership of the property. By reviewing the abstract of title, the tax receipts, the survey and a few other documents, the attorney checks to make sure the seller can convey the property to the buyer. It is also an opportunity to identify the “encumbrances” in title for the seller to discuss at or before closing.

CLOSING

At closing, the attorney reviews the seller’s closing documents to be sure the seller addresses title exceptions before the transfer of ownership and recording. The lawyer also reviews any lender closing documents. Closing often happens at the County Clerk’s Office to allow for the buyer’s new ownership to become a matter of public record.

This is a very high-level discussion of the work a real estate attorney handles, but it covers a number of important points. The work involved in a real estate closing is not something that should be handled on your own.  You can contact Attorney Michael Wild directly  at (716) 565-2000  Ext. 213.