In New York, real estate transactions require a more advanced understanding of the law. These transactions require buyers and sellers to follow laws that present security for their investment. The buyers or sellers must review avenues that protect their interests in these matters. Residential real estate attorneys in Chicago provide assistance to manage these transactions.
Reviewing Sales Contracts
A sales contract defines the responsibilities for the buyer and the seller, such as who pays the closing costs for the transaction and what is included in the transaction. This could include repairs based on the findings of the property inspection.
Identifying a Right to Sell the Property
The attorneys conduct a title search to identify the rightful owner of the property. During the process, they provide buyers with title insurance. The insurance provides a full refund to the buyer if it is determined that the seller doesn’t have the right to sell the property. The title search includes any transfer of ownership in the last thirty years. The attorney examines the titles based on the current laws.
Preventing Fraud in Real Estate
Real estate fraud is also a possibility. The attorney investigates potential fraudulent transactions based on the terms presented to the buyer. The laws define incidents of fraud based on the requirements for these transactions, which could include titles that aren’t valid and reports against a real estate agency or seller.
Identifying Predatory Lending Practices
Mortgage lenders must review the terms of all mortgage contracts they provide. Under new laws, they must identify affordability of the loan before providing it to a buyer. The laws also require the lender to provide the most suitable interest rates for the buyer based on all rates available to them. If they fail, an attorney can step in and require a loan modification.
In New York, real estate transactions require an attorney to attend the closing, which involves the transfer of ownership to the buyer. It also involves a wire transfer to the seller from the buyer’s lender.