Brianna Huynh
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All About Your Real Estate Attorney
Your Real Estate Attorney is one of the most important individuals that will be involved in your real estate transaction. Let's dive right into some of the most important questions people have regarding real estate attorneys & attorney approval.
What is attorney approval?
Attorney approval is typically a 3-day period, where both the buyer's attorney & seller's attorney review the purchase contract on the sale of a property. Until BOTH attorneys sign off on approval of the contract, anything is fair game. During this time, a buyer can back out of the deal for no reason at all, without penalty. Alternatively, a seller also has the right to cancel an offer that they already accepted to take one that is better.
Do you really need an attorney?
YES. In New York State, only a licensed attorney has the right to legally sign off on contracts relating to the sale of a home.
Your attorney will review the purchase contract with you, clarify legal documents that may not make sense to you, review mortgage terms (if applicable), & advocate for you during negotiations. They will review all pertinent documents in the transaction to make sure you are protected from liability & ensure your purchase/sale is smooth and clean.
How much does it cost to hire an attorney?
Real estate attorneys' fees will vary but in this area, they are typically anywhere from around $750-$1,000. Most of the time, you will only pay this fee if you actually close on the home. However I have seen some attorneys charge you for title work costs that they incur, if you end up not closing on the home for whatever reason.
Your attorney fee is paid at the closing table and usually quoted by your lender as part of your "closing costs".
Who picks my attorney?
You do! Like your entire real estate team that I talked about in my last blog, "Choosing The Right Team When Purchasing A Home," it is totally up to you who you choose. It is SUPER important to make sure that you choose a good attorney that knows what they're doing & will represent your best interests. Ask people you know & trust for referrals, read reviews online, & do your own research before selecting someone for the job.
What else should I ask/look out for when hiring an attorney?
Ask what their fee is upfront. - Fees can vary significantly from attorney to attorney. Keep in mind, the cheapest option is not always the best option.
Ask if they have experience particularly in real estate law. - Please do not just blindly choose your mom's brother's cousin's friend who is a lawyer. Real estate law is very particular and if they do not have ample experience dealing with the many intricacies that may arise during a real estate deal, they could miss something significant.
Ask if they have a team or work independently. - Having a team for coverage is important, especially if you have a tight timeline you are working with. If your attorney is going out of the country for a month with no back-up coverage, this could affect your closing timeline and could be detrimental to your deal.
Having the right representation can make or break your deal. Don't let that happen!
If you are looking for any recommendations or referrals to some great attorneys in the area, please feel free to reach out to me directly, even if I am not your designated Realtor.
What is attorney approval?
Attorney approval is typically a 3-day period, where both the buyer's attorney & seller's attorney review the purchase contract on the sale of a property. Until BOTH attorneys sign off on approval of the contract, anything is fair game. During this time, a buyer can back out of the deal for no reason at all, without penalty. Alternatively, a seller also has the right to cancel an offer that they already accepted to take one that is better.
Do you really need an attorney?
YES. In New York State, only a licensed attorney has the right to legally sign off on contracts relating to the sale of a home.
Your attorney will review the purchase contract with you, clarify legal documents that may not make sense to you, review mortgage terms (if applicable), & advocate for you during negotiations. They will review all pertinent documents in the transaction to make sure you are protected from liability & ensure your purchase/sale is smooth and clean.
How much does it cost to hire an attorney?
Real estate attorneys' fees will vary but in this area, they are typically anywhere from around $750-$1,000. Most of the time, you will only pay this fee if you actually close on the home. However I have seen some attorneys charge you for title work costs that they incur, if you end up not closing on the home for whatever reason.
Your attorney fee is paid at the closing table and usually quoted by your lender as part of your "closing costs".
Who picks my attorney?
You do! Like your entire real estate team that I talked about in my last blog, "Choosing The Right Team When Purchasing A Home," it is totally up to you who you choose. It is SUPER important to make sure that you choose a good attorney that knows what they're doing & will represent your best interests. Ask people you know & trust for referrals, read reviews online, & do your own research before selecting someone for the job.
What else should I ask/look out for when hiring an attorney?
Ask what their fee is upfront. - Fees can vary significantly from attorney to attorney. Keep in mind, the cheapest option is not always the best option.
Ask if they have experience particularly in real estate law. - Please do not just blindly choose your mom's brother's cousin's friend who is a lawyer. Real estate law is very particular and if they do not have ample experience dealing with the many intricacies that may arise during a real estate deal, they could miss something significant.
Ask if they have a team or work independently. - Having a team for coverage is important, especially if you have a tight timeline you are working with. If your attorney is going out of the country for a month with no back-up coverage, this could affect your closing timeline and could be detrimental to your deal.
Having the right representation can make or break your deal. Don't let that happen!
If you are looking for any recommendations or referrals to some great attorneys in the area, please feel free to reach out to me directly, even if I am not your designated Realtor.
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