If you are thinking about purchasing a rental property in New York, you have many factors to consider. After reviewing the location and finding a property within your means, you will need to figure out whether investing in a rental property is right for you.
While buying a rental property can help bring in passive income, it can also be a huge responsibility. As the owner of the property, you will be responsible for executing lease agreements with tenants, collecting rent, performing property maintenance, and paying taxes on the property.
Once you make the decision to invest, you may benefit from consulting with an attorney specializing in real estate law. Your attorney can help with the following steps of the purchase.
- Reviewing your agreements: Your attorney can review all legal documents, including purchase agreements, to ensure they comply with state and local laws.
- Performing title searches: An attorney can help perform a title search to make sure that the property is clear of liens and help obtain insurance.
- Negotiating Terms: An attorney can help negotiate the purchase price, contingencies, repair requests, and timelines, ensuring your interests are represented.
- Overseeing the closing process: Your attorney will make sure all documents during the closing are properly executed.
- Handling compliance issues: Your attorney can help you make sure that you adhere to all tax laws and regulations related to rental properties in your area.
- Resolving disputes: Your attorney can help resolve any disputes with other parties involved in the transaction.
It can be easy to overlook certain steps or make mistakes during the process of purchasing a rental property. However, a real estate law attorney can help make sure the process is handled correctly.