Do You Need a Real Estate Lawyer When Buying Real Estate in NYC?

Do You Need a Real Estate Lawyer When Buying Real Estate in NYC? We’ll demystify this topic in the following video. Visit https://hauseit.com to learn how to save money if you’re buying or selling a co-op, condo or townhouse here in NYC. I’m Nick at Hauseit, based here in NYC. So let’s get started!

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NYC Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

The short answer is yes: here in New York City, you are required to use a real estate attorney when buying a property. This is very different from most other states, where brokers typically take the lead when it comes to handling standard purchase and sale contracts.

So, what does a real estate attorney actually do in NYC?

After an offer has been accepted, the buyer’s real estate attorney takes over and handles all aspects of contract negotiation, legal and financial due diligence and the closing process.

Having a competent real estate attorney is arguably more important than having a veteran buyer’s agent by your side when buying a home in New York City.

This is because buyers’ agents are only responsible in NYC for matching buyers and sellers on price and key transaction terms. However, there is nothing binding about an accepted offer in NYC.

Your attorney is the one who is tasked with taking you from the accepted offer stage to a signed contract, at which point the transaction becomes binding.

As a result, it’s extremely important that you have an experienced, trustworthy and competent real estate attorney guiding you through the process.

Slow, unresponsive or rude lawyers routinely kill deals here in NYC. Just think about it: if you have an accepted offer, but your lawyer takes days to respond to emails, this will delay the timeline for a signed contract, thereby allowing other buyers to submit offers and possibly outbid you. Just remember that a seller can entertain other offers until the moment they countersign the contract with you.

If you have a rude lawyer, she or he probably will butt heads with the seller’s attorney, and possibly get into pedantic arguments about fairly unimportant language in the contract. This will prolong the process, exposing you to being outbid, and it will also reduce the likelihood of both sides ultimately agreeing to a workable contract.

Therefore, be extra focused and thoughtful when choosing your NYC real estate attorney.

Questions to Ask Your Real Estate Attorney in NYC: https://www.hauseit.com/questions-to-ask-your-real-estate-attorney-in-nyc/

What Other Areas of Law Do You Practice Outside of Real Estate?

Will You Personally Be Working with Me or Will You Hand Me off to Your Paralegal?

How Attentive and Responsive Will You Be?

Is Your Legal Fee All Inclusive?

What Does Your Due Diligence Entail?

Are You Affiliated with a Title Company?

What Kind of Insurance Coverage Do You Have?

What Kind of Computer or Email Security Does Your Law Firm Employ?

Before we let you go, let’s answer one final question: How much does a NYC real estate attorney charge?

The average real estate attorney in NYC charges a flat fee of $2,000 to $4,000 to handle a purchase. Legal fees can be as high as $5,000 for a more complex transaction and for new developments. There are also light-touch, discount lawyers available who charge flat fees as low as $800.

FAQ on Real Estate Attorney Fees in NYC: https://www.hauseit.com/real-estate-lawyer-fees-in-nyc/

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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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