Summary & Structure of a Real Property Purchase

Summary of a Real Property Purchase

Purchasing a traditional home anywhere such as the Hamptons or Long Island has its advantages. A large advantage of owning a house is the freedom to renovate and live a more flexible lifestyle without worrying about the restrictions of a board. There are, however, also disadvantages associated with home ownership. Unlike condos, homeowners are completely responsible for all maintenance inside and outside the property, including care and upkeep of yard and trees. Before going about acquiring a traditional home, prospective Purchasers ought to hire a real estate Attorney prior to signing an agreement. The Attorney General highly recommends that this always be done and, from a financial standpoint, doing so eliminates much risk that is inherent in such transactions. For many people, purchasing property or a new home can be the most major financial decision in life. Legal protection and representation is essential to making purchase transactions sound. Ultimately, with an Attorney at service, terms and conditions of contracts can be carefully crafted to serve the best interests of prospective Purchasers.

Traditional Home Ownership Structure

Before proceeding to systematically describing the home purchase process in New York, it is worth noting why homes might be more suitable for certain home Purchasers and what to expect from a good Attorney. Please note that this section is not discussing:

  • Cooperative Units/Apartments; or
  • Condominium Units/Apartments; or even
  • One to four-family homes such as Townhouses or Brownstones.

This section is dealing with your typical stand alone or attached house. When purchasing a single-family home, a deed is received that grants ownership over the property. When purchasing a house, homeowners are acquiring the house and the land underneath.

Purchasing a home involves the law of real property, which raises many issues of practice and complications that do not appear in other transactions. An Attorney, not an accountant or real estate agent, is trained to grapple with such issues and generally has the most experience to do so. For instance, if the home in question has been altered, as many are, an Attorney can discern whether the alteration was lawfully done. As an additional example, an Attorney can help negotiate an agreement between the Purchaser and Seller if, following inspections, certain damages are to be found. There are practical problems that an Attorney can resolve by making clear what legal rights and responsibilities each party is obliged to respect.

Legal Representation – Kishner & Miller

Kishner & Miller will guide you through every step in the acquisition process. Given a cost-benefit analysis of an Attorney’s responsibility in a standard real estate purchase, it is clear that Purchasers of a property really must have an Attorney. In nearly every residential real estate transaction, of all the third-party individuals sitting around the Closing table (e.g. brokers, agents, insurers, etc.) it is the Attorney(s) who will have the largest workload, will take on the most responsibility for ensuring that all documents are in order, and many times get paid the least amount of money.

Kishner & Miller will promptly return calls or emails and always willing to meet in person upon request. It is important to find an Attorney that will treat clients’ deals as if it were their own. Kishner & Miller treat you like family.

There is no doubt that prospective Purchasers ought to hire a real estate Attorney prior to signing an agreement. The Attorney General highly recommends that this always be done and, from a financial standpoint, doing so eliminates much risk that is inherent in such transactions. For many people, purchasing property or a new home can be the most major financial decision in life. Legal protection and representation is essential to making purchase transactions sound. Ultimately, with an Attorney at service, terms and conditions of Contract of Sale can be carefully crafted to serve the best interests of a prospective Purchaser.

More information on purchasing Real Property

Call us now at (212) 585-3425 or email Kishner@kishnerlegal.com