You might not believe that you need an attorney as a first-time home buyer in New York. After all, you make various other major purchases without an attorney, so why would one be necessary for a home?
A home is often the most major purchase people make throughout their entire lives. Additionally, the laws surrounding property are unique and come with special questions and considerations.
There are many ways an attorney can help with a first-time home purchase. Even if you are purchasing a small, modest home, you are likely to encounter terms you are unfamiliar with and documents with complicated language, leaving you with several questions.
An attorney can help answer your questions and act in your best interests throughout each step of the transaction.
Negotiating on your behalf
An attorney can help with purchasing a home before the deal is even made. The homebuying market in New York can be competitive. This means potential buyers may be making offers well above the asking price, leaving you worrying that you will lose out on your desired home.
Attorneys are skilled negotiators. They can negotiate on your behalf and increase your chance of getting the home you want. They can also make sure you do not say yes to a too-high asking price or agree to anything that is not in your best interest.
Contract review and interpretation
A home purchase involves different contracts. You will sign a contract with your real estate agent and with the seller of the home.
The contracts will contain dense, complicated language. It is important that you understand this language to prevent problems in the future.
For example, imagine purchasing a home and then discovering major problems that you were not aware of prior to purchase. Perhaps there is a leaky roof or someone else claiming title to the home.
An attorney can review all contracts and legal documents to help you avoid these problems or encounter any unpleasant surprises.
Navigating the unexpected
Having an attorney can also help you if you find yourself in an unexpected situation. These happen in even the smoothest of home transactions.
A common example is a problem during a title search. A title search is a review of legal records to make sure no one else holds a title or clam to the home. It is conducted before the home purchase is completed on the closing date.
What if the title search shows that someone else does have a claim or lien on the home? An attorney will know what to do next.
Guiding you through complicated scenarios
Although an attorney is helpful in a basic first-time home purchase, there are some situations where an attorney becomes almost a necessity.
These include a home that is part of an estate sale, a home situated in a unique area, such as a high-risk flood area or when a problem is discovered during a home inspection.
An attorney does more than help you with paperwork. They are your advocate and ally through the entire homebuying process. They are working in your best interests and protect you from problems and complications.