Real Estate Law

Choose a Qualified Real Estate Attorney

Buying or selling a home is most likely one of the most substantial transactions you will make in your lifetime. That's why it's important to have a knowledgeable and experienced professional to assist you with the transaction. Having an experienced realtor and a real estate attorney on your side is the way to go.

While it might be tempting, for example, to choose your cousin who is an attorney for New York State, or that lawyer who represented you after an auto accident, you should first consider that knowledge and experience in the real estate field are of paramount importance. Having an attorney with these qualifications ensures that the transaction goes as smoothly as possible, deadlines are not missed, and you are protected in the event of a dispute or other problem. Call The Law Office Of Kevin G. Caslin today!

The Real Estate Contract

Once a contract is signed, it is important to review the contract with your attorney during the attorney approval time period. The following is not intended to replace the in-person review of the contract with your attorney, but here is a summary of the important points.

1. For a buyer, conduct your inspections during the required time period. Communicate any problems with the inspections with your attorney as soon as possible and supply a copy of the inspection report. It is important that notice is given in writing within the required time period to preserve your rights if the seller is not willing to resolve the problems to your satisfaction

2. Monitor the date in the mortgage contingency since that is the date by which you can cancel the contract in the unlikely event that you are refused your mortgage. Should that date pass and then you receive a refusal letter, it is unlikely that you will get your deposit back, and could even then be sued for breach of contract

3. Understand that the closing date in the contract was a date somewhat arbitrarily chosen by the realtors and is not the set date until your attorney tells you that it is. Making irrevocable plans, such as making moving arrangements or signing a lease before the closing date is actually set with all parties (buyer, seller, and mortgage lender) is risky

Reviewing the contract and strictly following the advice and suggestions of your attorney will almost always result in the smoothest possible transaction. It is no guarantee that problems will not result but if they do, your rights will be best protected

FSBO "For Sale by Owner" Transactions

If you are entering into a purchase or sale where neither the seller nor the buyer is utilizing a realtor, the role of the attorney becomes all the more important. Please be aware of the following which will help the transaction go smoothly:

1. Usually, after a buyer and seller verbally agree upon a price, personal items to be included, and an approximate closing date, then the question comes up as to who prepares the purchase and sale contract. It is usually the buyer and buyer’s attorney who does so since the buyer knows what type and amount of mortgage are preferred and what inspections the buyer wants to conduct. Since the seller will probably keep marketing the property, the contract should be prepared quickly, most beneficially, the next day

2. A note to sellers at this point, you should consult with your attorney before taking a nominal check from the prospective buyer as a "hold." You may find yourself in the position where you have agreed to keep the property off the market while the buyers take their time preparing the contract

3. After the contract is prepared by the buyer’s attorney and reviewed by the seller’s attorney and signed, then the buyer and seller will deal with each other in scheduling inspections, appraisal, and the final walk-through