Real estate attorneys assist clients in the purchase or sale of real estate. In New York, real estate can include a house, cooperative (coop), condominium (condo) or commercial building.
Usually, a real estate lawyer becomes involved in a real estate transaction after a purchaser has made an offer to the seller (either through a real estate agent or not) and that offer has been accepted.
A seller's attorney customarily prepares a proposed contract Said contract usually contains standard provisions along with terms protecting the seller and additional terms already negotiated amongst the parties. A buyer's attorney reviews the proposed contract and inserts provisions protecting the buyer and negotiates any contentious clauses or terms.
If all parties are in agreement after negotiation, the buyer signs the contract and same is then transmitted to the seller whom signs the contract if there are no issues. The fully executed contract is then forwarded to the buyer's attorney and at that point, the buyer, forwards a copy of the fully signed contract to its lender to begin the loan process.
If the buyer is an "all cash buyer" and will not be obtaining financing, then the contract of sale will generally have a provision with a shorter closing date. If there is financing, a contract of sale will usually have a closing date of 45-60 days. The financing process usually takes at least 30-45 days. A deal cannot be closed until and unless the buyer has obtained that financing and is "cleared to close".
There are numerous Great Neck and Queens Real Estate Lawyers that can assist in handling a closing. Our firm is one of them. Zuniga & Rinaldi LLP handles real estate transactions representing sellers and buyers throughout Great Neck, Nassau, Queens and all of Long Island. Our staff of Partners, Associates and Paralegals/Legal Assistants will guide you through the entire process. If you are in need of experienced real estate attorneys to handle your real estate transaction, please call 877.737.8539 or email firstname.lastname@example.org.