Would you hire a foot doctor to determine if you have a heart condition? NO. You need an attorney who has an expertise in real estate. Purchasing a home is likely one of the biggest financial decisions you will ever make and you need an experienced lawyer in the field to ensure you are protected. Even if you are an experienced real estate investor, your real estate attorney has gone through the process hundreds, maybe thousands of times and has the knowledge to maneuver through the most common to the most challenging problems that may arise during the course of your real estate transaction.
A good real estate attorney doesn’t just show up to a contract signing or closing. They due his or her due diligence on the property. First thing most real estate lawyers do are obtain any public records that are accessible online-including the tax bill, site history and listing from the real estate agent. They order a title report from a reputable company that will search for open permits, housing and building violations, liens, surveys building plans and much more.
A real estate attorney works for you as the client. They do not work for a lender, real estate agency or anyone else. Their duty of loyalty is to you as the client which means they have your best interest. They will be negotiating and review your contract terms, loan commitment, verify that what you’re being charged for closing costs is correct and fair and ensure all parties at your closing table do their assigned job to make sure the property you purchase is free and clear of any headaches. Your attorney is an independent third party who can explain and protect you throughout the process.
DO NOT HIRE YOUR FRIEND WHO’S AN ATTORNEY BECAUSE THEY ARE FREE!
The cost to hire a real estate attorney is pennies compared to your other closing costs associated with buying a home. Most real estate attorneys charge a reasonable flat rate fee that covers you from contract to closing. The potential financial impact of things going wrong during your transaction or after you purchase the house can be catastrophic.
For example, if you hired your friend who is a divorce lawyer to represent you on your house purchase but they do not understand how to check for the proper permits for the home and you close without a permit for an inground pool and finished basement, you will then be saddled with that issue after you close. Rectifying this issue as the new home owner can potentially cost thousands of dollars.
It’s the moment you’ve been waiting for and you need an attorney present to go through the dozes of legal documents with you-promissory note, mortgage and deed are just a few of many. These documents have significant legal consequences and are often intimidating and confusing to a non-real estate attorney and unfamiliar buyer. Give yourself the peace of mind of having an experienced and trusted advisor next to you at the table.
If you’re ready to buy a house, please give my office a call to walk you through this exciting time of your life!
Kelly A. Dantuono, Esq.
165 East Main Street
Huntington, New York 11743
631-925-5691