Buying and selling a home is one of the most important financial decisions a person can make. It’s essential to understand the law before entering into legal contract. Meaney & Meaney PC can help you understand the process, draft the necessary papers, address the various issues that arise during a real estate transaction, and represent you through closing.
- Why do I need an attorney if I am buying or selling a home?
Real estate law in New York is very complicated. You will need a lawyer to review all legal documents and negotiate on your behalf before you sign anything and close the deal. An experienced real estate lawyer will guide you through all the legal requirements and help you resolve any unforeseen situations that may arise during the process of buying or selling a home.
- What is title insurance and why do I need it?
A title to a piece of property is a document that shows the owner is in lawful possession of that property. Title insurance protects real estate owners and lenders against any property loss or damage that might occur due to various issues such as a defect on the property or a property lien. You need title insurance to insure you against a variety of potential property defects. Defects are issues such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the insurance policy.
- What are typical expenses for the seller?
If you are selling your home, you should anticipate expenses such as agent/broker fees, marketing and advertising, necessary repairs, home staging, mortgage costs and bank fees, attorney fees, closing costs and adjustments, and moving expenses. This is not an exhaustive list, and other costs may arise during the process.
- What are typical expenses for the buyer?
Typical costs for a buyer will include a down payment, agent/broker fees, mortgage expenses, survey and inspection fees, homeowner’s insurance, title insurance and settlement fees, property taxes, attorney fees, and closing costs and adjustments. Again, this is not an exhaustive list.
- What are adjustments?
Adjustments are made on a final closing document to address any prorated costs for property taxes and utilities (e.g., oil, gas, and water meters). Adjustments will depend on the date of the closing, what taxes are due, and what taxes have already been paid. Adjustments ensure that taxes and utility costs have been paid and neither party is over- or under-paying the amounts due.
When you’re ready to buy or sell your home, contact a knowledgeable Huntington real estate attorney at the law offices of Meaney & Meaney, P.C. Call Andrew Meaney at (631) 392-0669 or James Meaney at 9631) 392-0668 to set up an appointment.