First time homebuyer? You are in the right place!
Buying your first home?
Buying or selling a home is exciting and stressful at the same time. It can also be confusing, especially if you are in the process of buying your first home. Certainly, your real estate agent may be able to give some guidance, but to secure a fair contract that protects your interests in your desired property, you will benefit from the guidance of an experienced attorney.
Understandably, you may be wondering how an attorney will help you navigate the real estate transaction process. For one, the heart of any real estate transaction is the Contract. The Contract is the document that governs how the transaction will occur: it provides the timelines, duties of the buyer and seller, mortgage requirements, and “rules” regarding the condition that the property needs to be in at the time of the closing, to name a few. You need an experienced real estate attorney to negotiate that contract on your behalf. This is especially important in today’s highly competitive real estate market – you don’t want to be trapped in a deal that you can’t afford or with terms that you don’t want. Your real estate attorney will explain the proposed terms of the contract to you, negotiate on your behalf, and advise you so that you have realistic expectations of your transaction. This may sound like a lot (and it is!), but Seward & Seward has been helping clients through this process for over 50 years and will guide you every step of the way. Below is an overview of some of the other steps involved in a real estate transaction.
Reviewing documents: There’s a lot of documentation involved in the purchase of a home (contracts you enter into with the real estate agent and home seller, title reports, and inspection reports to name a few). An attorney can help you interpret the terms contained within this paperwork so that you have a clear understanding of the information contained in those documents – and with that understanding, you will be able to make fully informed decisions that protect your best interests.
Dealing with surprises: It doesn’t happen all the time, but sometimes unexpected issues come up during the home purchasing process. For example, does your survey show that the property you are purchasing has land that is on the other side of your neighbor’s fence (it happens more often than you’d think!)? If so, your attorney can negotiate a boundary line agreement to protect your interests. Or, what if your home inspection reveals mold or termite damage? How is that issue going to be resolved prior to finalizing the purchase? Or will you simply back out of the deal? Can you even back out of the deal? These are questions that an attorney can help you address.
Advocating in difficult situations: Unfortunately, few home purchases are “wrinkle-free”, and you will benefit from the assistance of a strong advocate who will represent your interests. For example, if your home inspection shows a defect in the property you want to purchase, you will have to negotiate with the seller to have that defect remedied. Or, perhaps there is a looming deadline that you need to negotiate. An experienced real estate attorney can navigate these and other difficult situations to best represent your interests and help you secure the purchase of your new home.
These are just some of the ways that experienced real estate counsel can help you in your home buying journey. Every deal is unique, as is every client. The goal is to secure the purchase of your home in a way that protects your interests and meets your goals. Contact us to today to discuss your transaction. We’ve proudly represented buyers and sellers in over 10,000 (that’s not an exaggeration!) residential and commercial real estate transactions and would be pleased to help you.
Seward & Seward
516-766-1415
4 College Place
Rockville Centre, NY 11570